Senior Worker Early Adopter & Re-Employment | 361 Degree Consultancy

SENIOR WORKER EARLY ADOPTER GRANT AND PART-TIME RE-EMPLOYMENT GRANT

WHAT IT IS?

As Singapore faces a rapidly ageing workforce, senior employees form an integral asset of our economy. They are an important wealth of human resource and their contributions to the workforce should be valued and sustained. In accordance to statutory requirements, the Retirement Age is currently at 62 while the Re-Employment Age is at 67. The government will be progressively raising these ages so as to retain the seniors in the workforce and maximise their contributions. The table below shows the progressive raise of Retirement and Re-Employment Ages.

 

  Retirement Age Re-Employment Age
Current 62 67
Wef 1 July 2022 63 68
By 2030 65 70

SENIOR WORKER EARLY ADOPTER GRANT

This grant aims to incentivise and encourage companies to raise their own internal Retirement and Re-Employment Age, ahead of the legislative schedule.

Companies will need to increase both Ages above by at least 3 years above minimum statutory requirements.

HOW MUCH WILL I GET?

The funding quantum will be solely dependent on the number of senior workers aged 60 & above, multiplied by $2,500 per worker.

Extent of Increase of Retirement & Re-Employment Age Funding per Senior Worker aged 60 & above Eligible Funding  (max 50 Senior Workers)
 By ≥ 3 Years  S$2,500  S$125,000

PART-TIME RE-EMPLOYMENT GRANT

This grant aims to support employers who are able to commit to providing part-time employment opportunities to eligible senior workers upon their request.

HOW MUCH WILL I GET?

The funding quantum will be solely dependent on the number of senior workers aged 60 & above, multiplied by $2,500 per worker.

Funding per Senior Worker aged 60 & above Eligible Funding  (max 50 Senior Workers)
S$2,500 S$125,000

WHO IS ELIGIBLE?

All companies that are legally registered or incorporated in Singapore, and employing senior workers aged 60 & above, are eligible to apply for the grants. Companies are able to submit applications for both grants at the same time.

HOW TO APPLY?

Applications can be submitted to either e2i or SNEF. The closing date for application is 30 June 2023. Please contact Woon at woon@361dc.com or 9824 1643 should you be interested to find out more about the above grants. Likewise, you could also fill up the form below.

Frequently Asked Questions (FAQ)

Only senior employees aged 60 & above who are not ACRA-listed personnel can be included as an eligible headcount.

Companies only need to have a minimum of ONE (1) senior worker aged 60 & above to be eligible to apply.

No, there is no minimum salary needed, as long as the wages are reasonable in accordance to the work hours and scope of work.

Companies are only allowed to apply for the grant once. This is a one-time grant.

Related entities can use their unique UENs to apply for the grant separately. However each entity is only allowed to apply once.

Yes, companies are allowed to apply for the 2 different grants separately, and at different times. However each grant can only be applied once.

Interested to find out more?


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