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Singapore extends 3% wage offset for hiring older workers till 2017
THE Singapore government will extend the special wage offset for hiring older workers which is set to expire by year-end until the new re-employment age of 67 comes into effect in 2017, the Ministry of Finance and the Ministry of Manpower (MOM) said in a joint press release on Tuesday.
The ministries said the extension is given "to show our continued commitment and support toward re-employment of older workers''.
During this year's Budget, the government had introduced an additional wage offset of up to 3 per cent of an older worker's wages for one year, to encourage employers to hire workers who are above 65 years old and earning up to S$4,000.
The ministries said tripartite partners - MOM, NTUC and The Singapore National Employers Federation - are currently in discussion on the effective date of the new re-employment age of 67. In the meantime, employers are encouraged to continue to re-employ older Singaporeans aged 65 and above.