The Straits Times-Aug 25, 2023

Prime Minister Lee Hsien Loong’s landmark reassurance to retrenched workers in his National Day Rally speech on Sunday – that they would receive financial support to help them cover daily needs while upskilling for better jobs – promises to redefine Singapore’s approach to unemployment at a time of economic disruption and dislocation. Although there are existing programs to help workers transit from one job to another through training, helping them to sustain their families financially while they make the transition would enable them to avoid turning to the first available job out of desperation. Key issues to be ironed out are how a new scheme would be organized, who would be eligible and how much would be paid out. A balance would need to be struck between providing reasonable financial support to individuals and keeping an eye on the total cost of the scheme, which would have to be borne by taxpayers ultimately. Read more at: https://www.straitstimes.com/opinion/st-editorial/helping-the-retrenched-as-they-transition First published in The Straits Times