Business News
Singapore firms get $733m incentive to hire more locals
Singapore: Singapore will set aside an extra S$1 billion ($733 million) to boost the domestic workforce in a further move to protect local jobs amid the pandemic recovery, the manpower ministry said on its website.
Some companies in the island state will receive up to S$15,000 for each local hire under 40 years old and S$30,000 for those older, according to the announcement. The government will pay 25% of the first S$5,000 of these under-40 employees’ monthly salaries for a year and 50% for those over that age, it said.
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To qualify, companies need to increase their number of local employees over the next six months, particularly in jobs that pay at least S$1,400 a month. The rule applies to firms that were established on or before Aug. 16.
The topic of local employment has been in focus recently, with Singapore authorities making several moves to support domestic talent and curb the amount of foreign employees on its shores. Last month, the government announced an increase in the minimum salaries for employment and S-pass holders, which could make it tougher for companies to hire overseas workers over Singaporean applicants.
The country is facing the worst recession in its history amid the coronavirus pandemic. Singapore’s unemployment rate rose to 2.9% in the second quarter, the highest since a decade ago during the global financial crisis.