Latest news with #SERT
The Star
10-07-2025
- Business
- The Star
Singapore to launch new grant for companies, expand support for workers amid US tariff uncertainties
SINGAPORE: Singapore companies will be able to tap a new grant to help them adjust to the new tariff environment, announced the Singapore Economic Resilience Taskforce (SERT). The Business Adaptation Grant, to be launched by October 2025, will be capped at S$100,000 per company and requires co-funding by firms, Minister of Manpower Tan See Leng said as the taskforce provided an update of its work so far on Thursday (July 10). SMEs will receive a higher level of support, while larger companies will be eligible for a smaller quantum. More details will be announced in October. Dr Tan said the grant will support two broad groups of businesses. For firms that export to or operate in overseas markets, it will cover advisory services related to free trade agreements, trade compliance, legal and contractual matters, supply chain optimisation and market diversification. For businesses with local or overseas manufacturing operations, the grant can help to defray reconfiguration costs such as logistics and inventory-holding expenses. Dr Tan noted that it would not be possible for the Government to cover every aspect of business operations or reach every firm with local, regional or international exposure, but the grant has been structured to differentiate between small-and-medium enterprises (SMEs) and larger firms. 'SMEs will receive more generous support, as they account for about two-thirds of Singapore's workforce, with a significant proportion being Singaporeans,' he said. The July 10 press conference was attended by Deputy Prime Minister Gan Kim Yong, who chairs the taskforce; Minister for Digital Development and Information Josephine Teo, who also serves as Second Minister for Home Affairs; and Minister for Manpower Tan See Leng, who is also Second Minister for Trade and Industry. Also present were NTUC secretary-general Ng Chee Meng, Singapore National Employers Federation (SNEF) president Tan Hee Teck, and Singapore Business Federation (SBF) chairman Teo Siong Seng. The meeting comes as US President Donald Trump continued to fire off letters to countries, informing them of their new tariff rates. Singapore has not received the letter. Other Asean neighbours such as Laos and Myanmar were told to expect 40 per cent. Deputy Prime Minister Gan Kim Yong said that Singapore is one of the top investors in several countries across the region. He cited the example of Suzhou Industrial Park in China, where the Republic is a major investor. But with the world's second-largest economy now facing significant headwinds due to the global tariff situation, some Singapore firms with operations there may need to reconfigure their supply chains to remain competitive in both practical and compliant ways. 'These are our companies' investments overseas, and therefore it is important to make sure that they continue to survive and do well,' he said. It is also crucial for these firms to remain profitable, DPM Gan added, as this strengthens the strategic value of the Republic's business ecosystem and creates more jobs in Singapore, whether in finance, legal services, R&D or manufacturing. 'So that's why it's important for us to have this regional and global perspective, not just a Singapore company doing business in Singapore,' he said. On the job market front, NTUC secretary-general Ng Chee Meng said that young job seekers currently face four key 'gaps' as they transition into the workforce - skills, expectations, opportunities, and experience. For example, some of them feel unprepared to take on roles in fast-evolving areas such as environmental, social, and governance (ESG), and have asked for targeted upskilling not just in industry-relevant technical skills, but also in soft skills. Others are also concerned about job opportunities amid global instability, as well as the impact of AI on job availability and the nature of work. Many employers also prefer candidates with prior industry experience, which puts first-time job seekers at a disadvantage. 'We will try our best to highlight existing tools that we have and the programmes that are in the works,' said Ng. SNEF president Tan Hee Teck said that most employers are taking a cautious approach to workforce-related 'movements'. Around 70 per cent have either planned or made workforce adjustments, including team reorganisations, hiring pauses and prioritising upskilling and reskilling to future-proof their organisations, he said. 