NEW FINANCIAL SUPPORT SCHEME HAS TO BE SUSTAINABLE
The new support scheme, which provides temporary financial aid for workers who have been laid off while they upgrade their skills, was announced by Prime Minister Lee Hsien Loong on Sunday (Aug 20) at this year’s National Day Rally.
“This scheme will ease the immediate pressure that job seekers experience so they can focus on upgrading their skills for a better long-term job,” said Mr Lee, adding that the scheme is currently being fine-tuned.
More details will be shared by the fourth generation (4G) leadership team, when they wrap up the Forward Singapore (Forward SG) initiative to refresh the country’s social compact.
“This would augur well to support the vulnerable who are affected by layoffs and the uncertainties ahead, and it would give them a leg up as they look for new employment,” Mr Tay told CNA938 on Tuesday.
Noting that it might take longer for older workers to bound back and re-enter the workforce, the financial support is important to help them tide through the difficult period, said Mr Tay, calling on workers to stay ready, relevant and resilient.