Minimum Wage in Singapore: PWM Rates, Sectors & Complete Guide

Singapore's approach to worker compensation differs significantly from the traditional minimum wage systems found in many other countries. Instead of a single, universally applied minimum wage, Singapore employs a multi-faceted approach that includes sector-specific models and various support schemes. This article delves into the intricacies of Singapore's wage system, addressing common questions and providing clarity on its unique structure.

How Much is the Minimum Wage in Singapore?

Singapore does not have a legally mandated national minimum wage. Instead, the country utilizes several models and guidelines like Progressive Wage Model (PWM). The details will be explained in below:

What is the Progressive Wage Model (PWM)?

The PWM systematically raises wages in low-wage sectors, linking wage increases to skills acquisition, productivity improvements, and career advancement.

Key Objectives:

Implementation:

Introduced in 2012, the PWM is enforced through business licensing, involving tripartite committees (unions, employers, and the government). It's implemented in phases across various sectors, each with its own wage and training requirements.

Mechanism:

The PWM sets a tiered minimum wage floor based on a worker's skills, experience, and productivity. Employers must pay at least the prevailing wage for a given job role and experience level. Workers are incentivized to upgrade their skills to earn higher wages.

Benefits:

Compliance and Recognition:

Employers must adhere to sectoral or occupational PWM wages for resident workers and the LQS for other local workers. The Progressive Wage Mark (PW Mark) recognizes companies paying progressive wages.

Expansion and Coverage:

The PWM covers around 221,000 full-time resident lower-wage workers and continues to expand.

Which Sectors are Covered by the PWM?

The PWM currently covers:

Occupational Progressive Wages (OPWs) also exist for administrators and drivers (since March 2023).

Foreign Worker Coverage under Minimum Wage Regulations

Foreign workers are not covered under a traditional minimum wage. While the PWM doesn't directly apply, other mechanisms ensure fair compensation:

Progressive Wage Model (PWM)

The PWM sets minimum wages for specific low-paying sectors. These are not hourly or monthly minimum wages applicable across all industries. Examples of sector-specific minimum basic salaries include:

Local Qualifying Salary (LQS) calculation

Since 1 September 2022, businesses employing foreign workers must comply with the following requirements:

The firm’s foreign worker quota entitlement is determined by the number of local employees earning the LQS, defined as:

As announced in the Singapore Budget 2024, the LQS will increase from $1,400 to $1,600 starting 1 July 2024. This change requires businesses employing foreign workers to adapt to updated quota requirements and plan for potential increases in manpower costs to maintain compliance. Failure to meet these requirements may result in an inability to renew existing work passes or apply for new ones, impacting workforce composition and operational capabilities.

Local Qualifying Salary (LQS) and Part-Time Workers

For monthly rated part-timers, the hourly gross rate is calculated as follows to check if it meets the ≥ $9/hr gross requirement:(total monthly gross wages) ÷ (total hours worked for the month)

Example:

Miguel is a part-time local worker at Company A. He dedicates 25 hours per week to the job, earning a gross monthly wage of S$1,000.

Hourly gross rate = (total monthly gross wages) ÷ (total hours worked for the month)

Hourly gross rate = S$ 1,000 / ( 25 * 4 ) = S$ 1,000 / 100 = $10

Since Miguel’s hourly wage of $10/hr is more than the LQS of $9/hr and his monthly wage is more than $700 but less than $1,400, he will be counted as a 0.5 local worker. 

Note: As announced in Singapore Budget 2024, the minimum part-time hourly rate to meet LQS  will increase from $9 per hour to $10.50 per hour, effective from 1 July 2024 onwards.

Foreign Workers and Employment Passes

Minimum salaries for foreign workers are determined by their employment pass type:

In essence, Singapore's system lacks a universal minimum wage; instead, wages are regulated through sector-specific models and guidelines for different worker types.

Review and Adjustment of PWM Rates

PWM rates are adjusted regularly to remain relevant:

Penalties for Non-Compliance with PWM Requirements

Employers failing to comply with PWM requirements face severe consequences:

PWM vs. Traditional Minimum Wage

Feature Progressive Wage Model (PWM) Traditional Minimum Wage
Objectives Uplift lower-wage workers through skills upgrading, productivity improvements, and career progression. Set a uniform minimum wage for all workers.
Wage Structure Tiered, increasing with skills and responsibilities. Uniform, with periodic adjustments based on broader economic factors.
Training & Development Strong emphasis on training and skills development. Typically no inherent mechanism for worker training.
Career Progression Clear career progression pathways. Not directly addressed.
Implementation Sector-specific, with varying requirements. Usually universal across all sectors.

