The Ministry of Manpower (MOM) will extend the Senior Employment Credit (SEC) and the Part-time Re-employment Grant (PTRG) from 2023 to 2025.
These initiatives offer increased support for employers who hire and retain senior workers.
Manpower Minister Tan See Leng made this announcement at the 2023 Action Plan for Successful Ageing launch on 30 January 2023.
The extended SEC will provide wage offsets for employers of Singaporean workers aged 60 and above earning up to $4,000 a month. Meanwhile, the PTRG will support companies that commit to a part-time re-employment policy for its eligible senior workers.
“Amidst the economic uncertainties, we hope this will continue to help alleviate wage cost pressures and support employers in hiring and retaining senior workers,” said Dr Tan.
Since its initial roll-out in 2020, more than $450 million of SEC has been disbursed. This has benefited almost 100,000 employers and over 461,000 senior workers.
More than 5,700 employers have also committed to a part-time re-employment policy under the PTRG. This is expected to benefit more than 45,000 senior workers.
Employers were also encouraged to embrace structured career planning and partner with NTUC to establish Company Training Committees (CTCs) to enhance the skills and employability of senior workers.
NTUC Secretary-General Ng Chee Meng, who spoke during a panel discussion at the event, discussed NTUC’s role in helping workers remain relevant and future-ready.
“It is real ground issues … and practical measures that enable a senior worker to participate meaningfully.
“And this is what we have done in the last four or five years through the Company Training Committees with a specific focus on upping senior workers’ productivity and experiences in the workplace.”
The extended employment schemes are part of a more comprehensive national blueprint to cater to Singapore’s ageing population’s evolving needs and aspirations.
With a growing number of senior citizens in Singapore – projected to be more than 900,000 aged 65 and above by 2023 – the Government recognised the need for an action plan that caters to this key demographic.
In 2015, the Ministerial Committee on Ageing launched the Action Plan for Successful Ageing. Over the past four years, it engaged over 5,000 citizens through more than 40 sessions to co-create a refreshed 2023 Action Plan, which focuses on community initiatives.
The 2023 Action Plan has three core pillars - ‘Care’, ‘Contribution’ and ‘Connectedness’ – aimed at empowering seniors to take charge of their ageing journeys and live life to the fullest.
The plan, developed with input from citizens and stakeholders, emphasises the importance of a holistic approach to ageing, including physical, emotional, and social well-being.
“The fact is that ageing will affect every facet of our lives, and we need to make changes and adjustments to many areas such as public policy, infrastructure, social practices, and individual behaviour to embrace ageing as a reality in the coming years,” Health Minister Ong Ye Kung said at the launch event.
Read more about all the initiatives under the 2023 Action Plan for Successful Ageing here.
