As Singapore faces a rapidly ageing workforce, senior employees form an integral asset of our economy. They are an important wealth of human resource and their contributions to the workforce should be valued and sustained.
A bill was passed on 2 November 2021 stating that the Retirement and Re-Employment Age will be raised to 63 and 68 respectively on 1 July 2022. The government will be progressively raising these ages so as to retain the seniors in the workforce and maximise their contributions.
Besides that, to strengthen support for senior workers to remain in the workforce, the CPF contribution rates will also be raised to boost retirement adequacy.
| Age Bands | Before 1 Jan 2024 | 1 Jan 2024 | Long Term Target |
| ≤55 | 37%(No Change) | ||
| >55-60 | 29.5% | 31% | 37% |
| >60-65 | 20.5% | 22% | 26% |
| >65-70 | 15.5% | 16.5% | 16.5% |
| >70 | 12.5%(No Change) | ||
The table below shows the progressive raise of Retirement and Re-Employment Ages.
(a) Senior Worker Early Adopter Grant (EXPIRED)
What is it?
This grant aims to incentivise and encourage companies to raise their own internal Retirement and Re-Employment Age, ahead of the legislative schedule.
How much funding?
The funding quantum will depend on the following:
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- number of senior workers aged 60 & above
- extent of increase of Retirement and Re-Employment Age within company
(b) Part-Time Re-Employment Grant (Extended till 2025 with new criteria)
What is it?
This grant aims to support employers who are able to commit to providing part-time employment opportunities to eligible senior workers upon their request.
How much funding?
The funding quantum will be solely dependent on the number of senior workers aged 60 & above, multiplied by $2,500 per worker.
Criteria
1. Provide part-time re-employment to senior workers who request for it
2. Adopt Tripartite Standard on Age-Friendly Workplaces
3. (New) Adopt Tripartite Standard on Flexible Work Arrangements (FWA)
4. (New) Offer FWAs and implement Structured Career Planning (SCP)
5. (New) 2 company reps to attend SCP course by SNEF
All companies that are legally registered or incorporated in Singapore, and employing senior workers aged 60 & above, are eligible to apply for the grants. Companies are able to submit applications for both grants at the same time.
Please contact Woon at woon@361dc.com or 9824 1643 should you be interested to find out more about the above grants.
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