Support for retrenched workers not unemployment insurance but 'more of re-employment support', says Tan See Leng

SINGAPORE — Much of the upcoming temporary financial support for retrenched workers will be tied to training and career counselling and guidance, said Manpower Minister Tan See Leng on Wednesday .

Dr Tan said that the accelerating pace of transformation has already led to initiatives to help workers keep pace, such as identifying areas in each major industry where jobs and skills needs are changing, as well as launching training programmes. Besides the scheme for retrenched workers, there is also the Majulah Package for lower- and middle-income Singaporeans born in 1973 or earlier. They will receive various top-ups to their Central Provident Fund accounts to help them in retirement.

The bonus — plus accumulated interest over time — aims to help a senior person who does not yet meet their CPF Basic Retirement Sum to close the gap faster.He said: "If you want to retire early, if you have the option to retire early, we're not telling you you should not retire. Dr Tan noted that the Majulah Package will be accompanied by improvements to the Workfare Income Supplement Scheme, Silver Support Scheme and the Matched Retirement Savings Scheme, which are slated to be set out by the time of the debate on his ministry's budget in 2024.

Source: Insurance Report (insurancereport.net)

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