Find out the key points from MOM’s Committee of Supply (COS) speeches, including links to detailed information about our announcements.
Singapore’s labour market posted strong growth last year. However, the uncertain global economic environment, global inflation, and geopolitical challenges in the medium term will weigh on the labour market going forward.
We have been engaging Singaporeans to understand your aspirations and anxieties about the economy and jobs under the Forward Singapore Exercise. Rest assured there are still many opportunities we can seize together, as we journey with you every step of the way.
MOM will focus on the following key areas in 2023:
- Launch of new CareersFinder feature to provide personalised jobs and skills insights to improve job matching for Singaporeans
For more information, read our factsheet on CareersFinder
- Maintain EP qualifying salary and raise S Pass qualifying salary to maintain quality benchmark of EP and S Pass holders
- Publish details of COMPASS Shortage Occupation List and Strategic Economic Priorities Bonus by end-March 2023 to provide businesses with greater clarity and certainty for manpower planning
- Introduce mandatory verification of educational qualifications for Employment Pass applications from 1 September 2023 to enhance safeguards
- Release details of Non-Traditional Sources Occupation List controls to safeguard numbers and quality of these workers
For more information, read our factsheet on foreign workforce policy announcements and updates
- As part of the Forward Singapore exercise, we are engaging Singaporeans on their career aspirations and how they can be empowered to take charge of their career health. For example, we are working with the Institute of Policy Studies to convene a Citizens’ Panel on employment resilience. More details will be provided after the conclusion of the Forward Singapore exercise
- Implement next step of the planned increase of CPF contribution rates for senior workers from 2024
- A 55-year old member in 2022 earning median wages can receive up to an additional $20,000 in his Special Account balances when he reaches 65. This translates to an additional $100 in his CPF LIFE monthly payout
- Provide a one-year CPF Transition Offset to absorb 50% of 2024 increase in employer CPF contribution rates for senior workers
- Extend Senior Employment Credit and Part-time Re-employment Grant until 2025 to support employers in hiring and retaining senior workers
- Under the Senior Employment Credit and Part-time Re-employment Grant extension, a company that employs 10 senior workers earning $3,000 a month, will be eligible to receive up to $104,200
For more information, read our infographic on strengthening retirement adequacy and senior employability
- Raise CPF monthly salary ceiling from $6,000 to $8,000 in four phases, with the first increase taking effect from 1 September 2023
- When fully implemented, a 45-year old member earning $8,000 a month can receive up to an additional $130,000 in his combined CPF balances when he reaches 65. This translates to an additional $680 in his CPF LIFE monthly payouts
- All recommendations by the Tripartite Workgroup on Lower-Wage Workers will be implemented by July 2023
- Increase the Government's Progressive Wage Credit Scheme co-funding share for wage increases given in 2023, from 50% to 75% for wages up to $2,500 and from 30% to 45% for wages above $2,500 up to $3,000
- Lower the eligibility age for Workfare Skills Support Scheme from 35 to 30 years old to allow more lower-wage workers to benefit and upskill earlier in their careers
- From July 2023, 70,000 more lower-wage workers will be eligible for the Workfare Skills Support Scheme
- Raise the Training Commitment Award for Full Qualifications from $500 to $800 to encourage lower-wage workers to undertake deeper and more sustained training
- By 2023, Progressive Wage moves will benefit up to 9 in 10 full-time lower-wage workers
For more information, read:
- Implement Advisory Committee on Platform Workers' recommendations from second half of 2024
- Implement mandatory CPF contributions phased in over five years, for platform companies and Platform Workers aged below 30 in 2024, while all other Platform Workers can opt in
- Provide transition support for lower-income Platform Workers to offset part of the increase in their CPF Ordinary Account and Special Account contribution rates during the phase in period
- Permanently increase Workfare payments for eligible Platform Workers whose CPF contribution rates are aligned to employees' from 2028, with higher proportion to be given in cash (40% compared to 10% today)
- Adapt for Platform Workers the existing work injury compensation system for employees, to reap its benefits while taking into consideration unique features of platform work
- Adapt for Platform Workers the existing representation model for employees, to uphold the spirit of tripartism and enable fair win-win outcomes for all parties
For more information, read our infographic on strengthening protections for Platform Workers
- Interim report issued by Tripartite Committee on Workplace Fairness
- Stronger protections in law for common and familiar forms of workplace discrimination, including (i) age, (ii) nationality, (iii) sex, marital status, pregnancy status, caregiving responsibilities, (iv) race, religion, language, (v) disability and mental health conditions
- Tripartite Guidelines on Fair Employment Practices to continue to protect against all forms of discrimination
- New protections against retaliation for reporting discrimination and harassment at work
- Broader range of enforcement levers that can be calibrated to severity of breach
- Continue to preserve harmonious and non-litigious workplace culture
- Promote and support flexible work arrangements
- Introduce Tripartite Guidelines on Flexible Work Arrangements by 2024, to better support the needs of businesses and employees
- Provide more support for HR practitioners to implement flexible work arrangements
- Enabling Employment Credit will be enhanced to provide employers who hire local persons with disabilities who have not been working for the past six months with an additional wage offset of up to 20% for nine months, up from 10% for six months
- The Enabling Employment Credit is expected to benefit about 10,000 persons with disabilities annually
For more information, read:
- Introduce the Uplifting Employment Credit, a new hiring incentive to support employers in hiring ex-offenders
- The Uplifting Employment Credit is expected to benefit about 3,000 ex-offenders annually
- Wage offset of 20% for the first nine months for employers who hire through Yellow Ribbon Singapore and Singapore Prison Service’s employment programmes
- Payouts will be made automatically to employers of ex-offenders placed by Yellow Ribbon Singapore, Industrial and Services Co-Operative Society or halfway houses engaged by the Singapore Prison Service. Other employers who hired ex-offenders can apply for the UEC via go.gov.sg/uec
For more information, read:
Read our COS speeches in full
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