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Plans to help older low-wage workers
SINGAPORE: A workgroup set up by government feedback portal REACH, which looked into manpower issues, has recommended better support programmes for low-income workers who are above 65 years old.
It recommended an unemployment credit, in which a worker who has been laid off can take a loan from his Central Provident Fund (CPF) account for three months.
The loan amount would be determined by the last-drawn salary of the worker, and would be subject to a cap of three months.
To fund the scheme, workers would contribute one per cent of their monthly income. The government would co-fund the scheme by making the same amount of contribution.
Those earning below S$1,000 may be exempted from contribution, with the government paying the full amount into the account.
The loan has to be paid back upon employment.
SINGAPORE: A workgroup set up by government feedback portal REACH, which looked into manpower issues, has recommended better support programmes for low-income workers who are above 65 years old.
It recommended an unemployment credit, in which a worker who has been laid off can take a loan from his Central Provident Fund (CPF) account for three months.
The loan amount would be determined by the last-drawn salary of the worker, and would be subject to a cap of three months.
To fund the scheme, workers would contribute one per cent of their monthly income. The government would co-fund the scheme by making the same amount of contribution.
Those earning below S$1,000 may be exempted from contribution, with the government paying the full amount into the account.
The loan has to be paid back upon employment.