'To help alleviate cost pressures and drive transformation, we strongly encourage employers to tap on the SERT's enterprise and work force support measures,' said Tan. Still, there are silver linings in the job market. Dr Tan noted that employment rate for the 2025 graduating cohort stood at 51.9 per cent as at June, a four per cent increase from the 47.9 per cent recorded in June 2024. Vacancies for entry-level jobs have also remained steady. For example, there are currently 2,400 immediate vacancies suitable for fresh graduates in the public sector, including roles for engineers and software developers. These are available on the Careers@Gov portal, with more opportunities to be found at a public service career fair in August. Dr Tan noted that as at March 2025, there were 1.64 job vacancies per unemployed person, with about 70 per cent of these vacancies suitable for residents, largely concentrated in expanding or growth sectors. According to the Ministry of Manpower's (MOM) finalised data in its Labour Market Report for the first quarter of 2025, the number of job vacancies stood at 81,100 in March, up from 77,500 in Dec 2024. The proportion of employers intending to raise wages in the next three months also rose slightly, compared with the pre-tariff period in April and May 2025, added Dr Tan. Dr Tan said the SkillsFuture Jobseeker Support Scheme had benefited about 2,200 involuntarily unemployed citizens between April and June. He added that the number of applications for the scheme has stabilised. Still, the Government will expand support for jobseekers, with more career guidance services that workers can access through the Government and NTUC's Employment and Employability Institute, he said. The Government will also provide temporary enhanced funding for basic certification to help human resource professionals better support employers in managing their workforce amid a volatile economic environment. In his closing remarks, DPM Gan said it is important to plan ahead and take action to ensure that Singapore's economy continues to grow and remain relevant globally. 'Our focus remains very clear, which is to protect livelihoods, strengthen our resilience, and keep Singapore moving forward,' he said. - The Straits Times/ANN
Malay Mail
10-07-2025
- Business
- Malay Mail
Singapore unveils grant worth S$100,000 each to help SMEs brace for US tariff fallout, larger support pledged for exporters
SINGAPORE, July 10 — Singapore is set to launch a new grant by October 2025 to help businesses adapt to the new tariff environment, the Singapore Economic Resilience Taskforce (SERT) announced today. Manpower Minister Tan See Leng said the Business Adaptation Grant will be capped at S$100,000 (RM331,000) per company, with small and medium enterprises (SMEs) likely to receive a higher level of support. 'The SMEs, we will be more generous in terms of allocation of the grant itself, because they actually account for about two-thirds of our workforce in Singapore, a significant proportion of them are Singaporeans,' he told a media conference, alongside other members of SERT. The scope of the grant will enable enterprises that export to and/or operate in overseas markets and are impacted by tariff measures to conduct free trade agreements and trade compliance advisory, legal and contractual advisory, as well as supply chain optimisation and market diversification. It will also support enterprises with manufacturing operations overseas or locally, who may receive assistance for reconfiguration costs, such as logistics and inventory holding expenses. Tan said additional details on the grant will be announced in due course. Meanwhile, Deputy Prime Minister Gan Kim Yong said the latest series of tariffs announced by the United States (US) will likely prolong uncertainty, volatility, and challenges for global economies. 'We hope that negotiations and consultations will continue, and that the US will be able to reach deals with these countries to bring about lower tariffs and trade barriers,' he said, adding that Singapore continued to be subject to a 10 per cent baseline tariff. Gan, who also serves as Trade and Industry Minister, shared that he will travel to the US later this month to continue discussions on potential US concessions on pharmaceutical tariffs and hold talks with the US administration on broader economic collaboration between the two countries. US President Donald Trump had previously stated his intention to introduce tariffs on imported pharmaceuticals. 'We have not commenced a discussion on semiconductors. We will probably touch on semiconductors after we have settled the pharmaceuticals discussion with the Department of Commerce,' Gan said. Meanwhile, Gan noted that the economy is likely to hold up relatively well in the first half of this year, as businesses have been preparing to adjust to the new tariff realities. 'However, given the expectation of higher tariffs going forward, as well as the diminishing front-loading effect, we will likely see slower economic growth over the next six to 12 months,' he said. — Bernama
