Jobs Credit ’strategic’
It would achieve more than a CPF cut, and enhance tripartite trust
By Goh Chin Lian, Senior Political Correspondent
LABOUR chief Lim Swee Say yesterday rebutted criticisms that the Government should have cut the employers’ Central Provident Fund (CPF) contribution rate instead of having the Jobs Credit wage support scheme as a way to save jobs.
The latter [...]
CPF rate for Ordinary Account to be 2.5% from April to June
SINGAPORE: The Central Provident Fund (CPF) Board will continue to pay 2.50 per cent interest per annum for members’ CPF savings in their Ordinary Accounts from April 1 to June 30.
The CPF interest rate is derived from the major local banks’ interest rates for the three-month period from November 1 to January 31, and worked [...]
NTUC chief says Jobs Credit scheme saves jobs and workers’ CPF
SINGAPORE: Labour chief Lim Swee Say has defended the government’s Jobs Credit scheme and emphasised that the scheme not only helps save jobs, but it also helps to save workers from having a cut in their Central Provident Fund (CPF) savings rate.
He added that Singapore’s workers have three major concerns now. They are about keeping [...]
Budget 2009 Debate – Jobs credit plan has limits
THE Jobs Credit scheme, which is aimed at helping companies retain workers, has limitations, said West Coast GRC MP Ho Geok Choo in Parliament on Tuesday.
While it helps to keep companies afloat, it does not target firms most likely to lay off workers, she said.
Madam Ho, who called for ‘new thinking and new action’ to [...]
Budget is pro-worker says labour chief Lim Swee Say
THE $20.5 billion Resilience Package unveiled by the Government last week is more pro-worker than employees may realise for two reasons, said labour chief Lim Swee Say on Thursday.
Firstly, the Jobs Credit scheme to subsidise part of the wage bill of employers, makes Singaporeans more cost-competitive than foreign workers.
Secondly, this scheme avoids the need to [...]
Freeze or cut wages to save jobs? We’re already doing that, say firms
THE National Wages Council has come up with recommendations that companies have already begun to implement: Wage freeze and cuts.
As early as November, when the recession hit, some businesses began cutting or freezing salaries to contain costs and avoid retrenchments.
Companies are also cutting costs in areas other than staffing.
These were exactly the measures that the [...]
Pension: S’poreans ranked lowest
SINGAPOREANS are at the bottom of a ranking of retirement income from pensions in the Asia-Pacific region, says the Organisation for Economic Cooperation and Development (OECD).
And this is true at all income levels, according to the study, which covered 19 locations including Hong Kong, Taipei and Japan, The Business Times reported on Friday.
The Pensions at [...]
StanChart forecasts significant recession help in Budget, CPF from 14.5% to 10%?
The government is expected to announce significant recession-help in the upcoming budget in two weeks’ time.
Standard Chartered bank economists said in their Budget Preview report that the aim of the budget will not be to reverse the downturn.
Instead, it’ll be targeted to help households and companies cope and position themselves to take advantage of the [...]
CPF scheme has worked well
‘The CPF scheme has served Singaporeans well.
The CPF savings are wholly invested in Special Singapore Government Securities, which are risk-free and provide a steady return. In boom times, CPF members have sometimes complained that this approach yields too low returns. But in the current unstable financial markets, I believe many are relieved that the Government [...]
NWC reconvenes; CPF cuts inevitable?
Back in 2003 following SARS, the National Wages Council made the recommendation to introduce a flexible wage system to prepare companies for future downturns.
Fast forward six years, Singapore is again staring at a recession, with Prime Minister Lee Hsien Loong warning of the need to be psychologically prepared for more retrenchments.
So have the recommendations that [...]
