The Singapore Chinese Chamber of Commerce and Industry (SCCCI) handed out some red packets of its own at its Lunar New Year celebration on Friday.

The chamber said that its foundation will partner with the Singapore Indian Development Association (Sinda) to offer joint university scholarships to Indian students.

Small and medium enterprises (SMEs) will also get some help in the form of specially developed software to help them comply with tripartite guidelines on issuing itemised payslips.

"Although the majority of enterprises have already issued these payslips every month, many small companies may not have this practice," said SCCCI president Thomas Chua.

Deputy Prime Minister Teo Chee Hean, who was guest of honour at the event, said that the Government would "continue to do more to help our businesses and lower-income workers as our economy goes through restructuring".

"The Government has been working closely with business and industry associations, to help businesses adopt innovative measures to raise productivity."

Mr Teo is also coordinating minister for national security and minister for home affairs.

Both Mr Teo and Mr Chua spoke in Mandarin.

SCCCI and Sinda will award four scholarships, each worth $5,000, to Indian undergraduates studying in the four local universities.

It has also been awarding scholarships jointly with Mendaki to Malay-Muslim undergraduates studying in local universities.

"The chamber embraces the inclusive approach in grooming talent for society, in the fine tradition of promoting social cohesion," Mr Chua said.

He added that SCCCI council members would do their utmost to help local enterprises, particularly small and medium enterprises (SMEs) and micro enterprises.

The chamber worked with the Singapore Institute of Manufacturing Technology to design electronic payslip software that was launched on Friday. It is offering free software downloads and training for three months.