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Plans to help older low-wage workers

SINGAPORE: A workgroup set up by government feedback portal REACH, which looked into manpower issues, has recommended better support programmes for low-income workers who are above 65 years old. It recommended an unemployment credit, in which a worker who has been laid off can take a loan from his Central Provident Fund (CPF) account for three months. The loan amount would be determined by the last-drawn salary of the worker, and would be subject to a cap of three months. To fund the scheme, workers would contribute one per cent of their monthly income. The government would co-fund the scheme by making the same amount of contribution. Those earning below S$1,000 may be exempted from contribution, with the government paying the full amount into the account. The loan has to be paid back upon employment. http://news.xin.msn.com/en/singapore...mentid=4628491
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