CNA
10-07-2025
- Business
- CNA
'Keep an open mind': Economy taskforce calls on new grads and jobseekers to consider all opportunities
SINGAPORE: Fresh graduates may be anxious about entering the workforce given the uncertain economic outlook ahead, but they should keep an open mind and consider all opportunities, members of the Singapore Economic Resilience Taskforce (SERT) said on Thursday (Jul 10). SERT was set up in April to help businesses and workers deal with the impact of tariffs imposed by the United States. Manpower Minister Tan See Leng said: "We have heard, for instance, about these fresh graduates who may face anxieties starting their careers in these turbulent times. "We understand their anxieties, but we want them to be assured that there is support available." Singapore's Institutes of Higher Learning have also stepped up their support, while Workforce Singapore has introduced a career guidance service to connect younger workers with industry experts. "At the same time, I would really appeal to graduates and parents to stay calm," said Dr Tan, adding that he sees some "silver lining" in employment data. Employment rates as at June 2025 were 51.9 per cent, compared with 47.9 per cent in June 2024, based on a preliminary Ministry of Manpower study, he said. That means that as of June, the employment rates of the graduating cohort of 2025 are comparable and even slightly higher when measured against last year's statistics. "But the caveat, like I said, these are early days, because you're only looking at a very small snapshot," he said. Dr Tan also said vacancies for entry-level jobs remain steady. In the public sector alone, there are 2,400 immediate vacancies suitable for fresh graduates, including roles such as engineers and software developers, he said. The government will organise a public service career fair in August, he added. "To our 2025 graduates, it is still early in your job search. We encourage everyone to keep an open mind to different opportunities in their job searches," said Dr Tan. He urged companies to think about nurturing future leaders and invest in young workers. "While I think there will be some uncertainty ahead, I should emphasise that currently, we're not in a crisis, nor are we in a recession," he said, noting that the labour market has generally remained resilient, with more vacancies than seekers. In May and April, the proportion of firms with an intention to hire or raise wages in the next three months also rose slightly compared with the pre-tariffs period, he added. Besides expanding access to career guidance services for workers, the government will temporarily enhance funding support for basic human resources certification for companies. "Strong HR leadership is critical to help employers manage and support their workforce amidst the volatile environment," said Dr Tan, adding that more details will be shared in future. Minister for Digital Development and Information Josephine Teo said employment and unemployment numbers are still very well maintained, but there is an understanding that there may be "a certain conservatism" about hiring for now because of the uncertainty. She said union leaders gave feedback that a flexible attitude is an important attribute for job seekers to have, whether they are fresh graduates or already part of the workforce. There may be concern about the outlook and whether it will worsen, but there are still opportunities, "perhaps in areas that people may not have considered so much before". SKILLS AND EXPECTATION GAPS The National Trades Union Congress (NTUC) has been paying closer attention to young jobseekers in this time of global uncertainty, secretary-general Ng Chee Meng said. This group faces four gaps in their transition to the workforce, he said. The first is a skills gap where youths feel they need upskilling to enter fast-evolving fields. The second is an expectation gap in terms of salary, work-life balance and job fit, while the third is an opportunity gap, with graduates concerned about how global instability and the rise of artificial intelligence will impact the jobs available to them. Finally, the experience gap, where employers often want candidates who have prior work experience. These four gaps are causing anxiety to students coming out to work, said Mr Ng. "I think these are valid concerns, and it's a sign that our young workers care deeply about meaningful, sustainable careers," he said. Reiterating Dr Tan's call for new graduates to be flexible, Mr Ng said there are opportunities in Singapore's resilient job market. "So we do encourage our young workers, our youths, to keep an open mind. Consider all the different possibilities and the job offers available," he said.
