The ageing workforce, coupled with declining birth rates, has led to the slow down in the growth of Singapore’s labour force. In June 2006, 52% of our resident workforce were aged 40 years and above . By 2015, this figure is expected to grow to 55% or more than a million people. This is a reality that companies have to grapple with and adapt to.
A new concern now also would be to improve on the re-employment of workers beyond the age of 62 and raise the effective employment rate of workers aged between 55-64, from the current 54% to 65% by year 2011.
The role of the mature workers in a diverse and expanding economy cannot be discounted. Their experience, knowledge and expertise acquired at work over the years can be a valuable asset to any company.
As part of the further efforts of the Tripartite Committee on Employability of Older Workers (Tricom), the Singapore Workforce Development Agency (WDA) is extending as well as enhancing the ADVANTAGE! Scheme over the next 3 years.
A new concern now also would be to improve on the re-employment of workers beyond the age of 62 and raise the effective employment rate of workers aged between 55-64, from the current 54% to 65% by year 2011.
The role of the mature workers in a diverse and expanding economy cannot be discounted. Their experience, knowledge and expertise acquired at work over the years can be a valuable asset to any company.
As part of the further efforts of the Tripartite Committee on Employability of Older Workers (Tricom), the Singapore Workforce Development Agency (WDA) is extending as well as enhancing the ADVANTAGE! Scheme over the next 3 years.
What ADVANTAGE! Supports
The ADVANTAGE! Scheme is a programme developed by the WDA, in partnership with its Tripartite Partners, the National Trade Union Congress (NTUC) and the Singapore National Employers Federation (SNEF). With the enhancements, the ADVANTAGE! scheme now offers a grant of up to $400, 000 to support your company's initiatives and efforts in the following areas:
It also supports initiatives to implement HR systems for the retention and re-employment of mature workers. These may include, but not limited to:
The ADVANTAGE! Scheme is a programme developed by the WDA, in partnership with its Tripartite Partners, the National Trade Union Congress (NTUC) and the Singapore National Employers Federation (SNEF). With the enhancements, the ADVANTAGE! scheme now offers a grant of up to $400, 000 to support your company's initiatives and efforts in the following areas:
| 1 | Recruitment of new workers aged 40 and above, |
| 2 | Retention of existing workers aged 55-61, and |
| 3 | Re-employment of existing workers aged 62 and above. |
It also supports initiatives to implement HR systems for the retention and re-employment of mature workers. These may include, but not limited to:
| • | Wage restructuring - From seniority-based wages to more job-based, competency-based and performance-based wages |
| • | Institution of re-employment policy |
| • | institution of non-discriminatory recruitment/hiring policy |
| • | Career and retirement counseling especially for workers withdrawing their CPF at age 55 |
| • | Redesigning of medical benefits - To fixed quantum per workers so as not to disadvantage cost competitiveness of mature workers |
| • | Introduction of part time work to attract economically inactive workers |
| • | Improving working environment to help mature workers to be more productive |
| • | Skills upgrading or re-skilling of mature workers |
| • | Health promotion programmes |
| • | Performance management systems |
| • | Job re-design to raise productivity or introduce new roles and responsibilities for mature workers |
How ADVANTAGE! Scheme Works
The enhanced ADVANTAGE! is open to companies registered or based in Singapore. Upon successful application, your company may receive a grant amount of up to S$400,000.
The grant will fund the cost of your company's efforts to recruit, retain or re-employ mature workers, including the developing and/or implementing of re-employment systems. These may include costs incurred for training, absentee payroll, staff salary, consultancy, Intellectual Property Rights and equipment. The grant, however, cannot be used for the purposes of retention bonus or salary support.
Companies applying for the ADVANTAGE! grant are required to submit the following:
1. A simple proposal of their project, stating:
2. A statement declaring the estimated cost of the project
If your company is currently employing workers aged 55 and above, you will need to commit to at least Option B and/or C.
If your company does not currently employ any staff aged 55 and above, you may still apply for ADVANTAGE! but only for Option A (recruitment only) and the grant amount will be capped at $100,000 per company.
Grant Computation
The method of calculation of the grant amount will be based on:
whichever is lower, subject to a cap of $400,000 per company. If your company have received ADVANTAGE! grants before, you are still eligible to apply for the enhanced ADVANTAGE! Scheme. The total cumulative grant you may receive for all the ADVANTAGE! projects will be subjected to an overall cap of $400,000.
The enhanced ADVANTAGE! is open to companies registered or based in Singapore. Upon successful application, your company may receive a grant amount of up to S$400,000.
The grant will fund the cost of your company's efforts to recruit, retain or re-employ mature workers, including the developing and/or implementing of re-employment systems. These may include costs incurred for training, absentee payroll, staff salary, consultancy, Intellectual Property Rights and equipment. The grant, however, cannot be used for the purposes of retention bonus or salary support.
