Prudential Singapore does away with mandatory retirement age
In Singapore, the statutory retirement age is 62, but Prudential Singapore has decided to scrap this number altogether.
Its 1,100 employees will now have the opportunity to retire only when they feel ready to do so.
“We decided to scrap the retirement age so that our employees can continue to work in Prudential for as long as they are able to perform their jobs well,” said Wilf Blackburn, CEO of Prudential Singapore.
“We want to empower them to decide when they want to retire, or if they wish to retire at all, rather than specify a work expiry date.”
Singapore’s Retirement and Re-employment Act mandates that employers must offer re-employment to employees who have turned 62, up to the age of 67.
However, the re-employment terms do not have to be identical to the prior status quo, and many end up returning on reduced salaries or as contract workers with less benefits or stability.
At Prudential Singapore, however, employees will continue to receive the same salary and benefits past the age of 62, 67, and beyond.
Blackburn noted that the move was only logical, what with Singapore’s ageing population, and with lifespans becoming longer due to medical advances.
“We see this group of employees as valuable assets and are committed to support them in extending their productive years by offering them reskilling opportunities and flexible work schedules as we scrap the retirement age,” he added.
Earlier this year, Singapore’s Gardens by the Bay chose to raise its retirement age to 65.