Wednesday, February 08, 2006

Singapore: ADVANTAGE! Scheme Introduced to Provide Incentives for Employers to Hire Older Workers

Singapore's Tripartite Committee on Employability of Older Workers has released its interim report with a range of recommendations to enhance the employability of older workers. The key recommendations are to introduce the "ADVANTAGE! Scheme," consider legislation for the re-employment of workers beyond the statutory retirement age of 62 and set up a Tripartite Alliance for Fair Employment Practices.

Under ADVANTAGE!, up to $300,000 may be given per company to motivate and enable employers to recruit older workers and to re-employ them beyond age 62 through:
  1. Job Redesign, such as to defray the cost of equipment, machinery or process review that raise productivity and help older workers.
  2. Training, such as to equip older workers with new skills, enhance their existing skills, or to help them adjust to new work arrangements;
  3. Retention Incentive, which can go up to $1,200 per newly hired mature worker aged 40 and above with secondary school education and below over a period of 12 months, or $1,800 over 18 months.
Other recommendations include:
  • expanding employment opportunities for older workers;
  • enhancing cost competitiveness of older workers;
  • raising skills and value of older workers;
  • shaping positive perceptions towards older workers
Source: Press Release Ministry of Manpower (Janaury 26, 2006)

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