Singapore has currently seen an increasingly aging population with the help of PTRG. According to a recent study, Singapore’s population is expected to be elderly people by 2050.
The rate at which the senior people are participating in the jobs is increasing year on year. The rate was 28.7% in 2019 as compared to 17.6% in 2010. Several senior Singaporean workers are also facing the need to work longer. Therefore they want to re-enter the workforce after retirement to support their living.
PTRG is a grant presented by the National Council for Social Services (NCSS). In addition, the Invictus Fund is an initiative that can make private contributions to social service agencies (SSA). The Invictus Fund aims to help enable SSAs to improve their services and give more value-added features to consumers.
What is a Part-time Re-employment Grant ( PTRG)
Through surveys, it was observed that senior people prefer to reduce their work intensity as they approach retirement. In other words, they want to be in the workplace by taking part-time work arrangements during the pre-employment phase. In addition, this grant provides up to $125,000 to employers who want to go for a re-employment policy.
For instance, this will provide them part-time re-employment opportunities to eligible senior workers on request. Similarly, the Part-time Re-employment Grant was introduced from 1 July 2020 onwards. The company will restructure its work structures and processes only to accommodate more part-time employees.
Eligibility for the Invictus Fund
Invictus Fund is accessible to all NCSS employees. Below are some qualified companies that can apply via the NCSS online portal:
- September 28 to October 30, 2020
- January 4 to 29, 2021
- April 5 to 30, 2021
- July 5 to 30, 2021
Would senior workers continue working?
Who wants to work even into their twilight years? The research has shown that people after retirement suffer in their psychological well-being. They easily fall into depression from loneliness, boredom. This is where they lose a sense of purpose.
Work makes you synonymous and senior people find it meaningful. According to them, work gives them the meaning and purpose to live life without emptiness.
Are There Any Advantages Of Hiring Senior Workers?
Senior people have built up more knowledge and expertise. They have more skills as they belong to the era when there were no impersonal emails and text messages.
Above all, it has also been seen that older workers work with stability and dedication. This stability and dedication help them to provide a better work ethic as well.
Also, they are seen to be more punctual and take greater pride in doing a good job. Because of their vast experience, companies can also benefit from hiring them by following Government grants. The government programs are inclined to support mature employees.
Applications should be submitted directly by the employers and the priority will be given to applications by going through a complete set of documents. After that, applicants will get a verdict within 6 weeks after application. In addition to financial assistance, Singapore Part Time Re-employment Grant works directly with senior people to assist them at an emotional level.
Field of Office Administration
In the field of office administration, finance administration, administration of company’s properties, personnel administration he works perfectly. He can check for the weakness and strengths of the system, as he knows every detail about it.
In the establishment of a uniform and strong structure, he provides aid to the top management. In other words, performing surveys, analyzing the results, and accommodating all can be done by him. Role in Governance, in addition, a corporate secretary is a principal person to ensure lawful norms in the company.
Compliance is ensured with the statutory filing requirements. Similarly, he monitors the transfer of shares and presents them in front of the board in the meeting. In conclusion, to the stock market, the dissemination of regulatory news is disclosed by him.