Budget 2021: Over $200m to help businesses raise retirement, re-employment ages

Dhany Osman
·Editor
·2-min read
People wearing masks seen in Singapore's Central Business District on 28 February 2020. (PHOTO: Getty Images)
People wearing masks seen in Singapore's Central Business District on 28 February 2020. (PHOTO: Getty Images)

SINGAPORE — Over $200 million will be set aside from Singapore's 2021 Budget to help more businesses move earlier to raise their retirement and re-employment ages, said Deputy Prime Minister and Finance Minister Heng Swee Keat in Parliament on Tuesday (16 February).

This increase in allocation for the Senior Worker Early Adopter Grant and Part-Time Re-employment Grant was announced during Heng's unveiling of this year's Emerging Stronger Together Budget.

He noted that Prime Minister Lee Hsien Loong had announced in 2019 that Singapore's retirement and re-employment age would be raised to 63 and 68 respectively in 2022, with the government and labour movement implementing these changes from this year.

The additional support in Budget 2021 also comes on top of the Senior Worker Support Package that was announced in the United Budget last February.

"I am happy to say that the take-up rates for the Senior Worker Early Adopter Grant and Part-Time Re-employment Grant, two key components of the Senior Worker Support Package, have exceeded expectations," said Heng.

This move to support older workers are part of measures to help low-wage workers. Heng said that the government takes a multi-pronged approach to helping such workers, including through the Workfare Income Supplement scheme, Workfare Skills Support scheme, the Progressive Work Model, and Workcare.

Another group who are facing challenges in finding and retaining jobs at this time are people with disabilities, said Heng in his speech. He added that to the Ministry of Social and Family Development (MSF) announced earlier this month the creation of 1,200 new jobs and training opportunities for those with disabilities.

This builds on the various other initiatives to help those with disabilities, such as the Open Door Programme and Enabling Employment Credit, Heng added.

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