From 2012 to 2016, employers who hire Singaporean employees aged above 50 earning up to $4,000 a month receive SEC of up to
8% of the employee's monthly wages.
As announced at Budget 2016, the SEC will be extended for three years (viz. 1 January 2017 to 31 December 2019) to continue providing a wage-offset to employers hiring Singaporean workers aged 55 and above, and earning up to $4,000.
Re-employing Older Workers not covered by the new re-employment age of 67
To encourage employers to voluntarily re-employ Singaporeans aged 65 and above, it was announced at Budget 2015 that an additional wage offset of up to
3% would be introduced in 2015.
From 1 July 2017, the re-employment age will be raised from 65 to 67. The new re-employment age of 67 will apply to those who turn 65 on or after 1 July 2017; in other words, those born on or after 1 July 1952. As announced at Budget 2017, the additional wage offset of 3% will be extended from 1 July 2017 to 31 December 2019 to encourage employers to voluntarily re-employ the two groups of employees who are not covered by the new re-employment age.
- First, those aged 65 and above but below 67 and not covered by the new re-employment age of 67.
- Second, those beyond the new re-employment age of 67.
Persons with Disabilities
To support employment of Persons with Disabilities (PWDs), the SEC was extended to employers that hire PWDs of all ages in 2012. The SEC for PWDs is set at 16% of the employee's monthly income, up to $240 per month.