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In that vein, the Government is calling on companies to use available support schemes to retain talent and prepare for recovery.
At a press conference by the Singapore Economic Resilience Taskforce on 16 April 2025 (Wednesday), Minister for Manpower and Second Minister for Trade and Industry Dr Tan See Leng stated that fresh graduates could be among the most affected if employers delay expansion or investment plans. Mature workers are also vulnerable, especially if companies scale down operations due to the uncertain economic climate.
Meanwhile for businesses, government are monitoring developments closely, particularly in sectors directly impacted by the recently announced US tariffs, such as electronics, chemicals, logistics, and transport. These developments are expected to have broader spillover effects on the wider economy.
In response, the government has assured that a wide range of support tools is in place to help both businesses and workers manage the challenges ahead. As highlighted by Minister Tan, several schemes were recently introduced under Budget 2025 and the Committee of Supply (COS) 2025, focusing on enterprise and workforce development, as well as upskilling, reskilling, and employment facilitation.
For businesses, enhancements to the Enterprise Financing Scheme provide better access to trade loans amidst the global trade uncertainty. The SkillsFuture Enterprise Credit has also been extended to support workforce training efforts. Minister Tan urged companies to take full advantage of these schemes to retain talent and build future capabilities, instead of downsizing.
For workers, the SkillsFuture Level-Up Programme offers training allowance support for mid-career employees pursuing substantial reskilling and upskilling. The newly launched SkillsFuture Jobseeker Support scheme provides financial assurance to those who are involuntarily unemployed while they search for new opportunities.
Minister Tan also pointed out the availability of resources such as SME Centres for business advice, and career coaches at WSG Career Connect and NTUC’s e2i centres for jobseekers and workers in transition. He emphasised that young graduates will not be overlooked.
“We are also looking at how we can support the upcoming cohort of young graduates to start their careers on a good footing,” Minister Tan said.
Adding to this, Secretary-General of the National Trades Union Congress (NTUC) Ng Chee Meng shared that union leaders across the affected sectors have reported rising concern among workers. A recent NTUC dipstick poll revealed that 70% of union leaders are worried about global trade uncertainties, with some already hearing of possible retrenchments, hiring freezes, and reduced overtime. Youths are concerned about job availability, while professionals, managers ands executives (PMEs) are anxious about job security.
To support these groups, NTUC is enhancing its engagement efforts and exploring new or improved support measures. Workers can tap into initiatives such as the Union Training Assistance Programme for subsidised training and coaching. Businesses, in turn, are encouraged to work with NTUC through the Company Training Committee Grant to safeguard jobs and build long-term workforce resilience.
On the whole, Minister Tan affirmed: "Rest assured, for all of our workers, our businesses, we can get through this together, we will emerge stronger, as we have done so many times before."
The SERT was set up by the Singapore Government to coordinate national efforts and bolster economic resilience in light of recent events. Chaired by Deputy Prime Minister and Minister for Trade and Industry Gan Kim Yong, the taskforce comprises key ministers and tripartite partners from the labour movement and employer groups:
- Minister for National Development and Minister-in-charge of Social Services Integration Desmond Lee
- Minister for Digital Development and Information and Second Minister for Home Affairs Josephine Teo
- Minister for Manpower and Second Minister for Trade and Industry Tan See Leng
- Minister for Transport and Second Minister for Finance Chee Hong Tat
- Chairman of the Singapore Business Federation (SBF) Lim Ming Yan
- Secretary-General (Sec-Gen) of the National Trades Union Congress (NTUC) Ng Chee Meng
- President of the Singapore National Employers Federation (SNEF) Tan Hee Teck
It aims to help businesses and workers navigate the immediate uncertainties arising from the US tariffs and related global developments.
SERT will focus on three key workstreams:
- Sensemaking and communication to ensure timely, transparent updates.
- Addressing immediate challenges by identifying pain points and enhancing support for businesses and workers.
- Longer-term strategies and responses to strengthen Singapore’s resilience in the new economic landscape. through transformation, diversification, and innovation.
READ MORE: US tariff hikes: What Singapore’s PM Lawrence Wong has to say
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