<TABLE cellSpacing=0 cellPadding=0 width=452 border=0><TBODY><TR><TD vAlign=top width=452 colSpan=2>Published February 12, 2009
</TD></TR><TR><TD vAlign=top width=452 colSpan=2>Spring to subsidise fresh grads' salaries
It also wants to rope in more banks for its loan schemes
By ARTHUR SIM
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</TD><TD>Feedback</TD></TR></TBODY></TABLE>(SINGAPORE) Spring Singapore is going beyond the call of duty and dipping into its own reserves to help fresh university graduates get jobs.
It has also approached the Monetary Authority of Singapore (MAS) to get more foreign banks on board its enhanced financing schemes like the Loan Insurance Scheme.
Spring Singapore chairman Philip Yeo said that it will soon be announcing a scheme to help some of the fresh university graduates from Singapore's three universities to get jobs.
Speaking on the sidelines of a dialogue session organised by the Singapore Indian Chamber of Commerce and Industry yesterday, Mr Yeo said that Spring intends to encourage companies here to employ fresh graduates by paying 30 per cent of their salaries.
It expects to run this scheme for two years.
Mr Yeo also said that this new initiative will be funded by Spring Singapore and that the funds are not linked to any of the funds set aside by the Singapore Government in the 2009 Budget. 'The money will come entirely from our own reserves,' he said.
The details of how the scheme will work will be announced soon. For now, Mr Yeo could only say that the university graduates can be from any discipline and the companies may be from any business sector.
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</TD></TR></TBODY></TABLE>The amount of funding for this scheme will, however, not likely be more than $15 million.
Giving some background to the idea behind the scheme, Mr Yeo said that in 1999, during his tenure as chairman of the Economic Development Board, he had also initiated a similar scheme to help 500 people study overseas after a local university had decided to cut intakes.
While the budget then was $15 million, Mr Yeo said that Spring's budget to help fresh graduates would not be as big.
Spring could, however, boost the take-up of its financing schemes if appeals to MAS are heard.
Mr Yeo said that it has spoken to MAS about allowing more banks to participate in Spring's financing schemes offered through 14 financial institutions here. Currently, the 14 financial institutions include Singapore's big three banks as well as foreign banks like Maybank and HSBC. While Mr Yeo did not say that the existing participating financial institutions were not offering as many loans as Spring would like, he did say he had approached Japanese and Chinese banks about participating in Spring's financing schemes. 'The Japanese bank was not interested but the Chinese one may be,' he said.
Mr Yeo did not reveal details of his discussions with MAS but said that the matter of allowing more banks to participate in Spring's financing schemes is up to MAS.
Banks from other countries are interested too.
It is understood that at least one other foreign bank, the State Bank of India, has approached MAS about offering more services here, including participating in Spring's financing schemes. MAS is said to be receptive to the idea.
</TD></TR></TBODY></TABLE>
</TD></TR><TR><TD vAlign=top width=452 colSpan=2>Spring to subsidise fresh grads' salaries
It also wants to rope in more banks for its loan schemes
By ARTHUR SIM
<TABLE class=storyLinks cellSpacing=4 cellPadding=1 width=136 align=right border=0><TBODY><TR class=font10><TD align=right width=20>
</TD><TD>Email this article</TD></TR><TR class=font10><TD align=right width=20>
</TD><TD>Print article </TD></TR><TR class=font10><TD align=right width=20>
</TD><TD>Feedback</TD></TR></TBODY></TABLE>(SINGAPORE) Spring Singapore is going beyond the call of duty and dipping into its own reserves to help fresh university graduates get jobs.It has also approached the Monetary Authority of Singapore (MAS) to get more foreign banks on board its enhanced financing schemes like the Loan Insurance Scheme.
Spring Singapore chairman Philip Yeo said that it will soon be announcing a scheme to help some of the fresh university graduates from Singapore's three universities to get jobs.
Speaking on the sidelines of a dialogue session organised by the Singapore Indian Chamber of Commerce and Industry yesterday, Mr Yeo said that Spring intends to encourage companies here to employ fresh graduates by paying 30 per cent of their salaries.
It expects to run this scheme for two years.
Mr Yeo also said that this new initiative will be funded by Spring Singapore and that the funds are not linked to any of the funds set aside by the Singapore Government in the 2009 Budget. 'The money will come entirely from our own reserves,' he said.
The details of how the scheme will work will be announced soon. For now, Mr Yeo could only say that the university graduates can be from any discipline and the companies may be from any business sector.
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Giving some background to the idea behind the scheme, Mr Yeo said that in 1999, during his tenure as chairman of the Economic Development Board, he had also initiated a similar scheme to help 500 people study overseas after a local university had decided to cut intakes.
While the budget then was $15 million, Mr Yeo said that Spring's budget to help fresh graduates would not be as big.
Spring could, however, boost the take-up of its financing schemes if appeals to MAS are heard.
Mr Yeo said that it has spoken to MAS about allowing more banks to participate in Spring's financing schemes offered through 14 financial institutions here. Currently, the 14 financial institutions include Singapore's big three banks as well as foreign banks like Maybank and HSBC. While Mr Yeo did not say that the existing participating financial institutions were not offering as many loans as Spring would like, he did say he had approached Japanese and Chinese banks about participating in Spring's financing schemes. 'The Japanese bank was not interested but the Chinese one may be,' he said.
Mr Yeo did not reveal details of his discussions with MAS but said that the matter of allowing more banks to participate in Spring's financing schemes is up to MAS.
Banks from other countries are interested too.
It is understood that at least one other foreign bank, the State Bank of India, has approached MAS about offering more services here, including participating in Spring's financing schemes. MAS is said to be receptive to the idea.
</TD></TR></TBODY></TABLE>
