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Singapore Budget 2015: More wage-offset credit for workers aged 65 and above

Monday, February 23, 2015 - 17:05
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The government will provide employers with an additional special employment credit (SEC) of up to 3 per cent of wages for workers aged 65 and above this year, said Tharman Shanmugaratnam, Deputy Prime Minister, and Finance Minister, on Monday. The SEC offers a wage offset for workers above age 50.

For more stories, analysis and infographics on Singapore Budget 2015, head to btd.sg/budget_15

The government will provide employers with an additional special employment credit (SEC) of up to 3 per cent of wages for workers aged 65 and above this year, said Tharman Shanmugaratnam, Deputy Prime Minister, and Finance Minister, on Monday. The SEC offers a wage offset for workers above age 50.

This will be on top of the 8.5 per cent wage offset that employers will receive this year. The measure will cost about S$50 million, said Mr Tharman.

The government will also provide a S$500 million top-up to the SEC Fund, to meet the broader funding needs of the SEC.

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