The Special Employment Credit Scheme, first launched in 2011, has been enhanced. The new enhanced SEC will commence 1 Jan 2012 and last 5 years.
Employers will recieve an SEC for each Singaporean employee aged 50 and above and earning up to S$4,000 per month. The SEC will be between 8% of the employees’ monthly wage for employees earning up to $3,000. The SEC will be reduced on a sliding scale for eligible employees earning between $3,0001 and $4,000 per month. Some sample calculations are shown below:
Download the SEC calculator here.
Singaporean employees aged above 50 years and earning up to $4,000 who are on payroll between Jan 2012 and Dec 2016 will be eligible.
For employers who make regular CPF contributions, the CPF Board will automatically make assessments and notify them by post before SEC grants are disbursed. Employers will recieve the SEC in the accounts that are registeded with the CPF Board. Employers without a valid GIRO account will recieve the credits via cheque. The SEC will be paid in March and September each year.
Please visit http://www.sec.gov.sg/sec2012.html for additional details.