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79% of Standard Chartered’s profits come from Singapore and Hong Kong

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SINGAPORE: A recent article says that Standard Chartered’s bankers in Singapore and Hong Kong are carrying the load across the globe for the bank, with 79 per cent of Standard Chartered’s profits coming from these two cities, based on the bank’s third-quarter results.

“Two cities are subsiding the entire rest of the bank,” wrote Mr Zeno Toulon in a piece for efinancialcareers.com, a leading global financial services careers website published on Friday (Oct 27), after saying that this is something that many have observed for some time now. The writer also called Singapore and Hong Kong Standard Charter’s money makers “by some margin.”

He noted that in spite of Standard Chartered’s bankers in the two cities only employing less than 39 per cent of the bank’s capital, combined, 79 per cent of the bank’s underlying profit came from Singapore and Hong Kong.

Read related: Finance careers: Singapore vs Hong Kong

The two cities, plus Taiwan and the UAE, have performed the most efficiently when it comes to Return on tangible equity (ROTE), and also have the the lowest cost-income ratios. ROTE, which is a company’s profit post-tax, divided by tangible equity, has long been a benchmark of profitability and performance.

On the other end of the scale is Standard Charter UK, which has lost money for the bank. Though it employs nearly twenty-five per cent of Standard Chartered’s assets, it posted a loss of almost US$200 million (S$274 million), as well as wrote off almost $700m (S$959 million), in relation to its position in local retail Bohai Bank. The bank remains optimistic about its business prospects in China, Mr Toulon added.

And while the world’s second largest economy has been going through tough times, the opposite is true of Standard Chartered in Hong Kong, which has had a very good year so far.

Read also: Considering a career in finance: Should you go buy-side or sell-side?

For people considering a career in finance or are already in it and are wondering which finance hub is a better choice, there are a few factors to consider.  A recent piece in Bloomberg pointed out that Singapore, “the Switzerland of Asia,” has been attracting an influx of wealth from overseas.

Funds overseen by the asset management industry have grown to twice its size in six years and are now at around $4 trillion (S$5.45 trillion). High-net-worth and ultra-high-net-worth individuals have been drawn by political and economic stability and low-income tax rates in Singapore, and industry experts are saying the inflow is unlikely to stop anytime soon.

Strict COVID-19 restrictions and fears of restrictions from Beijing even drove a considerable number of finance workers from Hong Kong to Singapore during the early years of the pandemic. Still, some have started to go back to Hong Kong since then, Bloomberg reported.

Nevertheless, Hong Kong has kept its edge as Asia’s top financial centre, given its relation to China, the second-largest global economy. Hong Kong has the advantage of proximity to China’s US$18 trillion (S$24.5 trillion) economy, compared to Singapore’s relationship to countries in South East Asia, with a combined US$3 trillion (S$4.1 trillion) economy. Small wonder that nearly half of Asia’s hedge fund managers are based in Hong Kong. /TISG

“Hamilton” Musical Set To Debut At Marina Bay Sands In April 2024: Don’t Throw Away Your Shot!

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SINGAPORE: Hamilton is all set for its April 2024 debut at the Sands Theatre, Marina Bay Sands, marking its first international tour since its 2015 Broadway premiere.

Hamilton is renowned for its diverse and talented cast. Australian actor Jason Arrow will take on the role of Alexander Hamilton, and the ensemble includes New Zealander Akina Edmonds as Angelica Schuyler, American actor Darnell Abraham as George Washington, and Korean-American actor David Park, who will impressively assume two roles as Marquis De Lafayette and Thomas Jefferson.

The musical, based on Ron Chernow’s biography, has received numerous accolades, including Tony®, Grammy®, Olivier, and Pulitzer Prizes. Its unique blend of hip-hop, jazz, R&B, and Broadway music has had a profound impact on culture, politics, and education.

Hamilton’s engagement is presented at the Sands Theatre by Base Entertainment Asia. Tickets go on sale on Nov 14 through Marina Bay Sands ticketing and SISTIC. For those interested in joining the waitlist, you can sign up on Base Entertainment Asia’s website to secure your spot at the front of the line for tickets. So, don’t throw away your shot!

But wait… for musical lovers, here are more musicals to look forward to in Singapore according to HHWT (Have Halal Will Travel).

