RE-EMPLOYMENT AGE, ASSISTANCE AND TAX RELIEF
Singapore’s approach to retirement has achieved consistently high re-employment outcomes, the workgroup said, with more than nine in 10 eligible employees who wish to continue working offered re-employment.
Employers who cannot offer re-employment must give affected workers a one-off Employment Assistance Payment while they look for other work.
The government will raise the recommended amount for this payment to reflect wage growth in recent years. It is currently three-and-a-half months’ salary, with a minimum of S$6,250 and a maximum of S$14,750.
The government will also enhance the Earned Income Relief for workers employed past the retirement and re-employment ages. Workers aged 55 and above can already claim up to S$8,000 in relief depending on their age.
RE-EMPLOYMENT CREDIT AND WAGE SUPPORT
A new Re-employment Credit will be introduced from 2028 to defray employers’ business costs associated with retaining senior workers.
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