Fortitude Budget: Firms To Receive Up To 40% Of Monthly Salary As Incentives To Hire Locals

In the Fortitude Budget, Finance Minister Heng Swee Keat announced that close to 100,000 opportunities will be created through the SGUnited Jobs and Skills Package.

Some employers have stepped forward to offer jobs and traineeships during this period as jobseekers struggle with uncertainty, said Heng.

To encourage more businesses to do the same, the Fortitude Budget will provide incentives for companies that hire locals who have gone through traineeships and training schemes.

The hiring incentive will be expanded to cover workers of all ages.

For hiring eligible workers under 40 years of age, companies will receive 20 per cent of their monthly salary over six months, capped at $6,000.

The Budget also aims to support mid-career professionals who take on traineeships to switch to a new field.

Firms will receive 40 per cent of monthly salaries over six months, capped at $12,000, when they hire eligible workers aged 40 and above.

Along with other support schemes like the special SkillsFuture Credit top-up of $500 for Singaporeans aged 40 to 60 in 2020, the Government is providing enhanced jobs and training support for this group.

Featured Image Credit: BHP