HRSINGAPORE Community Discussions
Dear HR Colleagues,
Our Company is retiring several of our staff this year.
I would like to 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!
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).
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 a 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 the Company is unable to re-employ the employees, EAP (Employee Assistance Payment) will be payable as per the RRA.