As Singapore faces an ageing population, more retirees are choosing to stay in the workforce beyond their retirement age. Some seek financial stability, while others find fulfilment in contributing to society. For employers, hiring retirees brings unique advantages, from knowledge retention to workforce diversity. This guide explores employment opportunities for retirees, employer responsibilities, and how businesses can support senior workers effectively.

What is the retirement age in Singapore?

The retirement age in Singapore is set at 63 years old, as stipulated by the Ministry of Manpower (MOM). However, this is not the age at which employees must stop working. Instead, it ensures that employees cannot be dismissed on the grounds of age before they reach this milestone.

Beyond the retirement age, the re-employment age is 68 years old. This means that employers must offer re-employment opportunities to eligible employees who have reached retirement age but are willing and able to continue working.

For more details, refer to MOM’s official page: Retirement Age in Singapore.

What employers do if the employees reach the minimum retirement age?

Employers are required to comply with re-employment laws to support senior workers. According to MOM’s guidelines:

• Offer Re-employment – Employers must offer re-employment contracts to eligible employees until they reach 68 years old.

• Provide Employment Assistance Payment (EAP) – If re-employment is not feasible, a one-off EAP should be provided.

• Adjust Work Arrangements – Employers should offer flexible work options, including part-time roles.

For a more in-depth understanding, refer to MOM Re-employment Guidelines.

Why retirees in Singapore returning to work?

There are several reasons why retirees are choosing to remain in or return to the workforce:

• Financial Security – With rising living costs, many retirees seek additional income to maintain their lifestyle.
• CPF Savings – Retirees need to meet CPF’s Basic Retirement Sum (BRS) to withdraw their savings comfortably.
• Active Lifestyle – Work helps seniors stay physically and mentally engaged, reducing health risks associated with inactivity.
• Social Interaction – Many retirees value the opportunity to connect with colleagues and avoid social isolation.
• Skill Utilisation – Experienced professionals still have valuable skills and knowledge to contribute.

CPF Retirement Sums (2024-2027)

Retirees planning their finances should be aware of the following CPF Retirement Sums:

Best jobs for retirees in Singapore

Retirees can explore various job opportunities that align with their skills, preferences, and physical capacity. Some of the most suitable jobs include:

• Consulting and Advisory Roles – Senior professionals can leverage their expertise in part-time or freelance consultancy.
• Teaching and Mentorship – Retired educators or industry experts can offer tutoring, coaching, or mentoring services.
• Administrative and Customer Service Roles – Positions like receptionist, customer service officer, or admin assistant suit those who prefer desk-based work.
• Retail and Hospitality – Many retirees enjoy roles in retail, sales, or concierge services due to their interpersonal skills.
• Gig Economy Jobs – Freelancing, Grab driving, or food delivery offer flexible work options for seniors.
• Healthcare and Caregiving – Seniors with relevant experience can work as caregivers or medical assistants.

How can employers support retirees?

To encourage the employment of senior workers, the Singapore government provides several grants and incentives for employers:

• Senior Employment Credit (SEC) – Employers who employs workers aged 60 and above will receive an offset of up to 7% of an employee’s monthly wages. To find out more, visit the SEC website.

• CPF Transition Offset Scheme – Helps offset the increased employer CPF contribution for workers aged 55 to 70.

• Senior Worker Early Adopter Grant – Employers receive up to $125,000 for implementing workplace policies that support older employees.

• Part-time Re-employment Grant (PTRG) – Encourages part-time employment options for seniors. Learn more: MOM Part-time Re-employment Grant.

Why jobs for retirees are a win-win for employers and seniors

Hiring retirees benefits both employers and the seniors themselves:

Benefits for Employers

• Retention of Institutional Knowledge – Older employees possess valuable expertise and insights.
• Reliability and Work Ethic – Many senior workers are dedicated and committed.
• Cost Savings – Hiring part-time or contract retirees can be more cost-effective than onboarding new employees.
• Workforce Diversity – A multi-generational workforce fosters innovation and collaboration.

Benefits for Retirees

• Supplementary Income – Additional earnings support financial stability.
• Sense of Purpose – Staying engaged in work boosts mental well-being.
• Flexibility – Many retiree-friendly jobs offer flexible hours.
• Skill Enhancement – Continued learning opportunities keep skills relevant.

Leveraging HRMS for retiree employment

With digital transformation shaping the workplace, Human Resource Management Systems (HRMS) can play a crucial role in managing a retiree-friendly workforce. Features of HRMS that can benefit retiree employment include:

• Flexible Scheduling – Automated shift planning allows employers to accommodate part-time roles for seniors.
• Payroll & Benefits Management – Ensures compliance with CPF and re-employment policies.
• Performance Tracking – Helps monitor and assess senior employees’ contributions.
• Employee Engagement Tools – Fosters a positive work environment for multi-generational teams.

By integrating HRMS solutions, employers can streamline administrative processes and create a sustainable employment model for retirees.

How can you use Gutsy HR software to support your retirees?

As we move towards a more adaptive work environment, using advanced technology will be key to staying ahead in Singapore’s dynamic business landscape. Gutsy HR Software offers a robust solution to optimise your operations. Here’s how Gutsy can help you manage retirees:

Payroll

Streamline your payroll processing with Gutsy Singapore-compliant payroll system. Automate salary calculations, CPF contributions, tax filings, and payslip generation to ensure accurate and timely payments. 

Shift Planning

Simplify workforce scheduling with smart shift planning software. Optimise rosters, manage leave requests, and ensure smooth operations with real-time shift updates and automated notifications.

Attendance Tracking

Accurately monitor employee attendance with automated tracking tools. Use biometric, mobile, or web-based check-ins to enhance workforce accountability and streamline payroll calculations. 

Employee Management

Centralise your HR operations with a comprehensive employee management system. Track employee leave records, performance, and compliance while enhancing engagement and productivity. 

By leveraging Gutsy HR Software, you can streamline HR management and ensure smooth operations in compliance with Singapore’s employment laws.