The Manpower and Finance Ministry announced today that wage subsidies for Singaporean workers aged 65 and above will continue until the new re-employment age of 67 comes into effect.
During Budget 2015, the Government announced a wage offset of up to 3% for Singaporean workers aged 65 and above earning up to S$4,000 a month.
The subsidy was aimed at encouraging employers to voluntarily retain their older Singaporean workers. The government, unions and representatives of employers are now in discussions on when to implement the new re-employment age.
According to the Manpower and Finance ministries, more than S$22 million has been given out to over 49,000 employers who employed about 110,000 older Singaporeans aged 65 years and above in the first half of 2015.