<TABLE border=0 cellSpacing=0 cellPadding=0 width=452><TBODY><TR><TD vAlign=top width=452 colSpan=2>Published October 2, 2009
</TD></TR><TR><TD vAlign=top width=452 colSpan=2>Decision on Jobs Credit scheme soon: PM Lee
Economic situation more stable but challenges remain
By LYNETTE KHOO
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(SINGAPORE) The government is considering whether to extend the Jobs Credit scheme and will make a decision soon, Prime Minister Lee Hsien Loong said yesterday.
<TABLE class=picBoxL cellSpacing=2 width=100 align=left><TBODY><TR><TD>
</TD></TR><TR class=caption><TD>Reaching out: PM Lee meeting members of women's organisations at the People's Association headquarters yesterday. </TD></TR></TBODY></TABLE>An outcome of the review may be announced at the NTUC Ordinary Delegates' Conference on Oct 13.
PM Lee was speaking to over 200 members of women's organisations on 'Employment Opportunities in Singapore' at the People's Association headquarters.
'Employers are anxious to know if Jobs Credit will be extended, and if so, in what form,' he noted. 'In fact, they are not just anxious to know, they are anxious to request,' he quipped, drawing laughter from the audience.
Under the $4.5 billion Jobs Credit scheme, employers receive grants of 12 per cent of the first $2,500 salary of each employee on their CPF payroll. The scheme was part of the Resilience Package in the Singapore Budget this fiscal year.
'We are reviewing this carefully, and will decide soon. We will take into account the economic outlook and employment situation,' Mr Lee said.
While the economic situation is looking more stable both globally and locally, he noted that some challenges remain.
There is the uncertainty if growth in developed countries can be sustained after government stimulus packages run out, and the risk of a W-shaped recovery characterised by a double dip still persists.
'It will take some time before our unemployment comes back down to pre-crisis levels,' Mr Lee said.
For the short term, the government has to decide what to do when the Resilience Package measures end. And for the longer term, it is looking at how Singapore can brace itself for the world after the crisis.
The Economic Strategies Committee chaired by Finance Minister Tharman Shanmugaratnam is thinking about the way ahead for Singapore and is slated to come up with a report before next year's Budget.
Mr Lee pointed out two issues that are clear for Singapore going forward - coping with globalisation, and raising labour productivity and participation.
In the face of globalisation, Singaporeans need to increasingly take on regional or global jobs, which will have an impact on families. To raise productivity, Singapore has to depend less on unskilled workers, especially unskilled foreign workers, PM Lee said. This will involve constantly restructuring and upgrading the economy and re-skilling Singaporean workers.
To raise labour participation, more Singaporeans need to participate in the workforce, including older people and women, he added. In the last 20 years, women's participation has gone up by 12 percentage points, with more than half of adult females working - a level that's comparable to developed countries.
But while companies here have increasingly made it easier for women to work through part-time or flexi-work arrangements, it is 'still harder for women to combine career and family than men', Mr Lee admitted.
Women have remained under-represented in higher ranks, he added. 'We must persevere to make adjustments in society' by persuading organisations to adopt flexi-work schemes, and encourage men to share the responsibility of housework and bringing up children.
The lively dialogue yesterday drew comments from the audience on issues ranging from National Service, education, public housing policy for single moms, and even suggestions on elderly-care subsidies and leave, and childcare.
PM Lee also stressed the urgency to address Singapore's low total fertility rate (TFR). Despite enormous efforts by the government, the TFR, now at 1.28, is still far below Singapore's replacement level of 2.1.
This is one reason why Singapore needs immigration, but PM Lee recognised that the inflow has to be calibrated and much effort is needed to integrate new immigrants.
</TD></TR></TBODY></TABLE>
</TD></TR><TR><TD vAlign=top width=452 colSpan=2>Decision on Jobs Credit scheme soon: PM Lee
Economic situation more stable but challenges remain
By LYNETTE KHOO
<TABLE class=storyLinks border=0 cellSpacing=4 cellPadding=1 width=136 align=right><TBODY><TR class=font10><TD width=20 align=right>
</TD><TD>Email this article</TD></TR><TR class=font10><TD width=20 align=right>
</TD><TD>Print article </TD></TR><TR class=font10><TD width=20 align=right>
</TD><TD>Feedback</TD></TR></TBODY></TABLE>(SINGAPORE) The government is considering whether to extend the Jobs Credit scheme and will make a decision soon, Prime Minister Lee Hsien Loong said yesterday.
<TABLE class=picBoxL cellSpacing=2 width=100 align=left><TBODY><TR><TD>
</TD></TR><TR class=caption><TD>Reaching out: PM Lee meeting members of women's organisations at the People's Association headquarters yesterday. </TD></TR></TBODY></TABLE>An outcome of the review may be announced at the NTUC Ordinary Delegates' Conference on Oct 13.PM Lee was speaking to over 200 members of women's organisations on 'Employment Opportunities in Singapore' at the People's Association headquarters.
'Employers are anxious to know if Jobs Credit will be extended, and if so, in what form,' he noted. 'In fact, they are not just anxious to know, they are anxious to request,' he quipped, drawing laughter from the audience.
Under the $4.5 billion Jobs Credit scheme, employers receive grants of 12 per cent of the first $2,500 salary of each employee on their CPF payroll. The scheme was part of the Resilience Package in the Singapore Budget this fiscal year.
'We are reviewing this carefully, and will decide soon. We will take into account the economic outlook and employment situation,' Mr Lee said.
While the economic situation is looking more stable both globally and locally, he noted that some challenges remain.
There is the uncertainty if growth in developed countries can be sustained after government stimulus packages run out, and the risk of a W-shaped recovery characterised by a double dip still persists.
'It will take some time before our unemployment comes back down to pre-crisis levels,' Mr Lee said.
For the short term, the government has to decide what to do when the Resilience Package measures end. And for the longer term, it is looking at how Singapore can brace itself for the world after the crisis.
The Economic Strategies Committee chaired by Finance Minister Tharman Shanmugaratnam is thinking about the way ahead for Singapore and is slated to come up with a report before next year's Budget.
Mr Lee pointed out two issues that are clear for Singapore going forward - coping with globalisation, and raising labour productivity and participation.
In the face of globalisation, Singaporeans need to increasingly take on regional or global jobs, which will have an impact on families. To raise productivity, Singapore has to depend less on unskilled workers, especially unskilled foreign workers, PM Lee said. This will involve constantly restructuring and upgrading the economy and re-skilling Singaporean workers.
To raise labour participation, more Singaporeans need to participate in the workforce, including older people and women, he added. In the last 20 years, women's participation has gone up by 12 percentage points, with more than half of adult females working - a level that's comparable to developed countries.
But while companies here have increasingly made it easier for women to work through part-time or flexi-work arrangements, it is 'still harder for women to combine career and family than men', Mr Lee admitted.
Women have remained under-represented in higher ranks, he added. 'We must persevere to make adjustments in society' by persuading organisations to adopt flexi-work schemes, and encourage men to share the responsibility of housework and bringing up children.
The lively dialogue yesterday drew comments from the audience on issues ranging from National Service, education, public housing policy for single moms, and even suggestions on elderly-care subsidies and leave, and childcare.
PM Lee also stressed the urgency to address Singapore's low total fertility rate (TFR). Despite enormous efforts by the government, the TFR, now at 1.28, is still far below Singapore's replacement level of 2.1.
This is one reason why Singapore needs immigration, but PM Lee recognised that the inflow has to be calibrated and much effort is needed to integrate new immigrants.
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