SINGAPORE: Singapore will raise the retirement age and re-employment age to 65 and 70 respectively by 2030, alongside increases in the Central Provident Fund (CPF) contribution rates for older workers.
This, announced by Prime Minister Lee Hsien Loong on Sunday (Aug 18), comes after the Government accepted "in full" the recommendations put forward by a tripartite workgroup studying the country’s ageing workforce.
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You can make withdrawals from your SRS account over ten years from the date of your first penalty-free withdrawal. Withdrawals are penalty-free only if they take place after the statutory retirement age that was prevailing at the time of your first SRS contribution. The statutory retirement age is currently at 62
Hmm .. SRS at 65!
It will affect retirement income planning for those who wish to retire early than 65!
Bom pi pi!
More people can now FIRE before 65!
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This was advertised well in advance liao, so some people have opened SRS & deposit $1 to lock in penalty free withdrawal age of 62. Anyway got until end of 2021 to do so. Haha!
ReplyDeleteHmmm no big angbao announcement -- no GE this year? :P
Seems like he's leaving it to HSK to announce goodies in Budget speech next Feb. Hoho
Uncle, you qualify for 75% bursary for your child uni fees?
ReplyDeleteSon in his last semester. All tuition fees fully paid
Delete