Singapore is launching a first-of-its-kind program to support those who have recently lost their jobs.
Good news, huh?
A new scheme that provides up to $6,000
The new SkillsFuture Jobseeker Support scheme will provide up to $6,000 over six months to eligible residents.
Only Singaporeans and permanent residents aged 21+ who previously earned up to $5,000 on average per month can apply for the scheme.
Applicants must also live in a home valued at $25,000 or less annually.
Stacking multiple forms of financial aid is also allowed under this new scheme.
An estimated 60,000 residents will qualify each year, covering over 60% of involuntarily unemployed individuals and the government has allocated over $200 million annually to fund this initiative.
Who can apply?
To receive support, applicants must have involuntarily lost their job through no fault of their own—such as due to layoffs, business closure, or firing despite reasons like illness/injury.
They must also have worked steadily for at least 6 months in the past year.
Ongoing job searching and career development activities are also required to keep payments coming each month.
How’s the $6,000 split?
Payments will start at a maximum of $1,500 in the first month and gradually decrease each month.
Image Credits: mom.gov.sg
Higher amounts are provided upfront to ease financial stress immediately after losing a job.
Payments then gradually decrease each month to encourage quickly securing new employment.
This program aims to balance offering needed short-term assistance without allowing overly lengthy joblessness that can impact future employability.
Singapore’s leaders and workforce officials hope this new scheme will help residents weather sudden unemployment and get back on their feet faster through the support and guidance provided.
Staying motivated in one’s job search is key to taking full advantage of this new program.
More monetary support other than this new scheme
Households facing financial hardship have options beyond just jobseeker support.
You may also qualify for assistance through ComCare Short-to-Medium-Term Assistance or the Goods and Services Tax Voucher scheme.
Plus, if you enroll in eligible full-time training through SkillsFuture Level-Up or a company attachment via WSG’s Mid-Career Pathways, you could receive extra cash on top of your jobseeker support payments.
Both programs offer training allowances to supplement your income, provided you meet each program’s criteria.
For example, SkillsFuture Level-Up provides up to $3,000 per month for up to two years to citizens 40+ in selected long-form courses.
The amount depends on half your average income from the last full year.
Meanwhile, Mid-Career Pathways gives citizens and PRs 40+ up to $3,800 monthly during a 4 to 6-month attachment.
So look into stacking supports from multiple qualifying programs to maximize your financial support during career transitions or skills upgrades, if you meet those criteria.