The Singapore Democratic Party (SDP) has proposed a scheme that will see retrenched workers receive a lump sum payment for the purposes of starting a business.

At a June 24 press conference held over Zoom and live-streamed to Facebook, party chief Chee Soon Juan and chairman Paul Tambyah discussed their policy proposals and thoughts on the general election.

Unveiled in April, the SDP have planned their campaign around what they're calling "Four Yes, One No"(4Y1N campaign), outlining the party's vision on how Singapore should recover from the Covid-19 pandemic.

Specifically the "Yeses" involve suspending the Goods and Services Tax (GST), which means cutting it to zero per cent until the end of 2021, introducing retrenchment benefits, providing income for retirees, and "putting people first".

The "No" concerns opposing Singapore's growth to a population of 10 million.

Creating jobs

On the evening of June 24, Chee elaborated on his party's proposal for job creation, which he described as an extension of their existing proposal on retrenchment benefits.

This would see a retrenched worker receiving a progressively smaller portion of their last drawn salary over a period of one-and-half years.

The scheme — which is based on Italy's Marcora Law — would see 10 retrenched workers come together to form a business plan, which upon approval by the government, allows them to withdraw all their retrenchment benefits in a lump sum for the purpose of starting that business.

Chee said that the SDP was interested in creating "meaningful jobs" as opposed to policies that may only see increased demand for private hire drivers or delivery riders.

He said, "We're talking about meaningful jobs, jobs with a career path for people. Jobs that pay well."

Put cash in the pockets of Singaporeans

Speaking on the philosophy behind the SDP's proposal, Tambyah said SDP hoped to "put cash in the pockets of Singaporeans", a move that would unleash their creative talents.

Chee said the party had estimated the costs of their retrenchment benefit programme to be about S$2 billion per annum.

SDP also called for a S$500 monthly allowance for retirees over 65.

During the press conference, Chee also confirmed that SDP would be fielding 11 candidates across five constituencies.

Chee himself will contest in Bukit Batok SMC, the site of his 2016 by-election loss.

Other constituencies the party will contest are Yuhua SMC, Holland-Bukit Timah GRC, Marsiling-Yew Tee GRC and Bukit Panjang SMC.

Top image screengrab from SDP's Facebook