While the COVID 19 pandemic has seriously taken a toll on many businesses, there are also sectors that have actually benefited from this new world’s new economy. (think online shopping, food delivery, etc). While the Jobs Support Scheme is targeted at struggling businesses, the new Jobs Growth Incentive is for those sectors that are undergoing some form of growth during this period.

While businesses are cautious about expanding during such uncertain times, the government is introducing the Jobs Growth Incentive to encourage expanding sectors to hire locals. This will at the same time also help to cushion the impact of many Singaporeans who have lost their jobs during this time.

The Jobs Growth Incentive worth a massive S$1 billion in budget aims to boost the hiring of local workers, especially the older demographics. Under this scheme, the government will copay 25% of the new worker’s salary. This amount will be doubled to 50% if the newly hired worker is aged 40 and above. 

This incentive will cover the new worker’s first S$5,000 salary for a duration of 12 months. 

The caveat for enjoying this benefit is that the companies must maintain their current employee headcount. If any of the original workers leave the company, the subsidy will be proportionately reduced.

 

More information will be released soon. So stay tuned for more updates.