Incentives

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

sweagptrg

SENIOR WORKER EARLY ADOPTER GRANT (SWEAG)

The Tripartite Workgroup on Older Workers recommended that the statutory minimum Retirement Age (RA) and Re-employment Age (REA) be raised to 65 and 70 respectively by 2030. The first move will take effect from 1 July 2022, with Retirement Age (RA) increasing from 62 to 63, and Re-employment Age (REA) increasing from 67 to 68.

To support progressive employers that are willing and able to implement a higher internal retirement age and re-employment age ahead of time, MOM has introduced the Senior Worker Early Adopter Grant from 1 July 2020 onwards.

SWEAG provides funding support of $125,000 for employers to raise both their internal retirement and re-employment ages by 3 years* above the minimum statutory requirements.

* The increase in the internal RA and REA of a minimum of 3 years (from existing statutory RA and REA of 62 and 67 respectively) to qualify for the SWEAG would be applicable only if companies apply for the grant before 5 July 2021

If the application of the grant is on 5 July 2021 or after, companies would have to raise their internal RA and REA to at least 66 and 71 respectively, i.e. a minimum of 3 years from the new RA and REA of 63 and 68 respectively that would take effect on 1 July 2022. This allows senior workers in these firms to benefit fully from three years of higher internal RA and REA, which is what the SWEAG is designed to promote.

PART TIME RE-EMPLOYMENT GRANT (PTRG)

Through the Tripartite Workgroup on Older Worker public consultation and other surveys, it was observed that senior workers increasingly prefer to reduce their work intensity gradually as they approach retirement. They are prepared to remain in the workforce if they could undertake part-time work arrangements during the re-employment phase. 

As employers need time to restructure their work structures and processes to accommodate more part-time employees, the Part-time Re-employment Grant has been introduced from 1 July 2020 onwards to support employers that commit to providing part-time re-employment opportunities to SWs upon their request.

PTRG provide funding support of $125,000 for employers that commit to a part-time re-employment policy for its eligible senior workers.

RESOURCES

Visit SNEF Grants Portal to apply for the Senior Worker Early Adopter and Part Time Re-Employment Grant.

Applications must be submitted directly by the employers. This service is provided at no cost.  Third party’s application through consultants, vendors, and individuals not on the applicant payroll or ACRA will not be accepted. MOM, WSG, NTUC’s e2i and SNEF do not endorse any consultants or vendors and their services or products.

Priority will be given to applications with complete set of documents on a first-come-first-served basis. Please note that submission of an application does not guarantee approval.

Please feel free to contact us at swsp@snef.sg if your need any further information.