Cut by MP Henry Kwek during Ministry of Manpower (MOM) Committee of Supply Debate 2020
Support for Senior Workers
Prior to this budget, to help our senior workers age with purpose and dignity, Singapore already has a set of pro-senior worker policies, including:
Our Retirement and Re-employment Act, our Senior Employment Credit, to help our seniors stay employed,
Our Enhance CPF returns to help with retirement adequacy, and
Work-Pro to help our companies redesign jobs for older workers.
This year, I am heartened to see that we have continued building on this foundation.
In fact, I will call this a very exciting budget for our senior workers.
There are at least five key new policies and refinements that benefiting our senior workers this year. These include the:
Enhanced Second Employment Credit,
CPF Transition Offsets,
Senior Worker Early Adopter Grant, and
Part-Time Re-employment Grant,
Matched Retirement Saving Schemes.
And these are on top of improvements of Silver Support Scheme that improves on social assistance, and HDB’s Lease Buy-back that strengthens the retirement adequacy of our seniors.
This is surely the result of MOM’s Work Group for Senior Workers, and MOM’s willingness to engage many groups of stakeholders.
including the PAP.SG through two private members motion on seniors over the past two years.
As such, can MOM provide the house with a comprehensive update on measures to help Senior Workers stay gainfully employed and improve the quality of their jobs?
Watch the speech here
Watch the response here