Comparison with Other Countries' Minimum Wage Systems

Singapore's system differs from many countries with universal minimum wage laws (e.g., US, Australia, UK). Singapore's approach is more market-driven, with flexibility for wage adjustments based on industry conditions, skills, and productivity.

Eligibility for PWM Protection

The PWM protects Singapore citizens and permanent residents working full-time or part-time under a contract of service in designated sectors. Employers must meet wage and training requirements and pay at least the LQS for other local workers.

Conclussion

In Singapore, minimum wage requirements vary by sector and skill level in Progressive Wage Model (PWM). Examples include tiered wages in the cleaning sector (Basic, Skilled, Specialist Cleaner) and progressive wage increments in the retail and food services sectors, each with mandatory training requirements.

This comprehensive guide provides a detailed overview of Singapore's unique minimum wage system. Its nuanced approach prioritizes skills development and career progression alongside fair compensation, setting it apart from traditional minimum wage models.

Understanding Childcare Leave in Singapore

Balancing work and family responsibilities is a significant challenge for many parents. Singapore recognizes this and offers childcare leave as a crucial part of its family-friendly policies. This article provides a comprehensive guide to childcare leave guide in Singapore, addressing common questions and clarifying eligibility criteria.

Eligibility and Entitlement of Childcare Leave

The entitlement to childcare leave in Singapore depends on several factors, primarily the age and citizenship of your child and your employment status. To be eligible, you must have worked for your current employer (or been self-employed) for at least 3 continuous months and have lost income during the leave period.

Eligibility Criteria:

Childcare Leave Entitlement:

For Children Who Are Singapore Citizens:

For Children Who Are Not Singapore Citizens:

Additional Points:

Childcare Leave vs. Other Parental Leave

Childcare leave is a statutory entitlement distinct from other types of parental leave. Let's look at the key differences:

Eligibility and Entitlement:

Payment and Reimbursement:

Usage and Restrictions:

Special Considerations:

Differences from Other Leaves:

Can Both Parents Take Childcare Leave in the Same Year?

Yes, both parents can take childcare leave in the same year if they meet the eligibility criteria. Each parent has the same number of days based on their child's age and citizenship.

Unused Childcare Leave

The outstanding childcare leave days lapse at the end of the year and cannot be carried forward or encashed.

Documents Required for Application

To apply for childcare leave, you must provide your employer with the following documents:

  • GPCL/ECL Declaration Form: This is a mandatory form where you need to input complete details about both the parent and the child. Make sure all sections of the form are filled out accurately to avoid delays in processing your request.
  • Supporting Documents: These are essential to verify your eligibility for childcare leave. You will need to include the child’s birth certificate and, if applicable, the citizenship certificate to confirm their status. Additionally, if you are a foster parent or kin carer, provide a letter of identity to establish your relationship with the child. Legal guardians should also include the guardianship document to validate their claim.

Ensure that all documents are submitted in their proper format and are up-to-date to facilitate a smooth approval process for your childcare leave.

Part-Time Employees and Childcare Leave

Contract, temporary, or part-time workers are also eligible for Government-Paid Childcare Leave if they have worked at your company for at least 3 continuous months.

Example:

Nicole is a contract employee who is contracted for a 8-month period. Therefore, she is eligible for 3 days of childcare leave, according to the pro-rated childcare leave guide.

Payment Structure

If the employee’s child meets the other eligibility criteria, you will be reimbursed by the Government for the remaining 3 days of childcare leave.

Childcare leave will be paid as follows:

Example 1 (if your employee’s gross rate of pay is below $500 per day):

If your employee's gross rate of pay is $400 per day:

Example 2 (if your employee’s gross rate of pay is above $500 per day):

If your employee's gross rate of pay is $700 per day:

The payment is shared between the employer and the government. The government pays capped at $500/day.

Childcare Leave for Foreign Workers

Foreign workers and Employment Pass holders are eligible if they meet the eligibility criteria and their child meets the age and citizenship criteria.

Employer Refusal of Childcare Leave

If your employer refuses childcare leave, first ensure you meet all eligibility requirements. Then, try to resolve the issue amicably. If this fails, file a complaint with the Ministry of Manpower (MOM) or seek legal advice.

