MOM Latest News for April 2024: New Support Scheme for Retrenched Employees in Singapore to Be Announced for Late 2024 & More

Posted on 30 April 2024 in Business | Suki Bajaj

Let’s take a look at Singapore’s top HR news, updates and insights for April including the new re-employment scheme, AI skills gap, RTO insights, skill-based hiring trend, job growth insights, and more.

New Support Scheme for Retrenched Employees in Singapore to Be Announced for Late 2024

By the end of the year, a new re-employment support scheme will be launched to provide additional assistance to those facing involuntary unemployment.

The government is finalizing the program offering temporary financial aid to help individuals upskill for better jobs. This will also help them focus on training and prepare for long-term career success. The government assures it's based on global best practices.

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Foreign Workers Fill 2023 Job Growth in Non-Preferred Sectors in Singapore

Last year, a large portion of the new jobs created went to foreign workers. This growth was mainly due to an increase in work permits and work passes issued for sectors like construction, which are occupations which are not typically preferred by Singaporeans.

MOM is aiming to prioritize Singaporean citizens and residents for the majority of new jobs created this year.

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Nearly Half of Singaporeans to Quit If On-Site Work Grows

A recent study reveals that flexibility is a top priority for many Singaporeans when considering their next career move.

Nearly half indicated they would resign if forced back into a traditional office setting. The report also found some have already left employers due to inflexible work arrangements.

Interestingly, despite this desire for flexibility, most respondents reported stricter office attendance policies from their current employers.

However, this trend may shift by year's end. The government recently mandated that employers formally consider employee requests for flexible work arrangements, starting in December.

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3 In 4 Employers Fear Falling Behind in Tech Training

A report by the World Employment Confederation (WEC) warns of a skills gap as employers struggle to train workers for the fast-paced development of AI.

While AI will change the workplace, human skills like collaboration, communication, and problem-solving will remain crucial. The report urges companies to invest in upskilling their workforce to thrive in this new digital era.

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Minimum Annual Leave Increase Remains on Hold in Singapore

MOM announced there are no current plans to review Singapore's minimum annual leave entitlements. They urged employers to holistically review their employment benefits.

Currently, employees are entitled to a minimum of 7 days of annual leave, which increases by 1 day for every year of service, which is reported to be too low compared to other Asian countries.

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Majority of HR Leaders Prioritise Skills in Hiring Decisions

A new report shows a global shift towards skills-based hiring, with most HR leaders recognizing its benefits for talent retention, diversity, and knowledge sharing.

This growing trend is seen as a solution that could address current hiring challenges by giving employers access to a wider range of qualified candidates.

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