Business Encyclopedia

A

Accounting and Corporate Regulatory Authority (ACRA)
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Articles of Association
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B

BizFile
Business Grants Portal
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C

Central Provident Fund (CPF)
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CorpPass

D

Dependant’s Pass
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E

Electronic Register of Members (eROM)
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EntrePass
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F

Financial Year End (FYE)
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Form C-S (Lite)
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G

Goods and Services Tax (GST)

H

Hedge Fund

I

Import/Export License
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J

K

Know Your Customer (KYC)
Knowledge Capital

L

Letter of Consent (LOC)
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M

Ministry of Manpower (MOM)
MTI

N

Nominee Director
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O

P

Partnership
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Q

Quickbook Accounting

R

Register of Charges
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S

S Pass
Share
SingPass
Small Company
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T

Trademark
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U

UEN
Unaudited financial statement
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V

Variable Capital Company (VCC)
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W

Wage Credit Scheme
Withholding Tax (Section 45)

X

XBRL
Xero

Y

Year of Assessment (YA)

Z

Zero Rated Supplies
Zero-rised Financial Statement

Special Employment Credit

Special Employment Credit (SEC) is a payout granted to employers who employ older persons between the age of fifty-five to sixty years old. SEC was first created as a budget initiative in 2011, and in such a period, it only targeted the increment of the employability rate of aged individuals. However, by 2012, the budget was extended to cater for senior individuals and Persons with Disabilities (PWDs) in Singapore.

In furtherance, in 2017, the Singaporean government established an opportunity for the extension of the budget initiative to cover three years – between 2017 – 2019. Also, the 2016 budget allowed for employers to be granted wage offset on every aged person employed. This allowed employers to earn up to $4,000 on an aged Singaporean employee. However, in the 2019 budget, SEC was extended again till 2020.

How Much is the SEC Amount?

In detail, for every Singaporean person aged between 55 – 60, employers are entitled to receive SEC up to fifty per cent of the employer’s CPF contributions for that month. However, for Singaporean employers that are aged above 60, employers would receive SEC up to eighty percent of employers’ CPF contributions for that month.

Central Provident Fund (CPF) contribution is thirty-seven per cent of a person’s salary, which begins at the start of employment. Out of this thirty-seven percent, seventeen percent is contributed by the employer, and the person in question contributes twenty percent.

How is the SEC Payout Given?

It all depends on the age and income of the aged employee. It is also contingent upon the employer’s CPF contributions. SEC payouts are executed two times a year. After issuing SEC, it is to run for three years. Eligible employers would automatically obtain the SEC in the bank accounts connected with the CPF Board for the GIRO payment of CPF contribution. However, where the employer does not have a valid GIRO bank payment with the CPF Board, the employer will receive the SEC by cheque.