Childcare Leave Eligibility Age

Childcare leave is available until your child turns 12. For children under 2, there's also 6 days of unpaid infant care leave.

Conclusion

Childcare leave is a crucial benefit for employees in Singapore, offering working parents the means to stand out in their professional journey while nurturing their families. While employers should comprehend the intricacies of childcare leave guides, serving as a bridge between employees and the law. Let's create a legally compliant and family-oriented workplace!

Understanding the Singapore Employment Act

Singapore Employment Act (EA) is a cornerstone of labor law, defining the relationship between employers and employees. This article comprehensively covers employee and employer rights, mandatory benefits, working conditions, dispute resolution, and penalties for violations. Whether you're an employee navigating your rights or an employer ensuring compliance, this guide provides essential information.

What is the Singapore Employment Act and Who Does It Cover?

The Employment Act of 1968 is Singapore's primary labor legislation, setting minimum standards for employment conditions. It covers a wide range of employees, including full-time, part-time, and temporary workers, both local and foreign. However, there are key exceptions:

The Act distinguishes between "workmen" (generally manual laborers) and "persons in managerial or executive positions (PMEs)". Since 2019, PMEs earning above S$4,500 are also covered under certain provisions. Part IV of the EA specifically addresses working hours, rest days, and overtime for lower-earning employees.

Find out detailed Singapore Employment Act coverage on the MOM official website.

Legal Rights and Obligations in Singapore

Employee Rights:

Employer Obligations:

Mutual Obligations:

Both employers and employees share a duty of mutual trust and confidence, fostering a positive and productive working relationship. Dispute resolution mechanisms are available through the Labour Commissioner.

Mandatory Benefits and Leave Entitlements

Beyond the basic rights outlined above, the EA mandates several benefits:

Working Hours, Overtime, and Rest Days

The EA regulates working hours, overtime, and rest days, particularly for employees covered under Part IV:

Salary Payment and Deductions

Termination and Wrongful Dismissal

Penalties for Violations

Employers face significant penalties for violating the EA, including:

Filing a Claim or Reporting a Violation

To file a claim or report a violation:

  1. Mediation at TADM (Tripartite Alliance for Dispute Management): Compulsory before filing with the ECT.
  2. Filing a Claim at the ECT (Employment Claims Tribunals): If mediation fails.
  3. Reporting Violations to MOM (Ministry of Manpower) or TAFEP (Tripartite Alliance for Fair & Progressive Employment Practices): For general infringements or workplace discrimination.

Foreign Workers and the Employment Act

Many provisions of the EA apply to foreign workers, but there are exceptions, such as domestic workers (covered under the Employment of Foreign Manpower Act - EFMA).

Conclusion

The Employment Act is crucial for both employers and employees in Singapore. Understanding its provisions is essential for maintaining fair and compliant employment practices. This article provides a comprehensive overview, but for specific details and the most up-to-date information, always refer to the official Ministry of Manpower website.

Understanding Notice Period in Singapore Employment

Navigating employment in Singapore requires understanding the intricacies of the notice period. This comprehensive guide clarifies common questions regarding this period, ensuring both employers and employees are well-informed about their rights and responsibilities.

What is a Notice Period and Why is it Important?

A notice period is the timeframe an employer or employee must provide to formally terminate an employment contract. This crucial element, detailed in employment contracts or governed by the Employment Act of Singapore, ensures a smooth transition and minimizes disruption.

Importance of Notice Periods

Legal Notice Period in Singapore

Notice periods vary from one company to another. In this situation, both employers and employees may abide by the Singapore Ministry of Manpower's (MOM) default period:

Employment Term Notice Period
Employed for < 26 weeks 1 day
Employed for ≥ 26 weeks to < 2 years 1 week
Employed for ≥ 2 years to < 5 years 2 weeks
Employed for 5 years or more 4 weeks

*Contractual notice periods supersede statutory minimums.

In an employment journey, understanding notice periods is crucial for both employers and employees to ensure a smooth and positive transition when terminating employment. So here’s everything you need to know about the Ministry of Manpower’s (MOM) guidelines and regulations during this period and how to manage your employees who are leaving your company in a fair and efficient manner!

How to Calculate The Start and End of The Notice Period?

The notice period begins and ends based on what is specified in the employment contract or the minimum period required by MOM.

