Singapore Budget 2019: More funding for re-hiring of older Singaporeans

THE Singapore government will top up the Special Employment Credit (SEC) Fund by S$366 million as it extends both the SEC and the Additional SEC (ASEC) scheme by another year, said Minister for Finance Heng Swee Keat on Monday. This extension will be till Dec 31, 2020.

The SEC scheme was launched in 2011 to support employers in hiring older Singaporean workers. The ASEC was also introduced to hire workers who are above the re-employment age.

"As our society ages, older workers will make up an increasing share of our workforce," said Mr Heng. "We are doing more to help older Singaporeans earn more, save more, and have greater peace of mind during their retirement years."

Today, about one in four in Singapore's workforce is aged 55 and above, and Mr Heng noted they continue to make "important contributions" to the economy and society.

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