Now that Singapore has a rapidly ageing workforce, the integral asset of our economy is made up of senior employees. We should value and sustain the contributions of these senior employees. In line with statutory requirements, the age of retirement is presently at 62, and the re-employment age is at 67. The government plans to raise these ages progressively in order to retain more seniors in the workforce and hence maximize their contributions.
We have summarized the progressive Retirement and Re-Employment Ages in the table below.
|Retirement Age||Re-Employment Age|
|Effective from 1 July 2022||63||68|
Senior Worker Early Adopter Grant
The major purpose of the Senior Worker Early Adopter Grant is to motivate and encourage companies to increase their internal Retirement and Re-Employment Age higher than that of the legislative schedule.
How Much Will You Receive?
The funding quantum depends on the following:
- The number of senior workers who are at least 60 years old
- The level of increment in the Retirement and Re-Employment Age within the company
|Level of Increase of Retirement and Re-Employment Age||Funding per Senior Worker who are 60 and above||Eligible Funding (50 Senior Workers max)|
|Additional 1 Year||S$1,000||S$50,000|
|Additional 2 Years||S$2,500||S$125,000|
|Additional 3 Years||S$5,000||S$250,000|
Part-Time Re-Employment Grant
The purpose of the Part-Time Re-Employment Grant is to support employers who can provide part-time employment opportunities to qualified senior workers when they request.
How Much Will You Receive?
The funding quantum depends solely on the number of senior workers who are at least 60 years, multiplied by $2,500 per worker.
|Funding per Senior Worker who are at least 60 years||Eligible Funding (50 Senior Workers max)|
Who Is Eligible?
Every company that is legally incorporated or registered in Singapore and employs senior workers who are 60 years and above is eligible for the grants. Companies can submit applications for the two grants at once.
How to Apply?
Can my Director be counted as a senior worker if he is above 60 years?
Only senior employees who are at least 60 years and who are not ACRA-listed personnel qualifies to be counted.
What is the minimum number of senior workers a company must have before applying for the grant?
A company can apply for the grant once it has ONE (1) senior worker who is up to 60 years.
Does the grant has anything to do with the minimum salary for the senior workers?
No, minimum salary is not relevant here as long as the wages are fair in accordance with the scope of work and work hours.
Does my company have a right to apply for the grant more than once?
This is a one-time grant, so companies can apply for the grant only once.
Related entities can apply separately using their unique UENs. However, each entity can apply only once.
Can we apply for the Part-Time Re-Employment Grant only but not the Senior Worker Early Adopter Grant (or vice versa)?
Yes, companies can apply for the two grants separately and at different times, but each grant can’t be applied twice.
Check out other available Government Grants:
- Specialised Cleaning Programme (until: 31 Dec 2020)
- Enterprise Development Grant (until 31 Dec 2020)
- P-Max Grant
- E-Invoicing Rgistration Grant (until 31 Dec 2020)
- PSG Grant for Xero
- Skills Future Enterprise Credit (until: 31 Mar 2021)
- Digital Resilience Bonus (until: 30 Jun 2021)
- Invictus Fund for Social Service Agencies (until: 30 Jun 2021)