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SINGAPORE: The increased payout of Workfare for older workers, announced by Prime Minister Lee Hsien Loong during the National Day Rally, will cost the government an additional S$83 million each year.
This brings the total Workfare budget to S$432 million a year.
Giving the figures at a news briefing, Manpower Minister Ng Eng Hen explained that the higher Workfare Income Supplement would be given to those aged above 55 as an added incentive to continue working.
So a worker, aged 62 and earning S$1,000 a month, who gets S$100 from Workfare previously will now get S$200.
Dr Ng said that the boosted Workfare scheme and the proposed re-employment legislation will make older workers more employable and encourage them to stay employed or even re-join the workforce.
From 2012, the government will require employers to offer workers reaching the retirement age of 62 re-employment up to the age of 65.
The Manpower Minister is confident that the government can succeed due to a tripartite consensus.
He said that the unions have told him that workers are flexible on wages and job scope for re-employment, while employers say that the market is on the worker's side.
Dr Ng stressed that the changes announced during the National Day Rally will better prepare Singaporeans for an ageing population.
He said the changes will tilt the level playing field to benefit older workers, namely for employers to hire them and for older workers to work longer.
Dr Ng said that over the medium and long term, the changes will ensure that CPF members will not outlive their retirement sums. - CNA/ir
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