Singapore raises retirement age to 64 by 2026 and increases foreign executive salary threshold to S$5,600.
Singapore plans to raise the retirement age for local workers from 63 to 64 by 2026, and require companies to offer eligible employees re-employment until age 69, or provide employment assistance. To maintain a level playing field for local workers, Singapore will increase the salary criteria for foreign executives and professionals that companies can hire, with the new threshold for employment passes at S$5,600 (around $4,170) or more a month, effective January 2025. The higher salary threshold aims to ensure a high quality of foreign EP holders and better match local workers' salaries.
March 04, 2024
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