HRSINGAPORE | Retirement Benefit

HRSINGAPORE Community Discussions

Retirement Benefit - Update 2 (Replies)

QUESTION

Dear HR Colleagues,

Our Company is retiring several staff this year.

I would like know what are some of the retirement benefits that you offer to your staff who retires.

I have searched around but found no information on retirement benefits.

Please feel free to share with me. .Thank you!

Jessica

REPLY 1

The MOM website stipulates that an if an Employer has considered all available re-employment options within the organisation and is still unable to identify a suitable job for an Employee, the company may offer the Employee an Employment Assistance Payment (EAP).

REPLY 2

There are 2 areas for discussions here :

1) Company's policy
2) Retirement and Re-employment Act.(RRA)

For (1) Our company's policy is to offer S$1000 to employees on their retirement (62 years of age onward)

For (2) Retirement and Re-employment Act (RRA)

a) If employees choose to retire when they reach 62 years of age or beyond, we offer them S$1000 as retirement benefit.

b) If employees upon reaching 62 years of age choose to be re-employed beyond retirement age, Company will offer a fixed term employment contract with new terms and conditions. If Company is unable to re-employ the employees, EAP (Employee Assistance Payment) will be payable as per the RRA.

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