Singapore will gradually raise retirement age by three years to 65, Singaporean Prime Minister Lee Hsien Loong said on August 18 in his speech on the country’s National Day (Photo: AFP/VNA) Singapore (VNA) – Singapore will gradually raise retirement age by three years to 65, Singaporean Prime Minister Lee Hsien Loong said on August 18 in his speech on the country’s National Day. The retirement age, which is currently at 62, will go up to 63 in 2022 before being raised further to 65 by 2030. Similarly, the re-employment age, where employers must offer work in the same organisation, will go up from 67 to 68 in three years’ time, and then to 70 by 2030. The Central Provident Fund (CPF) contribution rates of Singapore will also be raised for workers above the age of 55, he added. Currently, the total CPF contribution rate is 37 percent for workers up to 55 years old and it declines as the age band increases. By the time the changes are completed, workers aged … [Read more...] about Singapore plans to raise retirement age
Tendulkar retirement age
Lawmakers discuss on iIncreasing the overtime cap and retirement age at the ongoing meeting of the National Assembly (NA) Standing Committee yesterday. — VNA/VNS Photo Doãn Tấn HÀ NỘI — Increasing the overtime cap and retirement age topped the agenda for lawmakers at the ongoing meeting of the National Assembly (NA) Standing Committee yesterday. Discussing the draft revised Labour Code, many deputies agreed with the draft’s suggestion to increase the maximum allowable overtime working hours to 400 hours per year from the current 300. However, they said the cap should only be applied for certain sectors and professions. Some deputies proposed careful consideration and study about this issue to ensure the increase is in line with working conditions and workers’ health. They said the increase must ensure agreement between employers and employees and guarantee the rights of both employers and employees. Some deputies proposed a regulation … [Read more...] about Lawmakers discuss overtime cap and retirement age
Vo Tri Thanh The 14th National Assembly’s 7th meeting session ended last month with the last day reserved for discussing the draft amended Labour Code, which included a proposal to increase the retirement age that received a lot of public attention. In draft amendments, the Ministry of Labour, Invalids and Social Affairs (MoLISA) proposed raising the retirement age to 62 for men and 60 for women with two scenarios. In the first scenario, starting from January 1, 2021, the retirement age will be 60 and three months for men, and 55 and four months for women. An incremental three-month and four-month rise will be added to the retirement age for men and women, respectively, each successive year. In the second scenario, starting from January 1, 2021, the retirement age will be 60 and four months for men, and 55 and six months for women. A four-month and six-month increment will be added to the retirement age each successive year. The reasons for the increase, according to … [Read more...] about Retirement age increase inevitable, but more should be done
Doãn Mậu Diệp. — Photo tienphong.vn Doãn Mậu Diệp, Deputy Minister of Labour, Invalids and Social Affairs, speaks to the Tiền Phong (Vanguard) newspaper about how Việt Nam will revise the retirement age for workers or State employees How do you respond to a proposal that Việt Nam would raise the retirement age for its workers while many people in the working age still can’t find jobs? It is a real fact that in any labour market, job positions are always bigger than the actual number of working people. Yet, in all countries, many people are still unemployed. Japan is a good example. According to a national survey, there is only one candidate for four working positions while the unemployment rate in Japan currently stands at 2.4 per cent. In the real labour market, the mismatch between supply and demand happens in all countries, and Việt Nam is no exception. For example, in the Republic of Korea, the … [Read more...] about Why we have to increase the retirement age?
Vice chairman of National Assembly’s Committee for Social Affairs Bùi Sỹ Lợi. — Photo news.zing.vn Bùi Sỹ Lợi, vice chairman of National Assembly’s Committee for Social Affairs talks to Hải Quan (Customs) newspaper about a proposal to increase retirement age in the draft amended Labour Law. The draft revised Labour Code has proposed increasing retirement age to 62 for men and 60 for women from 2021. What are the foundations of this proposal? According to the 2012 Labour Code and Law on Social Insurance, the retirement age for men is 55 and for women is 50. The age is reduced by five to 10 years for jobs prone to high risks and toxic elements. In fact, the average retirement age for both men and women is only 54 because the retirement age set in the law is not always followed. The number of people in the workforce is on the decline. In the context of an aging population, we will be in shortage of workers for the national … [Read more...] about Retirement age adjustment needs to be flexible