Singapore-based financial blog that aims to educate people on personal finance, investments, retirement and their Central Provident Fund (CPF) matters.

Monday, 16 January 2017

Singapore Retirement Age, Re-Employment Age and CPF Withdrawal Age

11:51 Posted by cheez , 2 comments
As a follow up to our previous post on the Misconception Singaporeans have on the Re-Employment Age, we decided to go further and explain the difference between Singapore's Retirement Age, Re-Employment Age and CPF Withdrawal Age.

Singapore Retirement Age
Singapore's Retirement Age is set at 62.
This means that your employer cannot ask you to retire before you reach 62.
This does not mean that you can only retire at age 62.
YOU CAN RETIRE ANY TIME YOU WANT, you just have to say "I QUIT" to your boss.

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Singapore Re-Employment Age
Singapore's Re-Employment Age is currently set at 65, and will be raised to 67 in July 2017.
Once you reach the retirement age (62), your employer is required to continue to employ you if you wish to and am healthy to continue working.
It ensures that if you are 62 but would like to continue working, your employer is not allowed to fire you.
This is similar to raising the Retirement Age EXCEPT it looks better policy-wise because raising retirement age is often badly received by the public - read our misconception post to know why.
The Re-Employment Age gives it a much better packaging of "you can retire if you want to at 62, or you can continue to work if you would like to" instead of "the retirement age is now 67" which gives people an impression that they can only retire at age 67.

Singapore CPF Withdrawal Age
Singapore's CPF Withdrawal Age is set at 55.
This is the age you can start withdrawing money out of your CPF account.
You can only withdraw money above the Full Retirement Sum (FRS) or $5,000 (which ever is higher).
Subsequently at age 65, you can choose your CPF LIFE plan (CPF LIFE) and start receiving monthly payouts until you pass away.
You also have the option to start your CPF LIFE payouts later, up to age 70.
Example: you can choose to start receiving payouts anytime between age 65 and age 70 (eg when you reach age 67), but the latest age to start is 70. For each year deferred, your future CPF LIFE monthly payouts may increase by up to 7%.

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  1. As regard to the statement; "This means that your employer cannot ask you to retire before you reach 62.", I thought we have employment contract stating that both sides can terminate with agreed terms and without citing reasons.

    1. Hi Alex,

      Thank you for your comment.
      The catch there is in the "agreed terms".
      IF both the employer and employee agree to the terms, it is okay.
      But the employer cannot state "retire" as a term and dismiss the older employee - without the older employee agreeing.

      Thank you for your support