Example:

If the notice period is started on 1 December, the period begins on 1 November. Therefore, the employment contract indicates a one-month notice period where the last service day would be on 31 December, as it includes public holidays and weekends.

Can My Employer Waive My Notice Period?

Yes, your employer can waive your notice period, but this is possible only under certain conditions. Here are the key scenarios:

  1. Mutual Consent
    Both you and your employer must agree to waive the notice period, and this agreement should be documented in writing. This ensures clarity and prevents potential disputes. Without mutual consent, the period stipulated in your employment contract remains enforceable.
  2. Notice Period Buyout
    Instead of serving the full notice period, your employer may choose to compensate you with a payment equivalent to the salary you would have earned during the unserved period. This buyout is a common practice and must align with the terms outlined in your employment contract. It's important to note that Central Provident Fund (CPF) contributions are not required for this payment, as it does not constitute earned wages for work performed.

Consequences of Not Serving Your Notice Period

Failing to serve the notice period stipulated in your employment contract can lead to various consequences. It’s essential to understand these implications to navigate the process responsibly and avoid potential disputes.

Annual Leave Treatment During Notice Period

Using annual leave during this time is possible, but it requires mutual agreement between you and your employer. Here’s how it works and the key considerations to keep in mind:

Notice Period for Probationary Employees

Probationary employees typically have shorter periods. The minimum is 1 day for those employed less than 26 weeks. However, contracts may specify longer periods, and mutual agreement can alter these terms.

Employer Extending Your Notice Period

An employer can extend only with mutual agreement. In addition, any changes require clear communication and documented consent, often via a signed contract addendum.

Consequences of Employer Termination Without Proper Notice

If your employer dismisses you without serving the required notice period, you are entitled to certain remedies and protections under Singapore’s employment laws. Here's what you need to know:

  1. Compensation for Unserved Notice Period
    In cases where proper notice is not given, you are entitled to notice period buyout. This means your employer must compensate you with an amount equivalent to the wages you would have earned during this period stipulated in your employment contract.
  2. Filing a Wrongful Dismissal Claim
    If you believe your termination was unjustified or executed without the proper process, you can file a wrongful dismissal claim. In Singapore, these claims are handled by the Tripartite Alliance for Dispute Management (TADM).

    • Claims must typically be filed within one month of your last day of employment.
    • Managers and executives have a slightly different process, and they may be subject to a two-month service period for eligibility to file claims.
  3. Possible Outcomes of a Successful Claim
    If your claim is upheld, the outcomes may include:

    • Reinstatement: Returning to your previous role under the same terms and conditions.
    • Compensation: Financial redress for the income lost due to wrongful termination. This amount is determined based on the specific circumstances of your case.
  4. Statutory Protections and Retrenchment Benefits
    Employees who have completed at least 2 years of continuous service with their employer are entitled to additional protections. For instance, if the termination is due to retrenchment, you may be eligible for retrenchment benefits. The exact amount and terms for these benefits depend on company policies and employment contracts but must align with statutory requirements or prevailing norms.

Resigning During Probation

Resigning during probation typically requires adhering to your contract's notice period, or paying compensation in lieu of notice. If your contract lacks a specific period, the Employment Act's minimums apply (1 day for less than 26 weeks of service).

Conclusion

Understanding Singapore’s notice period regulations is crucial for both employers and employees to ensure fair and professional transitions. Whether it involves serving the required notice, offsetting with annual leave, or handling terminations, adherence to these rules helps minimise conflicts and maintain positive relationships. However, workplace situations can be complex and may require tailored advice. Consulting legal or HR professionals is always recommended to address specific circumstances and ensure compliance with Singapore’s employment laws.

Taking a sabbatical leave in Singapore can be a rewarding experience, offering a chance to recharge, upskill, or pursue personal interests. However, unlike some countries, sabbatical leave isn't a legal entitlement in Singapore. This article clarifies your rights, the process, and what to expect when considering a sabbatical.

What is Sabbatical Leave?

Sabbatical leave is an extended period of absence from work, typically ranging from a few weeks to a year or more, granted to employees to pursue personal or professional development. This could include further education, travel, volunteer work, or simply rest and rejuvenation. It's distinct from other types of leave like annual leave or sick leave, which are mandated by law.

Key Differences from Other Leave Types

Eligibility and Company Policies

Is Sabbatical Leave a Legal Entitlement?

