Cash incentives for firms that hire seniors extended until 2017

Over 49,000 employers received $22m already.

A joint press by the Ministry of Manpower and the Ministry of Finance revealed that the 3% wage offset instituted earlier this year has been extended until the legislation for the new re-employment age is finalised.

The wage offset was launched in an effort to encourage businesses to hire employers aged 65 years and above earning up to $4,000 a month in 2015. This followed Prime Minister Lee Hsien Loong’s announcement at the National Day Rally 2015 that Singapore’s re-employment age will be raised to 67 by 2017 to give more opportunities to older workers who want to keep working as long as they are healthy.

Already, the government has showered over $22m to more than 49,000 employers who hired approximately 110,000 older Singaporeans aged 65 years and above for work done in the first half of 2015.

Currently, tripartite partners are in discussion on the effective date of the new re-employment age. In the meantime, employers are fully encourage to continue to re-employ Singaporeans aged 65 and above.