The Special Employment Credit (SEC) was introduced as a 2011 Budget Initiative to support employers as well as to raise the employability of older low-wage Singaporeans. It will be enhanced in 2012 to provide employers with continuing support to hire older Singaporean workers.
With the 2012 enhancements, about 73,000 employers employing 350,000 older Singaporeans are expected to benefit from the SEC. This will cost the Government about $470m per year over the next five years. Employers may qualify for the SEC for workers employed from 1 January 2012 onwards. Payments will be made twice a year, with the first payment of the enhanced SEC to be made in September 2012. For more details on the SEC, click here.