Early retirement An additional $200 million will be pumped into the Senior Worker Early Adopter Grant and the Part-Time Re-employment Grant, after take-up rates for the two grants “exceeded expectations” following their announcement at last year’s Budget, said Heng. This comes as Singapore prepares to raise retirement and re-employment ages a year earlier than originally intended. First announced by Prime Minister Lee Hsien Loong at the National Day Rally in 2019, the government and labour movement will implement the new retirement age and re-employment age of 63 and 68 in 2021. More details will be provided by the Ministry of Manpower at a later date.
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Panneer Selvam, partner at Ernst & Young Solutions, praised the extension. “Extending the Business and IPC Partnership Scheme as well as the 250% tax deductions on donations made to Institutions of a Public Character until 2023 will encourage more charitable giving, volunteering and collaboration from individuals and corporates alike."