Senior Employment Credit (SEC)
The Senior Employment Credit (SEC) provides wage offsets to help employers adjust to higher Retirement Age and Re-employment Age requirements by supporting the employment of Singaporean workers aged 60 and above. The scheme offers higher support for older age bands, with employers receiving up to 7% of wages for workers earning below $4,000 per month. This initiative encourages continued employment of senior workers and helps businesses manage the transition to an aging workforce while supporting Singapore's active aging policies.
Eligibility Criteria
- 01
All employers employing Singapore Citizens aged 60 years and above
- 02
Employee monthly wages must be below $4,000
- 03
Must have made timely mandatory CPF contributions for eligible employees
- 04
Business must be registered in Singapore
- 05
Excludes business owners, sole proprietors, partners, and shareholder-directors
- 06
Excludes local government agencies, international organisations
Frequently Asked Questions
Age 60-64: 2% of wage, Age 65-67: 4% of wage, Age 68+: 7% of wage (2024-2025 rates)
Each employer receives payout based on wages they paid to that employee
SEC has been extended until 2026, with qualifying age for highest tier raised to 69 years in 2026
Yes, complete the decline form or email IRAS to opt out of current and future payouts
Yes, SEC payout is taxable in year of receipt and must be declared in corporate income tax returns