In Singapore, sabbatical leave is not a legal entitlement, and whether employees are eligible for sabbaticals depends on the company's policies and agreements. While some employers may offer sabbatical leave as part of their benefits package, it's not guaranteed for all employees.

Typical Company Policies

Planning and Proposing Your Sabbatical

Step-by-step guide to taking sabbatical leave

Employment Status and Job Security

Employment Status During Sabbatical

During a sabbatical, your employment contract remains active, even though you may not be actively working. This means you are technically still an employee of the organisation, maintaining your association with the company.

Job Security

Sabbaticals are often viewed positively, demonstrating loyalty and commitment. They generally don't jeopardize your job security, and may even enhance it. Many organisations also offer structured reintegration plans for employees returning from sabbaticals, such as training sessions or project reassignments.

Benefits Treatment During Sabbatical

The extent to which benefits continue during a sabbatical depends largely on company policies and the terms of your employment contract.

Can Your Employer Reject Your Request?

Yes. Since sabbatical leave isn't legally mandated, employers can reject requests based on various factors, including:

Prepare a well-planned sabbatical leave to enhance your career and increase your value to the company.

While sabbatical leave is not a guaranteed right in Singapore, it stands out as a valuable benefit that some forward-thinking companies provide to support employee well-being, career growth, and personal development. Remember that sabbatical leave is not just a benefit for employees; it can also provide value to employers by reducing burnout and encouraging the return of refreshed, motivated, and more productive team members. With proper planning and mutual understanding, sabbatical leave can become a transformative experience for both your professional and personal life.

Retirement Age in Singapore: A Comprehensive Guide

Planning for retirement is crucial, and understanding the retirement landscape in Singapore is key to a secure future. This article clarifies the retirement age, re-employment age, CPF payouts, and other related aspects, addressing common questions and concerns.

Retirement Age and Re-employment Age: Key Differences

In Singapore, the retirement age and re-employment age are distinct concepts. The retirement age is the age at which an employer can legally request an employee to retire, while the re-employment age is the age until which employers must offer re-employment to eligible employees.

Current and Future Ages

Employers cannot ask employees to retire before the statutory retirement age. However, they can terminate employment for reasons unrelated to age, such as poor performance or company restructuring. Eligible employees with satisfactory performance and good health are entitled to re-employment offers until they reach the re-employment age. This can be with the same employer, under adjusted terms, or with assistance finding alternative employment if necessary.

CPF Payouts and Retirement Benefits

The Central Provident Fund (CPF) is a mandatory savings scheme contributing to retirement, housing, and healthcare. Upon reaching retirement age, members can access their savings.

CPF Retirement Account (RA)

While your CPF Retirement Account (RA) is created at age 55, the CPF Board will transfer your CPF savings, up to your Retirement Sum (FRS), to create your Retirement Account (RA). The savings in your RA are meant to provide you with payouts in retirement. Your Special Account (SA) savings will be transferred first, followed by your Ordinary Account (OA) savings.

What are the retirement sums: Basic Retirement Sum (BRS), Full Retirement Sum (FRS), and Enhanced Retirement Sum (ERS)?

The FRS is 2 times the BRS and can provide you with higher monthly payouts that also cover rental expenses. That is why when you turn 55, your CPF savings up to your FRS are set aside in your Retirement Account (RA) to provide you with monthly payouts in retirement.
While ERS has higher payouts for your desired retirement lifestyle, you can choose to set aside more by making a top-up, up to the current ERS. The ERS is the maximum amount that you can top up to your RA, ERS will be raised from 3 times the BRS to 4 times in 2025 to enable members to voluntarily commit more savings for even higher payouts.

Estimated Monthly Payouts (2024 - 2027)

If you turn 55 in Your BRS is Your FRS is

Your ERS is

2024

 $102,900 $205,800

$308,700

2025

 $106,500 $213,000

$426,000

2026

 $110,200 $220,400

$440,800

2027

 $114,100 $228,200

$456,400

Note: These are estimates and may vary.

Other Retirement Benefits in Singapore

Singapore offers a range of benefits and support systems to ensure that retirees enjoy financial stability, healthcare, and social engagement. These benefits, provided by the government and private sectors, aim to support retirees as they transition into this new phase of life. Below are some key retirement benefits available in Singapore.

