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Fortitude Budget: Hiring incentive now covers all ages, doubled for older workers
THE Singapore government will enhance incentives to support employers in hiring local workers who have gone through eligible traineeship and training schemes.
For one, the hiring incentive that was first introduced under the SkillsFuture Mid-Career Support Package in the Unity Budget will now be expanded to cover workers of all ages.
This means that for eligible employees under 40, the incentive will cover up to 20 per cent of their monthly salary for six months. The total incentive will be capped at S$6,000.
As for those aged 40 and above, the hiring incentive will be doubled to cover up to 40 per cent of their salary over six months. The total incentive will be capped at S$12,000.
Mr Heng said the government is providing “specially enhanced support” for jobs and training for older workers, including other support such as the special SkillsFuture Credit top-up of S$500 to every Singaporean aged 40 to 60 in 2020.
“If needed, they can also benefit from other support schemes this period, such as the Covid-19 Support Grant,” he added.
In these uncertain times, many employers may be reluctant to hire. The enhanced hiring incentive is thus meant to encourage employers to hire local workers and to help individuals secure jobs.
It is one of the components of the new SGUnited Jobs and Skills Package announced on Tuesday, as part of the Fortitude Budget.