Boost for employers who hold on to staff aged 60 and above

Senior Employment Credit that helps defray wage costs will be extended by one year

- Tay Hong Yi

Employers of Singaporean workers aged 60 and above will get another fillip for their efforts to tap the experience of these seniors.

The Senior Employment Credit (SEC), which helps defray the wage costs employers bear for hiring Singaporeans aged 60 and above who earn under $4,000 a month, will be extended by one year to Dec 31, 2026.

"We want to work with employers to tap the experience and wisdom of seniors who are able and wish to continue working," said Prime Minister Lawrence Wong, who was delivering the 2025 Budget statement on Feb 18.

This comes as more seniors are staying employed, with Singapore's ageing population, he noted.

He also announced a raised qualifying age of 69 for the highest support tier of the scheme, up from 68 years old currently, in line with a slated increase of the re-employment age to 69.

"The Government will reimburse companies up to 7 per cent of the wages that they pay to workers aged 69 and above."

The SEC had previously been set to expire at the end of 2025.