The Singapore Workforce Development Agency (WDA) will be implementing a new Career Support Programme (CSP) from 1 October this year.
According to a press release by the WDA, the CSP has been designed to further aid mature Singaporean professionals, managers and executives (PMEs) in securing a job.
The programme will allow bosses to receive wage support when mature workers, who have been looking for jobs for at least six months, are employed in mid-level jobs that pay $4,000.
Wage support rates will be divided into two categories and will be provided for a year with different subsidy rates in the first and second half.
The first of the two categories will cover PMEs aged between 40 and 50.
For these PMEs, the WDA will provide a 20% subsidy of gross monthly salary, capped at $1,400 a month for the first six months.
For the next six months, employers will receive a subsidy of 10% of gross monthly salary, capped at $700 a month.
The second category covers PMEs aged 50 and above.
It will sees employers receiving wage subsidies of 40% of gross monthly salary,capped at $2800 per month for the first half year and 20% of gross monthly salary, capped at $1,400 per month for the remaining half.
Additionally, in order to help these mature PMEs settle into their new jobs, structured on-the-job training or external training is expected to be provided by the employers.
The CSP will be piloted for a period of two years from its launch in 1 October 2015 for eligible PMEs registered with WDA Career Centres and e2i.
MOM stated these measures are part of a broader effort to provide greater support for Singaporean PMEs.
"The government will enhance support for Singaporean PMEs as part of ongoing efforts to strengthen the Singaporean core. Singaporeans aspiring for PME jobs will form a critical and growing core of our workforce as the education profile of Singaporeans improve, with an increasing proportion completing tertiary education," the press release stated.
MOM added it will also be enhancing the Fair Consideration Framework (FCF) to strengthen the core of Singaporean PMEs.
It explained that to comply with the FCF’s advertising requirement, firms will be required to publish the salary range of the job vacancy in the jobs Bank.
Employers who apply for employment passes where the job advertisement did not state a salary range will have their applications rejected.
"This enhancement will make the job terms clearer to Singaporean job seekers and improve labour market transparency. This requirement will come into effect on 1 October 2015," the press release stated.
MOM added will increase scrutiny of EP applications for selected firms which have a weaker Singaporean core of PMEs relative to others in their industry.