Singapore considers re-employment support for retrenched employees
A new re-employment support scheme is being considered by the Singapore government to help retrenched employees find more suitable job opportunities. This is intended to prevent jobseekers from rushing into any job offer due to financial pressures and provide interim support while they seek better prospects.
Speaking at a roundtable organised the Straits Times and the Business Times, Lawrence Wong, Deputy Prime Minister of Singapore, explained, “They may want to do that because they have bills to pay, and they really need to get the finances in order, but frankly, from a system point of view, it may not be the most optimal outcome.”
Acknowledging that finding a job that matches an individual’s skillset and offers growth potential can take a considerable amount of time, Wong noted that the government may provide temporary assistance during this transitional period.
Initiatives to help local employees find better-paying and higher-value jobs include the Jobs-Skills Integrator scheme, which aims to enhance job prospects and salaries for employees by collaborating with employers, training providers, and employees in a particular sector. The first Jobs-Skills Integrator programme was launched in the precision engineering field, with others expected to follow in retail and wholesale trades.
Wong emphasised that the scheme’s success lies in coordinating and integrating all efforts within the ecosystem, beginning with the employer, and explained, “The employer must know how their business is changing, what’s their future business model, what are higher-value activities that they are pursuing, and what are the skillsets they need.”