Budget 2021 has good news for all businesses, employers and workers in Singapore. As announced on 16 Feb 2021, the Singapore government will allocate S$24 billion over the next three years to enable businesses and workers to emerge stronger in the global economic landscape.
Of this, S$5.2 billion will go towards extending the Jobs Growth Incentive by seven months.
Along with this, the government has announced its aim to support the hiring of 200,000 locals and provide up to 35,000 traineeship and training opportunities.
Jobs Growth Incentive (JGI)
The Jobs Growth Incentive (JGI) supports employers in hiring Singapore Citizens and Singapore Permanent Residents from September 2020 to September 2021.
The JGI will provide up to
- 12 months of salary support for each non-mature local,
- 18 month of salary supports for each mature local,
person with disability or ex-offender,
hired by employers that is increasing their local workforce within the qualifying window.
Multiple Wins on Many Fronts
The JGI is extremely fortuitous for Singapore companies, especially when compared to many business communities around the world.
Given the strong financial reserves in Singapore, Budget 2021 is the government’s signal to the business community to place their confidence in the economy, conquer new markets, launch new products and services.
A clear indication of this is the substantial salary support provided by JGI. This is definitely a motivator to firms to bring forward their hiring plans and grow their local workforce over the next six months. Even for businesses that are not certain of their prospects, the JGI provides an excellent window to hire the talents they need to capture the markets they are eyeing.
For workers, the JGI is extremely timely. The generous salary support means more job opportunities on the horizon, and the rise in supportable wages is a harbinger of jobs with better prospects as the emphasis of JGI is on job creation and is only applicable to firms that are expanding their local workforce.
Together with the government’s aim to support the hiring of 200,000 locals this year, from now to September 2021, this is an opportune period for workers looking for jobs and for companies seeking to recruit the talents they need to take their business forward.
Benefitting from Hiring Incentives
Here at Achieve Group, we have been deeply buoyed by the government’s support to hire locals, and have taken a bold step to put into fruition a new division that we have been planning for – the Learning and Development Division.
We created new jobs. A brand new team of marketeers was hired through the Mid-Career Pathways Programme and we are looking forward to a Team Lead to helm the Division with the support of JGI.
To find out how you can benefit through these programmes, do connect with us. We are most happy to share about the various hiring incentives under Budget 2021 and link you up with the relevant programmes.
Reach us at +65 6323 0050 or email: enquiries.sg@achievegroup.asia
And do watch the video to find out how JGI can benefit you.
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