Retirement Age to be raised to 60 (from 55)

Good news for private sector employees.

Plans are under way to raise the retirement age from 55 to 60 for private sector workers. And a new law is currently being drafted by the government that will mandate retirement at 60 -- in other words, private sector employees cannot be "forced" to leave their employment upon reaching 55 years old, else it could be deemed as "unlawful dismissal".

Raising the retirement age is line with global trend. Most countries have already done so a few years back. Here's a partial list of the retirement age of selected countries:

** Singapore - 62 years
** China - 60 for men, 55 for women
** France - 60
** UK - 65
** Taiwan - 65
** USA - 65 for those born before 1960, 67 for those born after 1960