RE-EMPLOYMENT AGE, ASSISTANCE AND TAX RELIEF<\/p>\n
Singapore\u2019s approach to retirement has achieved consistently high re-employment outcomes, the workgroup said, with more than nine in 10 eligible employees who wish to continue working offered re-employment.<\/p>\n
Employers who cannot offer re-employment must give affected workers a one-off Employment Assistance Payment while they look for other work.<\/p>\n
The government will raise the recommended amount for this payment to reflect wage growth in recent years. It is currently three-and-a-half months\u2019 salary, with a minimum of S$6,250 and a maximum of S$14,750.<\/p>\n
The government will also enhance the Earned Income Relief for workers employed past the retirement and re-employment ages. Workers aged 55 and above can already claim up to S$8,000 in relief depending on their age.<\/p>\n
RE-EMPLOYMENT CREDIT AND WAGE SUPPORT<\/p>\n
A new Re-employment Credit will be introduced from 2028 to defray employers\u2019 business costs associated with retaining senior workers.<\/p>\n
It will replace the Senior Employment Credit, which provides up to 7 per cent in wage offsets for employers who hire Singaporeans aged 60 and older and who earn less than S$4,000 a month.<\/p>\n
The wage ceiling for the new credit scheme will be higher to account for wage growth.<\/p>\n
The tripartite workgroup also recommended improving wage support for lower-wage senior workers in particular. This will be done by enhancing the Workfare Income Supplement, which is paid to lower-wage workers in cash and Central Provident Fund payments.<\/p>\n
The Progressive Wage Credit Scheme will also be updated. It co-funds employers\u2019 wage increases required under the Progressive Wage Model and local qualifying salary requirements, as well as voluntary pay rises for lower-wage workers.<\/p>\n
BALANCE BETWEEN SENIORS AND FRESH GRADUATES<\/p>\n
During a panel discussion, the workgroup co-chairs were asked how a balance will be struck between two segments of jobseekers \u2013 fresh graduates and seniors.<\/p>\n
Mr Dinesh said these two groups should not be seen as competing for the same jobs, pointing out that the bulk of senior workers are lower-wage workers.<\/p>\n
Junior hires have a runway to competence before they add value to an organisation, and getting senior workers to guide and mentor them could be a complementary effort in succession planning, he said.<\/p>\n
MOM is looking at what can be done to strengthen such mentorships, he added.<\/p>\n","protected":false},"excerpt":{"rendered":"RE-EMPLOYMENT AGE, ASSISTANCE AND TAX RELIEF Singapore\u2019s approach to retirement has achieved consistently high re-employment outcomes, the workgroup…\n","protected":false},"author":2,"featured_media":814962,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[14],"tags":[84,4176,267462,19115,267463,42024,4174,4175,33115,7087,38508,267464,56,54,55],"class_list":["post-814961","post","type-post","status-publish","format-standard","has-post-thumbnail","category-personal-finance","tag-business","tag-finance","tag-mature-workers","tag-ministry-of-manpower","tag-national-trades-union-congress","tag-older-workers","tag-personal-finance","tag-personalfinance","tag-re-employment-age","tag-retirement-age","tag-senior-workers","tag-singapore-national-employers-federation","tag-uk","tag-united-kingdom","tag-unitedkingdom"],"_links":{"self":[{"href":"https:\/\/www.newsbeep.com\/uk\/wp-json\/wp\/v2\/posts\/814961","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.newsbeep.com\/uk\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.newsbeep.com\/uk\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/uk\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/uk\/wp-json\/wp\/v2\/comments?post=814961"}],"version-history":[{"count":0,"href":"https:\/\/www.newsbeep.com\/uk\/wp-json\/wp\/v2\/posts\/814961\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/uk\/wp-json\/wp\/v2\/media\/814962"}],"wp:attachment":[{"href":"https:\/\/www.newsbeep.com\/uk\/wp-json\/wp\/v2\/media?parent=814961"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.newsbeep.com\/uk\/wp-json\/wp\/v2\/categories?post=814961"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.newsbeep.com\/uk\/wp-json\/wp\/v2\/tags?post=814961"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}