MOM's Addendum to President's address: More good jobs for Singaporeans; enhance CPF flexibility and adequacy

MOM will be looking to speed up economic restructuring and creating more higher-quality jobs for locals in order to strengthen the Singaporean core.
MOM will be looking to speed up economic restructuring and creating more higher-quality jobs for locals in order to strengthen the Singaporean core.ST PHOTO: KUA CHEE SIONG

SINGAPORE - Singapore needs to transit from a manpower-led to a manpower-lean economy, so that Singaporeans can continue to get good jobs amid challenges such as a volatile global economy and an ageing society.

Strengthening the Singaporean core will continue to a key focus, and this can be achieved only by speeding up economic restructuring and creating more higher-quality jobs for locals, the Ministry of Manpower said on Tuesday (Jan 19) in its addendum to President Tony Tan Keng Yam's address to Parliament last Friday (Jan 15).

The President's address outlined the Government's programmes for the next five years and beyond.

The ministry will also continue to enhance the flexibility and adequacy of the Central Provident Fund (CPF) system while ensuring its long-term sustainability, so that Singaporeans can have greater peace of mind in retirement.

Here's a look at the ministry's plans:

 
 
 
 

Strengthen the Singaporean Core

* Strengthen the Singaporean core in all major sectors by speeding up economic restructuring and creating more higher-quality jobs for locals

* Companies need to embrace productivity and innovation, and reduce reliance on low-skilled foreign manpower

* Support employers in re-designing jobs, processes, and workplaces to tap on experience of all workers, especially the mature workers

Fair opportunities

* Help Singaporeans, especially those in mid-careers, adapt and remain employable as economy restructures

* Ensure that Singaporean workers are fairly considered by employers during hiring, and have fair opportunities

Better jobs, higher incomes

* Better jobs and higher incomes through quality growth. This will be achieved through three Ps - Protection, Progression, and Pride.

* Protection: Measures include: Employment Act has been enhanced to protect more workers; Industrial Relations Act now covers more professionals, managers and executives (PMEs); re-employment age to be raised from 65 to 67 by 2017; expand dispute management services for workers and employers

* Progression: The tripartite partners are developing Sectoral Manpower Plans to help create diverse career pathways for Singaporeans, while meeting the manpower needs of industry; special attention on the older and lower-wage workers, by helping them achieve higher wages through better skills and improved productivity

* Pride: Work with tripartite partners to promote progressive human resource practices, among other things

Retirement adequacy

* Continue to enhance the flexibility and adequacy of the CPF system while ensuring its

Long-term sustainability

* Implement recommendations from the CPF advisory panel which the ministry has accepted

* Implement the Silver Support Scheme, which has been announced, which provides quarterly cash supplements to elderly Singaporeans who have lesser means in their retirement years