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Currently, Singapore’s retirement age is 62. In 2010, the Singapore government decided that individuals up to the age of 65 will be able to continue working by being “re-employed.” Employers will be prevented by law from discriminating against hiring employees under the age of 65. In July 2011, government agencies will begin implementing the new re-employment law. The law will come into full effect in January 2012. How well this new law will be enforced is still unclear.

As with many of the strong economies in the world today, Singapore’s population is aging. The Singaporean government hopes that this new law will help to reduce the negative effects of an aging population on the economy.

There will also likely be a further change to allow re-employment in Singapore up to age 67 in the near future.

Singapore’s total population is approximately 5 million people. By the end of 2010, Singapore’s unemployment rate decreased slightly to 2.2% compared to the unemployment rate of 2.3% from 2009. Total employment in Singapore during 2010 rose from just under 3 million to 3.1 million. Right now, there is a shortage of qualified employees.