Economy after the pandemic
Funding of new hires
At a recent Parliament meeting, the minister for Finance announced that the government will be funding 50% of new hires for one year for older workers and at a lower rate for younger workers.
This is the statement from the government website:
2) Jobs Growth Incentive
To help sectors that are doing well - such as the biomedical sciences, financial services, and ICT sectors - create new jobs for workers, the Jobs Growth Incentive (JGI) will support firms in hiring of local workers.
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The Government will co-pay up to 25% of salaries of all new local hires for one year, subject to a cap.
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For those aged 40 and above, the co-payment to firms will be up to 50%.
I hope that this incentive applies to all sectors and not just "sectors that are going well".
I like to express support for this scheme. I believe that it will encourage more companies to hire more workers, at least for one year. Hopefully, many will continue to employ the workers beyond one year.
Tan Kin Lian.
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