sg example

Question 1

SSP- SG workforce Development agency

Answer 1

The Singapore Workforce Development Agency was set up in Sept 2003 by the government. It identifies skills and training needs of industries that are potential areas for development and develop programmes to help jobseekers quire skills for new jobs.

Question 2

SSP- WSS

Answer 2

Under the Workfare Skills Support Scheme (WSS), the Singapore government subsidies employers up to 95%of absentee payroll to support employers to send their workers for training. WSS complements Workfare Income Supplement by encouraging Singaporean workers to attend training to improve their skills.

Question 3

SSP- Skillsfuture

Answer 3

The Skillsfuture Credit Scheme was developed with the objective of encouraging individuals to take ownership of their skills development and lifelong learning, in which all Singaporeans aged 25 and above receive an opening credit of S$500 from January 2016. These credits do not expire and the government provides periodic top-ups, so that credits can be accumulated to help Singaporeans finance their skills development programmes.

Question 4

Reducing dependence on low-skilled foreign worker ( tackling inequality)

Answer 4

Under the Local qualifying Salary (LQS) threshold, a company’s quota for hiring either Work Permit holders, or S-Pass employees-who are defined as mid-skilled foreign employees who earn at least $2,400 a month- is determined by the number of Singaporeans on a firm’s payroll. This effectively acts as a restriction on the issue of work permits to foreign workers. A reduction in the employment passes issued to unskilled foreign workers will reduce the supply of unskilled labour, increasing wages. As such, low income earners will earn higher wages resulting in a reduction in income gap.

Question 5

Policies to reduce market dominance (tackling inequality)

Answer 5

Competition and Consumer Commission of Singapore (CCCS) is the the regulator of markets in Singapore. By having legislations such as Competition Law to promote efficient functioning of Singapore’s markets, it prevents firms from exploiting consumers by setting high prices.
In key sectors such as electricity, healthcare and public transport where market dominance may prove to be a problem due to high barriers to entry, it ensures goods are more affordable for consumers especially the lower-income households, improving income inequality.

Question 6

Policies to reduce market dominance (tackling inequality) ( electricity)

Answer 6

In 2018, the Energy Market Authority implemented the nationwide roll-out of the Open Electricity Market. The initiative fully liberalised the retail power market, further unbundling the various segments of the electricity market that saw a fall in prices shortly after.