New Minimum Retirement Age of 60 Years Old in the Private Sector

With the coming into force of the Minimum Retirement Age Act, the retirement age for employees in the private sector will be increased from the existing age of 55 to 60 commencing from 1st July 2013. However, such minimum retirement age shall not have any implication on those contracts whereby the employees are granted the option to retire early at age 55.

Those employers who wish to be exempted from the implementation of the minimum retirement age for their workers must submit their application for exemption to the Ministry of Human Resource before or on 31 December 2013. Nonetheless, the employers must provide strong and valid reasons to support their application.

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