Effective Retirement Age in Singapore
- The Ministry monitors the labour force participation rate (LFPR) of older workers, which rose from 58.6% to 66% for residents aged 55–64 over the past five years, with increases for both males and females.
- Older workers in this age group had a low unemployment rate of 2.4% in 2012, indicating most were employed.
- Singapore’s LFPR for older males is high internationally, surpassing Hong Kong, Taiwan, and many OECD countries, though it trails Japan and Sweden.
- The LFPR for older females in Singapore remains lower than in many developed countries like the US, UK, and Japan, but is higher than in Hong Kong and Taiwan.The request was rejected because it was considered high risk