1. Central Provident Fund (CPF) Retirement Account

The Central Provident Fund (CPF) is a cornerstone of Singapore’s retirement system, providing financial security through various schemes.

  • CPF LIFE (Lifelong Income for the Elderly):
    CPF LIFE is an annuity scheme that ensures retirees receive monthly payouts for life. The payouts are based on the savings in their Retirement Account (RA).

    • How It Works: Upon reaching the payout eligibility age (currently 65), retirees can start receiving payouts, which are adjusted for inflation and provide financial stability throughout retirement.
  • Retirement Sum Schemes:
    Retirees can choose between the Basic, Full, or Enhanced Retirement Sums, depending on their desired payout amounts and savings.

2. Silver Support Scheme

The Silver Support Scheme provides additional financial assistance to lower-income seniors who may have had limited CPF contributions during their working years.

  • Eligibility: Singaporeans aged 65 and above with low lifetime wages and limited CPF savings.
  • Payouts: Quarterly cash payments directly credited to recipients’ bank accounts.

3. Workfare Income Supplement (WIS)

For seniors who continue working after retirement, the Workfare Income Supplement (WIS) offers support to boost their income and CPF savings.

  • Who Qualifies: Older workers aged 60 and above with low income.
  • Benefits: Cash payments and CPF contributions to supplement earnings and enhance retirement funds.

4. MediSave and MediShield Life

Healthcare is a significant concern for retirees, and Singapore’s healthcare financing system helps mitigate these costs.

  • MediSave:
    Retirees can use their MediSave accounts to pay for hospitalisation, outpatient treatments, and chronic illness management.
  • MediShield Life:
    A universal health insurance scheme that provides lifelong coverage for large hospital bills and expensive outpatient treatments.

5. SkillsFuture for Seniors

The SkillsFuture initiative encourages lifelong learning, even in retirement.

  • SkillsFuture Credit: Retirees can access a wide range of courses, including digital skills, hobbies, or entrepreneurship training.
  • Senior Academy: Specifically designed for older Singaporeans, offering short courses to promote mental stimulation and social engagement.

Working Beyond Retirement Age

Singapore encourages continued employment beyond the retirement age. Employers are required to offer re-employment to eligible employees until the re-employment age. Government initiatives, such as the Part-Time Re-employment Grant (PTRG) and Senior Employment Credit (SEC), support this.

1. Part-Time Re-employment Grant (PTRG)

The Part-Time Re-employment Grant (PTRG) is a Singapore government initiative designed to support employers in offering part-time re-employment options to eligible senior workers upon their request. Here's a breakdown of the scheme:

  1. Purpose:
    • Encourages employers to create part-time re-employment opportunities for senior workers who prefer reduced workloads as they approach retirement age. This arrangement supports their transition while enabling them to remain in the workforce.
  2. Eligibility and Funding:
    • Employers can receive $2,500 per senior worker (aged 60 and above) who is provided with part-time re-employment options.
    • Funding is capped at 50 senior workers per company, with a maximum grant of $125,000 per company.
    • To ensure sustained practices, companies must integrate these arrangements into their HR policies and employment contracts.
  3. Impact:
    • The scheme has already benefitted over 19,000 senior workers and close to 2,000 employers since its launch in July 2020​ by Ministry of Manpower Singapore.

CPF Withdrawal Options

Singapore’s Central Provident Fund (CPF) provides retirees with two primary options to receive monthly payouts that ensure financial stability during retirement:

1. Retirement Sum Scheme (RSS)

2. CPF LIFE (Lifelong Income for the Elderly)

For more details on CPF withdrawal options, visit the official CPF page.

Early Retirement Considerations

While CPF does not have a dedicated early retirement scheme, Singaporeans can achieve early retirement through strategic financial planning and the effective use of available resources.

1. Using CPF Savings

2. Supplementary Income Sources

3. Government Support Schemes

4. Personal Savings and Insurance

For a comprehensive plan tailored to your circumstances, consult financial advisors and explore more insights on early retirement and CPF options via the CPF Board’s official resources page.

Taking proactive steps today to create a retirement plan that provides the financial confidence!

Planning for retirement is a journey that requires careful consideration of your financial resources, lifestyle aspirations, and long-term security. Retirement planning in Singapore involves understanding the interplay between retirement age, re-employment opportunities, CPF payouts, and various government support schemes. Careful planning and proactive engagement with these resources are crucial for a secure and comfortable retirement.

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