MOM Singapore Latest News for November 2023: Enhancing Security, Expanding Opportunities, and Fostering Growth

Posted on 29 November 2023 in Business | Suki Bajaj

Let’s take a look at MOM Singapore latest news for November 2023 top HR news, updates and insights for November including enhanced CPF security measures, newly launched job redesign centre, skills-based

hiring practices, salary growth predictions, cybersecurity training, and more.

Singapore Enhances CPF Protection with Default Online Withdrawal Limit

Starting November 30, 2023, CPF members aged 55 and above will have a default daily online withdrawal limit of S$2,000. This limit can be adjusted online to any amount between S$0 and S$200,000.

However, to prevent unauthorized changes, any increases to the daily withdrawal limit will require Singpass Face Verification (SFV) and a 12-hour cooling period.

This new default limit and the option to further restrict online withdrawals are part of the CPF Board's efforts to enhance security measures against fraudulent online withdrawals.

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New Job Redesign Center Launched to Empower Businesses and Employees

Organisations seeking to modernize their job roles can now access a new centralized resource, the Job Redesign Centre of Excellence (JRCoE), which will provide guidance and support in implementing their business and workforce transformation plans.

The JRCoE will curate industry-specific JR expertise and resources, including step-by-step sectoral playbooks, capability development workshops, and disseminate best practices in HR and job redesign across its network of HR professionals to expedite enterprise transformation.

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Skills-Based Hiring for Tech Talent: A New Handbook for Singapore Employers

A new virtual handbook has been released to assist employers in recruiting and developing skilled tech talent. This comprehensive guide provides practical strategies and best practices for companies to effectively attract, assess, and cultivate tech professionals, based on competencies rather than traditional academic qualifications or work experience.

Additionally, the handbook highlights various opportunities for individuals to acquire practical experience and enhance their capabilities, such as internships with ITE and polytechnics, apprenticeships, and work-study programs.

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Singapore Employers Urged to Provide Financial Assistance to Employees

The National Wage Council (NWC) has recommended measures in its wage guidelines for December 2023 to November 2024. These include encouraging Singapore employers to provide a one-time lump sum payment to employees, particularly lower to middle-income employees, to help them alleviate the burden of rising costs.

In addition to the lump sum payment, employers are also encouraged to implement a 5.5% to 7.5% salary increase for lower-wage workers.

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Singapore Employees to See Salary Increase in 2024 Despite Inflation

Employees in Singapore are expected to see a 4% increase in their nominal salaries in 2024, according to the latest Salary Trends Survey 2023/2024. This marks a positive turn from the salary decline experienced in 2023.

In 2024, salaries are projected to grow by 0.5%, indicating a gradual recovery from the previous year's downturn.

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Job Hopping on the Rise: Survey Indicates High Employee Turnover in the Coming Year

A recent survey revealed that majority of employees are likely to leave their current organisation by the end of next year.

This trend coincides with the rising prevalence of job hopping across industries. The survey found that the primary motivation for job hopping is the pursuit of higher compensation.

By acquiring new skills, expanding professional networks, and actively seeking employment opportunities while still employed, individuals can leverage job hopping to achieve significant salary gains over a period of two to three years.

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Singapore Employers Called to Action on Cybersecurity Training

A recent survey by NTUC LearningHub found that a concerning 30% of 200 business leaders have neglected to provide their employees with cybersecurity training in the past two years.

To combat the growing threat of cyberattacks, Singaporean employers are urged to equip their workforce with the fundamental knowledge necessary to effectively identify and mitigate cybersecurity risks.

By implementing comprehensive cybersecurity training programs, organisations can empower their employees to work cohesively and strategically to safeguard sensitive data and prevent exploitation.

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