Deputy Prime Minister (DPM) and Finance Minister Heng Swee Keat said that the government will co-pay up to 25 per cent of salaries of all new local hires for one year, subject to a cap.

DPM Heng announced this in a ministerial statement on Monday (Aug. 17) to share how the Singapore government is supporting companies and workers during the Covid-19 crisis.

Jobs Growth Incentive

DPM Heng said that there are bright spots amidst the severe economic situation.

Singapore's biomedical sciences, financial, and information and communication technology (ICT) sectors continue to need more workers, he said.

He also noted that the public healthcare and long-term care sectors are hiring.

To support hiring in these growing sectors, Heng said that the government will launch the S$1 billion Jobs Growth Incentive (JGI), with a special focus on Singapore's mature workers.

The JGI will support firms to increase their headcount of local workers over the next six months.

For these firms, the Government will co-pay up to 25 per cent of salaries of all new local hires for one year, subject to a cap.

The government will co-pay up to 50 per cent of salaries for those aged 40 and above.

The Ministry of Manpower (MOM) will provide more details later this month.

Top photo from Ministry of Finance.