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Singapore to announce 'temporary financial support scheme' for retrenched workers later this year: Budget 2024

Jovi Ho
·1-min read

The government is still working on the specifics of the scheme and will provide more details later this year.

The Singapore government will announce details of a temporary financial assistance scheme later this year, says Deputy Prime Minister Lawrence Wong in his Budget 2024 speech on Feb 16.

The coming scheme, which will be part of the existing SkillsFuture programme, will allow retrenched workers to undergo training and look for jobs that are a better fit, says Wong, who is also Finance Minister.

The government is still working on the specifics of the scheme, such as its quantum and conditions, and will provide more details later this year.

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That said, Wong acknowledges that other countries have experienced “pitfalls” after introducing unemployment benefits. Thus, Singapore’s scheme will be designed “carefully”, he adds.

Wong’s announcement comes after news of layoffs at technology companies like Lazada earlier this year. In 2023, Singapore saw 14,320 retrenchments, more than twice the 6,440 layoffs recorded in 2022.

“Losing a job is a major setback for workers and their families,” says Wong.

“Even when the economy as a whole is doing well, some businesses or even some industries may be suffering. In fact, it is not possible to have an economy that is dynamic and growing without failure and losses… We have to accept this reality. But it doesn’t mean we should be indifferent to the suffering caused when firms lay off workers,” he adds in his speech.

Read more about Budget 2024 on The Edge Singapore.

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