Employed elderly as share of employed residents Singapore 1970-2023

In 2023, residents aged 65 years and above made up 9.2 percent of the total employed resident population in Singapore. Improvements in healthcare and the standard of living over the years have contributed to an increase in life expectancy in Singapore. As a consequence, Singapore is currently one of the most rapidly aging societies, including an aging workforce, in Asia. 

Aging workforce

The minimum retirement age in Singapore is currently set at 62 years old. Even so, 31.5 percent of residents aged 65 years old were still employed or seeking employment. For many Singaporeans, retirement brings with it an increased economic burden. There is no system of state-funded pensions, and retirees depend largely on their savings. However, a survey on current working age Singaporeans found that few were financially prepared for retirement.

Increased financial dependency on elderly breadwinners

An increasingly elderly population has also led to the trend of increasing number of households who depend on elderly breadwinners, almost tripling since 2000. The number of elderly single-person households have also increased. To mitigate the economic burden on the elderly, the Singapore government has launched several upskilling programs to ensure that the elderly remain competitive in the workforce. However, beyond extending their employability, few other social safety nets are currently available to ensure a comfortable retirement for the elderly, regardless of income level.