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[Guide] Singapore increases unemployment benefits and training support, and will enforce paternity leave

China Fund News reporter Taylor

Brothers and sisters, let's take a quick look at some news from Singapore tonight! Singapore's new Prime Minister Lawrence Wong announced major policy reforms.

On the 18th, Lawrence Wong delivered his first National Day Rally speech as Singapore's Prime Minister. He announced a series of new social welfare benefits while promising to simplify compliance and regulatory procedures to reduce corporate costs.

The new measures include increased paternity benefits, training allowances of up to S$3,000 (US$2,280) a month for Singaporeans who take time off to study full-time, and temporary unemployment benefits of up to S$6,000 for up to six months, he said in his National Day Rally speech on Sunday.

"We have seen in other countries what happens when a broad middle class falls behind, the middle class can't hold its own, and society starts to fracture and break down," Mr Wong said.

Lawrence Wong said Singapore needs a government that is both "cautious and bold".

He said temporary financial assistance for retrenched workers is focused on helping low- and middle-income workers. The move comes as Singapore has long resisted the idea of ​​unemployment benefits, focusing instead on incentives aimed at keeping Singaporeans active in the labor market. The local unemployment rate was about 2.7% in the second quarter.

Mr Wong said, "Some countries have unemployment insurance, but the experience is not always positive because after receiving generous benefits, people may find it more attractive to stay at home than go back to work. But we also know that unemployment is a major setback and will seriously affect the stability of workers and their families, so we must take measures to alleviate the pressure on those affected."

Mr Wong then announced that more than 2.4 million Singaporeans would receive cash payments of between S$200 and S$400 in September as part of the budget passed earlier this year.

Lawrence Wong, who has been Singapore's finance minister since 2021, has identified addressing the high cost of living that Singaporeans continue to face as a top priority and has pledged to mitigate the impact of inflation. Housing issues have become a major source of anxiety as the pandemic has stalled construction work, leading to a shortage of new homes.

On Sunday, Mr Wong announced the government would increase a grant aimed at helping low-income couples buy their first home and expand housing options for seniors. He said the public housing backlog would be cleared by early next year.

The government will also make paternity leave compulsory from April next year and provide additional shared leave for parents so they can spend more time with their children in the first few months after their baby is born.