Companies applying for the ADVANTAGE! grant are required to submit the following:
1. A simple proposal of their project, stating:
| A | Number of workers aged 40 and above to be recruited and/or, |
| B | Number of workers aged 55-61 to be retained and/or, |
| C | Number of workers aged 62 and above to be re-employed |
| D | Details of its re-employment system |
2. A statement declaring the estimated cost of the project
If your company is currently employing workers aged 55 and above, you will need to commit to at least Option B and/or C.
If your company does not currently employ any staff aged 55 and above, you may still apply for ADVANTAGE! but only for Option A (recruitment only) and the grant amount will be capped at $100,000 per company.
Grant Computation
The method of calculation of the grant amount will be based on:
| A | Number of workers aged 40 and above to be recruited X $3,000 + |
| B | Number of workers aged 55-61 to be retained X $3,000 + |
| C | Number of workers aged 62 and above to be re-employed X $4,000 OR 80% of declared project cost, |
whichever is lower, subject to a cap of $400,000 per company. If your company have received ADVANTAGE! grants before, you are still eligible to apply for the enhanced ADVANTAGE! Scheme. The total cumulative grant you may receive for all the ADVANTAGE! projects will be subjected to an overall cap of $400,000.
Grant Disbursement
The grant will be disbursed over 3 tranches and it is tied to the achievement of the following outcomes within 1 year:
Tripartite Partners
If your company is interested in applying for the enhanced ADVANTAGE! Scheme, please approach WDA or our Tripartite Partners National Trade Union Congress (NTUC) and Sinagpore National Employers Federation (SNEF). You may also contact the EDC@ASME of the Association of Small and Medium Enterprises (ASME) for details of the Scheme. The contact details are: 2010
Date: 16 May 2007
About the Singapore Workforce Development Agency
The Singapore Workforce Development Agency (WDA) seeks to enhance the employability and competitiveness of our workforce to meet the changing needs of Singapore's economy. Working with industry, unions, employers, economic agencies, professional associations and training organisations, the agency's efforts are targeted at supporting industry growth by building a pipeline of workers through training and skills upgrading, and raising industry standards through enhancing manpower capabilities.
The grant will be disbursed over 3 tranches and it is tied to the achievement of the following outcomes within 1 year:
| Disbursement Tranche | Outcomes | ||
| (A) Recruitment of new workers 40 and above | (B) Retention of existing staff 55-61 | (C) Re-employment of existing staff 62 and above | |
| 1st Tranche - 30% |
Efforts made to recruit mature workers through age-friendly job advertisements | New re-employment system announced or committed to staff/union e.g. through HR circulars or new re-employment clauses in Collective Agreements | New re-employment system announced or committed to staff/union e.g. through HR circulars or new re-employment clauses in Collective Agreements |
| 2nd Tranche - 30% |
At least 50% of recruitment target achieved 6 months after 1st disbursement | At least 70% retention rate achieved 6 months after 1st disbursement | At least 70% of staff re-employed 6 months after 1st disbursement |
| 3rd Tranche - 40% |
100% of recruitment target achieved 9 months after 1st disbursement At least 50% 3-month retention rate achieved |
At least 70% retention rate sustained 12 months after 1st disbursement | At least 70% of staff continue to be re-employed 12 months after 1st disbursement |
Tripartite Partners
If your company is interested in applying for the enhanced ADVANTAGE! Scheme, please approach WDA or our Tripartite Partners National Trade Union Congress (NTUC) and Sinagpore National Employers Federation (SNEF). You may also contact the EDC@ASME of the Association of Small and Medium Enterprises (ASME) for details of the Scheme. The contact details are: 2010
| WDA Hotline: 65 6883 5885 Email: wda_enquiry@wda.gov.sg Website: www.wda.gov.sg |
SNEF Contact: Adrian Ho / John Tan Tel: 68276933 Email: tag@snef.org.sg Website: www.sgemployers.com |
| NTUC Contact: Ong Sin Tiong Tel: 6213 8237 Email:ongst@ntuc.org.sg Website: www.ntuc.org.sg |
EDC@ASME Contact: Tan Gark Lim Tel: 6513 0388 Email: garklim@edc-asme.com.sg Website: www.asme.org.sg |
About the Singapore Workforce Development Agency
The Singapore Workforce Development Agency (WDA) seeks to enhance the employability and competitiveness of our workforce to meet the changing needs of Singapore's economy. Working with industry, unions, employers, economic agencies, professional associations and training organisations, the agency's efforts are targeted at supporting industry growth by building a pipeline of workers through training and skills upgrading, and raising industry standards through enhancing manpower capabilities.