Payroll

5 Points You Need To Know About Special Employment Credit or SEC

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Today a prospect client asked me about if there is any government subsidy for hiring staff over 50 years old, I told him about SEC scheme, subsidy by MOM or Ministry of Manpower.

 

Let me explain the 5 pointers you need to know about SEC subsidy …

1. From 2012 to 2016, employers or business owners who hire Singaporean employees aged > 50 earning up to $4,000 a month receive SEC of up to 8% of the employee’s monthly wages.

2. As announced at Budget 2016, the SEC will be extended for three years (viz. 1 January 2017 to 31 December 2019) to continue providing a wage-offset to employers hiring Singaporean workers aged 55 & above, and earning up to $4,000.

3. Re-employing Older Workers
To encourage employers to voluntarily re-employ Singaporeans aged 65 and above, it was announced at Budget 2015 that an additional wage offset of up to 3% would be introduced in 2015.

4. To show our continued commitment & support towards the re-employment of older workers, the Government ( MOM ) has extended the additional wage offset of up to 3% of wages until 30 June 2017.

5. Persons with Disabilities
To support employment of Persons with Disabilities (PWDs), the SEC was extended to employers that hire PWDs of all ages in 2012. The SEC for PWDs is set at 16% of the employee’s monthly income, up to $240 per month.

Kindly give a chance to candidates whose age > 50, it’s good Karma.

If you need help, feel free to contact us at :

(O) +65 63851011

(M) +65 90880669

(E) [email protected]

www.corporatebackoffice.com.sg

Written by Kelvin Loh