Budget 2016: Wage offset scheme for older workers to be modified, extended
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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.
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