Over 110,000 Local Job Seekers Hired Under Singapore Jobs Growth Incentive Scheme
Under the Singapore Jobs Growth Incentive Scheme, 110,000 local Singaporean job seekers have been hired by 26,000 companies within the first two months.
According to the Ministry of Manpower (MOM) Singapore, more than half of those hired were 40 and above. The top hiring sectors were retail, food services, construction, professional services and wholesale trade, according to MOM.
In September, the Jobs Growth Incentive Scheme (JGI) was introduced. The current figure of hired workers is double the number of those hired during the JGI’s inaugural month. MOM aims to continue assisting job seekers as they move into their new roles.
Reviewing Hiring Practices
MOM is also encouraging companies to review their hiring practices if they are facing difficulties. That is something for employers to consider when drafting employment contracts in Singapore. The Jobs Growth Incentive Scheme has $1 billion set aside as wage support for the workers that need it.
Companies that hired local workers from September last year to February this year will get a 25% subsidy. This is applicable to the first $5,000 of the gross monthly income. This subsidy will be provided for up to one year. As for workers 40-years and above, the co-payment will be up to 50%.
This means that the total firms are eligible to receive can be up to $15,000 for every local hire that is employed before the age of 40. For those above the age of 40, the sum will be $30,000 for every local hire.
Introducing the Human Capital Partnership (Employment Agencies)
MOM introduced this initiative in recognition of progressive employment firms. These firms have played a part in helping to strengthen their Singaporean Core. This, in turn, has helped the Government boost local hiring efforts.