A first-of-its-kind financial aid targeted at workers who lose their jobs involuntarily was launched by Singapore’s Prime Minister Lawrence Wong at the National Day Rally recently.

Under the SkillsFuture Jobseeker Support scheme, lower- to middle-income individuals who have been retrenched can receive up to S$6,000 over six months, with payouts starting at a maximum of S$1,500 in the first month and declining subsequently.

To qualify for the scheme, Singaporeans and permanent residents must be unemployed due to involuntary reasons such as retrenchment or illness, have earned S$5,000 or less per month, be actively engaged in searching for a new job, among other conditions.

The scheme will be rolled out for citizens in April 2025, and for permanent residents in the first quarter of 2026.

On this episode of Morning Shot, Walter Theseira, Associate Professor for the Economics Programme at Singapore University of Social Sciences shares his perspectives.

Presented by: Emaad Akhtar & Audrey Siek
Produced & Edited by: Yeo Kai Ting (ykaiting@sph.com.sg)
Photo credits: Kua Chee Siong/ ST