Singapore’s low-wage workers fund receives $4 million boost
The Short-Term Relief Fund, which supports lower-wage workers, received an injection of S$4 million (US$3.02 million) from the Singapore government and the Singapore National Employers Federation (SNEF).
The SNEF will inject S$1 million (US$0.75 million) into the fund, while the government will match that with a S$3 contribution for every S$1 put in.
The fund, launched in 2017, has helped workers in the lower-wage group while they search for a new job and wait for social support. Since April 1 last year, these workers have been able to receive two months of their salary, at a cap of S$4,600 (US$3,470).
“Better workers enable companies to be more competitive, and more competitive companies can invest in their workers. We must seek to develop this virtuous circle,” said Deputy Prime Minister Heng Swee Keat at the announcement, which celebrated SNEF’s 40th anniversary, according to The Straits Times.
A strong bond between employers and their staff will be key to enhance the lifelong employability of workers and business longevity, he added.
He noted that one way to do so is through Singapore’s Industry Transformation Maps (ITMs), which are growth strategies for 23 industries that involve businesses working with the government to upskill their workers.
The ITMs are currently undergoing a review, and will focus more on job redesign and reskilling, and the training of university students, he said.