Mothership Memo is Mothership’s daily brief on the important headlines of the day. We will also contribute our views on the issues at hand.

More incentives for firms to be age-friendly

Senior Minister of State for Health Dr Amy Khor announced that the Government's WorkPro scheme will include more incentives to reward a higher number of companies which are willing to implement age-friendly practices. Under the Work-Life grant, companies will receive a $10,000 cash grant for introducing initiatives such as flexible work arrangements for older workers, even if these arrangements have no cost. Companies will receive an additional $10,000 if they implement the arrangements company-wide.

Since the WorkPro scheme has been improved to allow more companies to participate, the scheme can be seen as something that companies are willing to take up. The proof of the pudding is in the eating and the success of such a scheme can only be seen when companies recognise the benefits of being age-friendly and adopt age-friendly practices without a cash grant incentive.

Committee to review moneylending regulations formed

The Ministry of Law announced that the committee will be reviewing existing regulations and looking into borrowing costs and fees charged by moneylenders. The review was first announced in Parliament in March; Members of Parliament were concerned about the high borrowing costs in the moneylending industry.

It would be interesting to know what the profile of people who use moneylending services is and why do they not go to the banks for a loan instead. More public awareness on this would be useful for would be borrowers.

Find Mothership.SG on Facebook and Twitter.