SDP Propose Scheme to Help in Job Creation in Post-COVID Singapore

The SDP is deeply concerned about the job situation in Singapore. We are also disappointed with the PAP’s proposed plans in this area which is more fluff than substance.

As such the SDP is proposing a measure that will help create jobs while opening up a path for Singaporeans to become more enterprising and innovative.

We propose to do this via an extension of our idea for a national unemployment benefits programme called RESTART (Re-Employment Scheme and Temporary Assistance for the ReTrenched).

Under this plan, all workers join an insurance scheme with employers and the government. If a worker is retrenched, she will be entitled to an average of 50% of her last drawn salary for a period of 18 months (subject to a cap of the prevailing median wage).

If the retrenched worker can find nine other similarly retrenched workers and submit a viable business proposal, they will be able to withdraw their unemployment payouts in one lump sum to use as capital to start a co-operative enterprise.

The SDP calls such an initiative RESTART Co-op.

The scheme would set out broad guidelines as to the types of business-cooperatives it would approve. An independent body can be set up to oversee such businesses to prevent abuse of the scheme. Statutory guidelines can be introduced to hold the boards and management accountable.

Such a practice, pioneered in Italy called the Marcora Law, will help retrenched workers get back on their feet and also encourage entrepreneurship among Singaporeans. It will also help to create jobs if these businesses become successful.

In addition, these co-ops, owned and managed for the benefit of members, will contribute to economic inclusivity and pluralism in Singapore’s market economy.

At the moment, Singapore is ranked highly in the Crony-Capitalism Index. Such a model is unhealthy and unsustainable as clearly demonstrated in our productivity and GDP numbers in recent years.

In the post-Covid era, Singapore must move away from a Government-dominated domestic economy and embark on genuine restructuring of our economy where the private sector plays a major role and the country develops a robust entrepreneurial culture.

The SDP’s proposal of RESTART Co-op will put Singapore firmly on the road to a healthier economy and brighter future for Singaporeans.

 

Singapore Democrats

 

 

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4 Responses to “SDP Propose Scheme to Help in Job Creation in Post-COVID Singapore”

  • Help Singaporean unemployed.:

    Support experienced Singaporean professional who has good business idea and skills.
    Give them grant to setup company to employ Singaporean with high employment subsidy. Such grant to be vet by a an enterprise approval group set up with with proven business success private entrepreneurs.
    Set some key KPI to be agreed before disbursement of the substantial grants…
    Not only it will help unemployed Singapore PMETs but will develop and promote entrepreneurship among our Citizen.
    Better than spending $100B like now…

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  • Realistically:

    Please stop your crap about whatever airy-fairy schemes when you don’t even know the ROOT CAUSE of SINKaPOOR’s problems nor understand the structure/model of our economy.

    As I hv said at your function at Waterloo Street sometime around 2006, SINKaPOOR’s economic model was NOT sustainable…………way before the COVID-19 exposed the total incompetence of the emperor without clothes.

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  • Do more for the unemployed:

    Alternatively for unemployed Singaporean PMETs,they can set up a company to do business.Government to grant 1 for 1 dollar to match the paid up shareholding of the company up to $100K etc on condition must employed at least another Singaporean with some pay subsidy from Government for 1 year.

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  • Do more:

    Do more for the unemployed PMETS…
    If Government cannot create new jobs for them..at least help them to start a business and promote entrepreneurship and learn new skills.
    Learn to help themselves instead of depending on Government.Government can’t create enough decent job for all.
    Give each one of them 1 to 1 financial support up to maybe $200K subject to approval of their business plan and agreed KPI to be met.
    To prevent abuse of the scheme,they have to return the Government support if found abuse and fined also.Maybe must have at least 2 Singaporeans employed full time in the company.

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