The minimum Retirement Age (RA) and Re-employment Age (REA) will be raised to 65 and 70 respectively by 2030. The first increases to 63 and 68 respectively will take effect from 1 July 2022. The Senior Employee Grant is given to employers to support the new retirement and re-employment age.
Eligibility: Senior workers must be above 60 years old as of their DOB
- The funding will be up to $5000 for full time and $2500 for part timers.
- The funding will be given to the employer as a support to the new retirement and re-employment age.
- The total maximum funding per company will be $375,000.
You can get $2,500 per eligible senior worker (age 60 and above), if you raise your internal retirement and re-employment ages by 3 or more years above prevailing statutory ages:
|Applied for grant||Raise internal Retirement Age (RA) and Re-employment Age (REA) by|
|Before 5 July 2021||3 or more years from existing RA and REA of 62 and 67.|
|On 5 July 2021 or later||
3 or more years from new RA and REA of 63 and 68 that would take effect on 1 July 2022.
This allows your senior workers to benefit fully from 3 years of higher internal RA and REA, which is what the SW EAG is designed to promote.