Singapore's workforce is grappling with the twin challenges of an aging population and job losses due to technology.

According to a report on the burden of disease in Singapore between 1990 and 2017, the Southeast Asian nation surpassed Japan in 2017 to become the country with the longest life expectancy at birth — at nearly 85 years old.

Longer life expectancy, coupled with a low fertility rate, has increased the proportion of older people in the country. As a result, the city state's workforce is rapidly shrinking, creating pressure on the economy.

According to Singapore's Education Minister Ong Ye Kung, the government has been preparing for an aging workforce "for the past 20 years."

Singapore is in the midst of "reforming the education system for the young," Ong told CNBC's "Squawk Box Asia" on Tuesday. He pointed out, however, that the challenge was really in helping older workers, as younger employees are "very adaptive."

As part of efforts to engage the aging population in the economy, Singapore's Prime Minister Lee Hsien Loong announced last week that the country will be raising the retirement age — from 62 years old, to 63 in 2022 and eventually to 65 in 2023.