Singapore will launch the SkillsFuture Jobseeker Scheme to assist about 60,000 residents who lose their jobs annually. The program is geared toward individuals who previously earned as much as S$5,000 ($3,836) a month and can provide support of as much as S$6,000 ($4,500) over six months.
The program, estimated to cost 200 million Singapore dollars a yr, marks a big change for the Singapore government, which has been reluctant to introduce unemployment insurance. The program is predicted to begin in April.
Who can apply?
The scheme is out there to those aged 21 and above who’re Singapore residents or everlasting residents. Other eligibility criteria include a maximum income of S$5,000 monthly previously yr and having worked for at the least six months during that period.
There is, nonetheless, a special exemption for individuals who have recently lost their jobs. While the usual requirement is to have worked for at the least six months within the last yr, this rule doesn’t apply to individuals who lose their jobs on or after April 1, 2024. They will due to this fact still be eligible for help.
Participants within the scheme must also live in a household with an annual income of not more than S$25,000. The scheme is for individuals who have lost their jobs as a result of circumstances beyond their control, similar to redundancy or illness.
In addition, applicants must not have received assistance under this program previously three years. Assistance will stop when the recipient finds recent employment, and they can’t reapply for 3 years.
Read also: Singapore joins top of worldwide real estate transparency index, overtaking Hong Kong
Monthly payment schedule
This assistance program implements a graduated payment system with a decreasing monthly allotment. Participants will receive a maximum of S$1,500 in the primary month, which is able to then steadily decrease to S$750 within the last three months, for a complete assistance of S$6,000.
In addition, there’s a limit on the monthly amount of aid, which is the same as the recipient’s last salary. This implies that the help won’t exceed their last salary.
Read also: Dreaming of a vacation while working? These cities will make it possible!
Combining Financial Aid with Vocational Training
This recent unemployment program not only provides financial support, but in addition requires beneficiaries to interact in job search and training.
Under the Level-Up SkillsFuture programme, registered Singapore residents can receive a monthly training allowance of as much as S$3,000 for a maximum of 24 months, calculated based on 50 per cent of their average income within the previous 12 months.
However, more details about training and profession counselling shall be announced closer to the programme launch date in April 2025.
