What is the Senior Worker Early Adopter Grant and Part-time Re-employment Grant?
The Senior Worker Early Adopter Grant (SWEAG) and Part-time Re-employment Grant (PTRG) is used to encourage employers to hire older workers.
Senior Worker Early Adopter Grant
In 2030, the minimum retirement age and re-employment age will be raised to 65 and 70 respectively. This will begin through gradual increases, with the first increase occurring in 1 July 2022, where the retirement age will be raised to 63 and the re-employment age will be raised to 68.
With the SWEAG, companies can obtain up to $125,000 in financial support to implement internal policies that support higher retirement and re-employment ages, beyond that of the prevailing statutory ages. Each worker that is employed beyond the prevailing retirement and re-employment ages will allow the company to be eligible for a $2,500 grant. The greater the number of workers, the greater the amount of funding, up until $125,000.
Part-Time Re-employment Grant
The PTRG allows for a grant of up to $125,000 to employers who commit to a re-employment policy where they will provide part-time re-employment opportunities to eligible workers who would like to do so. The PTRG encourages employers to provide flexible work arrangements that allow for a lower level of work intensity, encouraging senior workers to remain in the workforce. The PTRG provides a grant of $2,500 to the company which provides suitable part-time work arrangements for each qualifying worker, up to $125,000.
In order for participants to qualify for the SWEAG or PTRG, they need to adopt the Tripartite Standard on Age-friendly Workplace Practices. There should also be proof of change in HR policies, proof that this change has been communicated to all employees and proof that the senior workers who are being included in the scheme have agreed to the stipulations placed in their contracts by their employers.
The applications and requirements for successfully applying for these grants can be daunting. However, this is a task that Prime HR can tackle, allowing you to handle the core processes of your company. Allow us to partner with you in this journey towards the improvement of your company’s HR processes!