12 August 2011
This is something for employers to take note of. It was announced in this year’s Budget that employers will be provided with a one-off Special Employment Credit for older Singaporean workers employed from January 2011 onwards. The Credits will be paid out over three years, and will encourage employers to attract and keep older workers.
Employers will receive a Special Employment Credit of:
- Up to 50% of employer CPF contributions for workers aged 55 to 59.
- Up to 80% of employer CPF contributions for workers aged 60 and above.
The payments will be made twice a year, with the first payment to be made in September 2011. Employers are not required to take any action in order to receive the Credits. The CPF Board will automatically assess their eligibility and notify them by post before the Credits are paid out. For information on the eligibility for the Special Employment Credit, please see http://www.sec.gov.sg