SWEAG provides funding support of $125,000 for employers to raise both their internal retirement and re-employment ages by 3 years* above minimum statutory requirements.
PTRG provides funding support of up to $125,000 for employers that commit to a part-time re-employment policy for its eligible senior workers.
Companies can apply for either one or both grants, capped at a total funding of $250,000. Click here to download the Factsheet.
* The increase in the internal Retirement Age (RA) and Re-employment Age (REA) of a minimum of 3 years (from existing statutory RA and REA of 62 and 67 respectively) to qualify for the SW EAG 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 SW EAG is designed to promote.
Employers will receive funding support to implement early adoption of higher retirement/re-employment ages and/or part time re-employment policy for its senior workers. This allows companies to continue tapping on the rich experience and skillsets of these group of workers. Companies adopting these policies will be seen as progressive employers and will potentially be able to attract and retain more talents.
At the same time, the adoption of the Tripartite Standard on Age-Friendly Workplace Practices (TS-AWP) specifies a set of good age management practices for employers to implement at the workplace, to treat older workers fairly and provide them with support in areas such as training and workplace health programmes.
Any company registered or incorporated in Singapore including societies and non-profit organisations such as charities and voluntary welfare organisations.
To qualify for the grant, companies will need to have at least 1 senior worker aged 60 years and above. Companies will also need to adopt the Tripartite Standard on Age-Friendly Workplace Practices (TS-AWP).