Senior Worker Early Adopter Grant and Part Time Re-Employment Grant

As Singapore faces a rapidly ageing workforce, senior employees form an integral asset of our economy. They are an important wealth of human resource and their contributions to the workforce should be valued and sustained.

A bill was passed on 2 November 2021 stating that the Retirement and Re-Employment Age will be raised to 63 and 68 respectively on 1 July 2022. The government will be progressively raising these ages so as to retain the seniors in the workforce and maximise their contributions.

Besides that, to strengthen support for senior workers to remain in the workforce, the CPF contribution rates will also be raised to boost retirement adequacy.

Age Bands	Before 1 Jan 2024	1 Jan 2024	Long Term Target
≤55	37%(No Change)
>55-60	29.5%	31%	37%
>60-65	20.5%	22%	26%
>65-70	15.5%	16.5%	16.5%
>70	12.5%(No Change)

The table below shows the progressive raise of Retirement and Re-Employment Ages.

(a) Senior Worker Early Adopter Grant (EXPIRED)

What is it?
This grant aims to incentivise and encourage companies to raise their own internal Retirement and Re-Employment Age, ahead of the legislative schedule.

How much funding?
The funding quantum will depend on the following:

number of senior workers aged 60 & above
extent of increase of Retirement and Re-Employment Age within company

(b) Part-Time Re-Employment Grant (Extended till 2025 with new criteria)

What is it?
This grant aims to providing part-time employment opportunities to eligible senior workers upon their request, encouraging them to stay in the workforce.

How much funding?
The funding quantum will be solely dependent on the number of senior workers aged 60 & above, multiplied by $2,500 per worker.

Criteria
1. Provide part-time re-employment to senior workers who request for it

2. Adopt Tripartite Standard on Age-Friendly Workplaces

3. (New) Adopt Tripartite Standard on Flexible Work Arrangements (FWA)

4. (New) Offer FWAs and implement Structured Career Planning (SCP)

5. (New) 2 company reps to attend SCP course by SNEF

All companies that are legally registered or incorporated in Singapore, and employing senior workers aged 60 & above, are eligible to apply for the grants. Companies are able to submit applications for both grants at the same time. Please contact Woon at woon@361dc.com or 9824 1643 should you be interested to find out more about the above grants.

Core Capabilities

Projects under Core Capabilities help businesses to prepare for growth and transformation by strengthening their business foundations. These go beyond basic functions such as sales and accounting.

Innovation and Productivity

Projects under Innovation and Productivity support companies that are exploring new areas of growth, or looking for ways to enhance efficiency. These include reviewing and redesigning of workflow and processes. Companies can also tap into automation and technology to enhance the efficiency of routine tasks.

Market Access

Projects under Market Access support businesses that are exploring to venture overseas. The EDG can help to defray some of the cost incurred when expanding into overseas markets.

*Note: As of 1 April 2020, all applications for EDG should include commitment to worker outcomes as part of the qualifying requirements. This will include wage increment, job creation, job redesigns or training for existing staff.

WHAT CAN BE SUPPORTED?

Qualifying project cost that is related to software and equipment, third party consultancy and internal manpower can be supported. As announced during the Supplementary Budget 2020, for the period 1 April 2020 to 31 December 2020, the maximum level of support will be enhanced to 80%. For businesses that have been very badly affected by the COVID-19 pandemic, the maximum level of support may even be raised to 90%, depending on a case-by-case review.

WHO IS ELIGIBLE?

To qualify for EDG, companies must fulfil the following conditions: -Be registered and operating in Singapore -Have a minimum 30% local shareholding with Company’s Group annual sales turnover less than S$100 million, OR less than 200 employees -Be in a financially viable position to start and complete a project Should you require more information on the application process for the Enterprise Development Grant, please contact Woon at 9824 1643 or email woon@361dc.com.

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THE WORK-LIFE GRANT COMPRISES 2 COMPONENTS:

1. FWA Incentives (Up to S$70,000)

2. Job Sharing Incentives for PMETs (Up to S$35,000)

The Invictus Fund (Second Tranche): Frequently Asked Questions (FAQ)

Yes, you can apply for more than 1 pre-scoped solution. However the total funding will be capped at $30,000 per SSA, subject to the availability of funds.

Yes, each SSA can only purchase up to $8,000 worth of laptops and/or online conferencing tools.

pplicant SSAs will be notified within 6 weeks of submission.

The solution should be used for minimally one year.

The solution must be used for at least one month before claims can be submitted. The processing time is about 4 to 6 weeks.

The funds will be directly credited to the bank account that was provided during application.