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Budget 2016: Wage offset scheme for older workers to be modified, extended
The Special Employment Credit (SEC) will be modified and extended for three years, said Heng Swee Keat, Minister for Finance.
The SEC provides employers with a wage offset for workers aged 55 and above, earning up to S$4,000 a month.
Employers with Singaporean workers aged 65 and above will continue to receive a wage offset of up to 8 per cent. This is on top of the wage offset of 3 per cent for the re-employment of workers aged 65 and above till the re-employment age is raised in 2017.
The SEC will be up to 5 per cent for workers aged 60 to 64, and up to 3 per cent for those aged 55 to 59.
To support this extension the government will top up SEC Fund by S$1.1 billion.