The party said that such a redundancy insurance scheme would not only ease the immediate financial pressure that retrenched workers face but would also provide an automatic stabilizer to the economy
SINGAPORE: The Workers’ Party has urged the government to implement a redundancy insurance scheme to provide greater assurance and protection for workers in its May Day 2023 message.
The WP pointed out that this rise in the cost of living is already eroding the purchasing power of Singaporean wages, especially given the increasing price of transport, and property and the effect of the 1 per cent Goods and Services Tax hike. While the party said that Singapore will not shy away from adopting AI innovations, it added, “The verdict is still out as to how worried knowledge workers should be about these developments and whether generative AI will create new jobs in place of what may be lost.”
Citing this announcement, the WP again called for a redundancy insurance scheme. It has proposed such a scheme for some time and recently brought the policy proposal up at the Budget 2023 debates.
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