CHIEF executives at a dialogue yesterday gave the thumbs-up to the $4.5 billion Jobs Credit scheme, saying the wage subsidy payout helped them avert layoffs in this recession.
One even enthused: 'Extend for another year!'
The exuberant response from 25 CEOs cheered Education Minister Ng Eng Hen, who had sought their feedback during a panel discussion at a breakfast dialogue.
Other panellists included NTUC president John De Payva, Ministry of Manpower divisional director of labour relations and workplaces Ong Yen Her, and job centre e2i CEO Ang Hin Kee.
The dialogue was organised by the Singapore Manual and Mercantile Workers' Union (SMMWU) as part of a forum for unionists and bosses to discuss issues like managing excess workers.
One head honcho said the year-long Jobs Credit scheme boosted his confidence to hire and think ahead, and in so doing reassure shareholders.
Said Mr Ken Tse, managing director of Nuance-Watson (Singapore) which sells perfumes and cosmetics at Changi Airport: 'It's not to be underestimated because once you have confidence, that sets the stage for you to think about the next phase of your business.'
Commenting on the CEOs' views, Dr Ng, who was manpower minister from 2004 to last year, said: 'The Government's approach is to be pro-business...Also, the flexible wage system made a difference.'
This week, the National Wages Council issued guidelines urging bosses to stick to earlier advice to cut or freeze wages before laying off workers.
Dr Ng felt that retrenchments had been staved off not for altruistic reasons, but because chief executives are aware that if they lay off now and the economy picks up, they will be at the losing end.
Layoffs in the past two to three months have moderated significantly, when compared to the 12,600 retrenched in the first three months of this year, said Mr Ong.
He did not give the latest figures.
But manufacturers have indicated they will have to wait a few more months before deciding if more jobs need to be cut this year, he added.
Dr Ng and Mr De Payva, who is also SMMWU's secretary-general, stressed that training is key for a worker to stay relevant in any job.
Mr Ang said his e2i, a one-stop national training and job matching centre, had found jobs for more than 5,300 people in the last five months.
Mr Walter Mohr, country president of Swiss chemical goods producer Clariant, agreed: 'Singapore is going in the right direction in skilling and retraining its people, as the greatest value companies can have is education and professional skills.'
