Singapore Extends Wage Subsidy Program

To avoid an increase in job losses, Singapore’s government will extend a wage subsidy program for employers set to terminate this year, says Bloomberg.

 

Quoting Prime Minister Lee Hsien Loong, Bloomberg says that the government will spend $675 million ($483 million) to extend the Jobs Credit program by six months. The government previously alloted S$4.5 billion for the one-year plan that made quarterly subsidy payments to employers for every Singaporean worker on their payrolls.

 

According to Bloomberg, Singapore’s unemployment rate is at the highest in four years and nearly 19,000 workers were fired in the first half of the year as the global recession curbed demand for goods and services.

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