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What is the SEC, EEC and CTO? Senior Employment Credit (SEC) Under the SEC, the Government provides wage offsets to help employers that employ Singaporean workers adjust to the higher Retirement Age and Re-employment Age. Higher support will be given for the older age bands.
Senior Employment Credit (SEC), Enabling Employment Credit (EEC) and CPF Transition Offset (CTO) IRAS Wage offsets to support the employment of senior workers and persons with disabilities
The SEC will help employers adjust to the reemployment legislation. Employers can also tap this group of older workers for their skills and experiences to augment their manpower needs.
The SEC is given to employers of Singaporean employees aged above 55 and earning up to $1,700 per month. For each Singaporean employee aged above 55 to 60 on the employer’s payroll in a given month, the employer will receive an SEC of up to 50% of employer CPF contributions for that month.
FACTSHEET ON ENABLING EMPLOYMENT CREDIT The Enabling Employment Credit (EEC) is a new wage offset scheme to support the employment of persons with disabilities (PwDs). The EEC will replace the wage offsets for employers of PwDs under the Special Employment Credit (SEC) and Additional SEC, after the
Special Employment Credit (SEC) is a payout granted to employers who employ older persons between the age of fifty-five to sixty years old. SEC was first created as a budget initiative in 2011, and in such a period, it only targeted the increment of the employability rate of aged individuals.
This Digital Service allows you to check payout eligibility or request for payout breakdown by qualifying employees for Senior Employment Credit (SEC), Enabling Employment Credit (EEC) or CPF Transition Offset (CTO), based on the UEN or NRIC/FIN number that you have registered with CPFB in making CPF contributions to your employees.
The Special Employment Credit (SEC), which began as a budget initiative in 2011, is a benefit conferred to employers who hire individuals between 55 and 60. Its initial goal was to boost the employment rate among older individuals.
Apr 17, 2024 · For an employee aged 68 and paid $3,500 a month, SEC payouts amount to $120 a month ($960 – 24% of $3,500), or up to $2,880 over 2 years in 2021 and 2022. SEC payouts for this employee will be another $3,960 for 2023 to 2025. This is from $120 a month in 2023, and $105 a month for 2024 to 2025.
Feb 28, 2012 · A call has been made for the Finance Minister to consider making the Special Employment Credit (SEC) for the elderly and the disabled, a permanent feature of the social safety net in Singapore.
