In accordance with the Government's movement towards a more inclusive society, SingPost officially kicked off a $10 million fund today (Feb 28) to benefit its lower-income staff.
About 3,400 of SingPost's 4,700-odd employees will benefit from the fund, These are employees with monthly incomes ranging from $2,000 to $4,000. Depending on their income bracket, the fund aims to supplement each staff member with an additional $300 to $500 per annum.
Roughly 70 per cent of the SingPost Inclusivity Fund (SPIF) will be dedicated to helping its beneficiaries with the rising cost of living, such as awarding staff members annual special recognition payments. Training and development awards for staff will make up a further 20 per cent, with the last 10 percent going towards bursaries and awards to offset the cost of their children's education.
Minister for Communications and Information Dr Yaacob Ibrahim was Guest-of-Honour at the event, where SingPost also announced its intentions to invest a total of $100 million into inclusivity, productivity and service over the next five years.
The SPIF is only the latest step in a long line of SingPost's efforts to create an inclusive society. In 1994, the company began re-hiring its own retired staff to alleviate a labour crunch. In 1996, it began recruiting homemakers and retirees to become neighbourhood postmen.