New Straits Times
10-07-2025
- Business
- New Straits Times
Singapore to roll out grant to assist businesses adapt to tariffs
SINGAPORE: Singapore is set to launch a new grant by October 2025 to help businesses adapt to the new tariff environment, the Singapore Economic Resilience Taskforce (SERT) announced on Thursday. Manpower Minister Tan See Leng said the Business Adaptation Grant will be capped at S$100,000 (S$1 = RM3.31) per company, with small and medium enterprises (SMEs) likely to receive a higher level of support. "The SMEs, we will be more generous in terms of allocation of the grant itself, because they actually account for about two-thirds of our workforce in Singapore, a significant proportion of them are Singaporeans," he told a media conference, alongside other members of SERT. The scope of the grant will enable enterprises that export to and/or operate in overseas markets and are impacted by tariff measures to conduct free trade agreements and trade compliance advisory, legal and contractual advisory, as well as supply chain optimisation and market diversification. It will also support enterprises with manufacturing operations overseas or locally, who may receive assistance for reconfiguration costs, such as logistics and inventory holding expenses. Tan said additional details on the grant will be announced in due course. Meanwhile, Deputy Prime Minister Gan Kim Yong said the latest series of tariffs announced by the United States (US) will likely prolong uncertainty, volatility, and challenges for global economies. "We hope that negotiations and consultations will continue, and that the US will be able to reach deals with these countries to bring about lower tariffs and trade barriers," he said, adding that Singapore continued to be subject to a 10 per cent baseline tariff. Gan, who also serves as Trade and Industry Minister, shared that he will travel to the US later this month to continue discussions on potential US concessions on pharmaceutical tariffs and hold talks with the US administration on broader economic collaboration between the two countries. US President Donald Trump had previously stated his intention to introduce tariffs on imported pharmaceuticals. "We have not commenced a discussion on semiconductors. We will probably touch on semiconductors after we have settled the pharmaceuticals discussion with the Department of Commerce," Gan said. Meanwhile, Gan noted that the economy is likely to hold up relatively well in the first half of this year, as businesses have been preparing to adjust to the new tariff realities. "However, given the expectation of higher tariffs going forward, as well as the diminishing front-loading effect, we will likely see slower economic growth over the next six to 12 months," he said.
Straits Times
10-07-2025
- Business
- Straits Times
S'pore to launch new grant for companies, expand support for workers amid US tariff uncertainties
Sign up now: Get ST's newsletters delivered to your inbox SMEs will receive a higher level of support, while larger companies will be eligible for a smaller quantum. SINGAPORE - Singapore companies will be able to tap a new grant to help them adjust to the new tariff environment, announced the Singapore Economic Resilience Taskforce (SERT) . The Business Adaptation Grant, to be launched by October 2025, will be capped at $100,000 per company and require co-funding by firms, Minister of Manpower Tan See Leng said as the taskforce provided an update of its work so far on July 10. SMEs will receive a higher level of support, while larger companies will be eligible for a smaller quantum. More details will be announced in October. Dr Tan said the grant will support two broad groups of businesses. For firms that export to or operate in overseas markets, it will cover advisory services related to free trade agreements, trade compliance, legal and contractual matters, supply chain optimisation and market diversification. For businesses with local or overseas manufacturing operations, the grant can help to defray reconfiguration costs such as logistics and inventory-holding expenses. (From left) Singapore National Employers Federation president Tan Hee Teck, Minister Tan See Leng, NTUC Secretary-General Ng Chee Meng, Deputy Prime Minister Gan Kim Yong, Singapore Business Federation chairman Teo Siong Seng and Minister Josephine Teo at a press conference on July 10. ST PHOTO: GIN TAY Dr Tan noted that it would not be possible for the Government to cover every aspect of business operations or reach every firm with local, regional or international exposure, but the grant has been structured to differentiate between small-and-medium enterprises (SMEs) and larger firms. Top stories Swipe. Select. Stay informed. World Trump's ambassador nominee to Singapore Anjani Sinha has a rough day at Senate hearing Asia Dr Mahathir at 100: Still haunted by the Malay Dilemma Singapore What's next for PSP following its post-GE leadership shake-up? Singapore 'Give a positive review': Hidden AI prompt found in academic paper by NUS researchers Singapore NDP 2025: Diamond formations, 'multi-axis' fly-past to headline parade's aerial display Multimedia 60 objects to mark SG60: Which is your favourite? Singapore Apex court upholds SMC's conviction of doctor who gave patients unapproved hormones 'SMEs will receive more generous support, as they account for about two-thirds of Singapore's workforce, with a significant proportion being Singaporeans,' he said.
