HRSINGAPORE Community Discussions
Retirement Benefit
Question
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!
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).
NG
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 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.
AL
Confirmed HR Courses
HR Certification
HR Compensation
HR Workshops
HRLAW® Seminars
FAQs
Community
Training
HR Consultancy Services
Contact