Other Musicals in SG

Madagascar: The Musical

Experience the wild adventure of Madagascar in a live musical performance. Join four ‘wild’ animals who find themselves shipwrecked on the island of Madagascar, and uncover the mysteries of their journey. This delightful musical has a runtime of 1 hour and 40 minutes and will be in Singapore from Jan 18 to 28, 2024 at the Esplanade Theatre. Tickets are available at prices ranging from $48 to $138.

 

Matilda: The Musical

Roald Dahl’s beloved story, Matilda, comes to life in this live musical. Follow the tale of a neglected genius child with extraordinary powers, from moving objects with her mind to heartwarming laughter. The musical has a runtime of 140 minutes with a 20-minute intermission and will be in Singapore from Mar 9 to 31, 2024. Ticket prices range from $68 to $992.

Falling

Pangdemonium! presents “Falling,” a raw and inspiring theatrical production that explores the life of a family with older autistic children. This revival of a powerful story is a must-watch, running from Mar 8 to 24, 2024 at the Singtel Waterfront Theatre @ Esplanade.

 

Who’s Afraid Of Virginia Woolf

Step into the chaotic world of George and Martha, a middle-aged couple, as they entertain a younger couple, Nick and Honey. Bitter rivalries and hidden secrets unravel in this timeless production, running from Jun 7 to 23, 2024 at KC Arts Centre – Home of SRT.

 

Dear Evan Hansen

Explore the gripping story of Evan Hansen, a lonely outcast who uses letter-writing to express his inner turmoil. With unexpected twists and life-changing events, Evan’s world takes a dramatic turn. Witness the consequences of his decisions in this compelling production from Oct 11 to Nov 3, 2024 at the Victoria Theatre.

/TISG

 

The post appeared first on The Independent News.

 

Read also: 

Singaporean Singer Nathan Hartono Dazzles On Sing! China, Chooses Jay Chou As Mentor

Shila Amzah Debuts “Kita” Single, a Celebration of Malaysia’s Multicultural Unity” 

 

Singapore’s COVID-19 Vaccine Advisory: Suggested new yearly dose

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SINGAPORE: In response to the increasing demand for updated COVID-19 vaccines, Singapore has announced an extension of the operating hours for all Joint Testing and Vaccination Centres on Saturdays, running from November 4 to December 2. The move comes after the COVID-19 vaccine advisory, now encouraging individuals aged six months and above to receive an additional dose in either 2023 or 2024, as reported by CNA.

Previously, the recommendation was limited to individuals aged 60 and above, residents of aged care facilities, and those who were medically vulnerable, who were advised to receive a one-year booster dose.

The Expert Committee on COVID-19 Vaccination (EC19V) has broadened the scope, urging all individuals aged six months and above to consider the additional dose for 2023/2024, with particular emphasis on healthcare workers and household members or caregivers of medically vulnerable individuals. Eligible individuals may receive the additional dose approximately a year after their last shot, with a minimum interval of five months.

The committee stresses the importance of keeping one’s COVID-19 vaccination status up-to-date and in line with the current recommendations.

This update in vaccine recommendations coincides with the approval of updated COVID-19 vaccines by Pfizer-BioNTech and Moderna. The Health Ministry will begin the phased rollout of these new doses on October 30. These updated formulations are specifically designed to target the newer variants of COVID-19 and are expected to replace all existing vaccines by November 20.

Pfizer-BioNTech’s updated monovalent vaccine, known as Comirnaty, is formulated to combat the Omicron XBB.1.5 sublineage, including EG.5 or Eris and BA.2.86. Starting from October 30, individuals aged five years and above can receive the updated Pfizer-BioNTech/Comirnaty monovalent vaccine, while children aged six months to four years will have access to it from November 20.

Similarly, the updated Moderna/Spikevax monovalent vaccine, designed to target newer variants, will be available for individuals aged six months and above starting from November 14.

In anticipation of the heightened demand for these updated vaccines, the operating hours for all Joint Testing and Vaccination Centres will be extended on Saturdays from November 4 to December 2. On these specific Saturdays, the Centres will be open from 9 am to 7 pm, extending beyond their usual closing time of 1 pm. The Ministry of Health (MOH) has advised the public to expect longer waiting times on Fridays and Saturdays during this period.

The MOH also noted that, as of September 30, the reporting rates of adverse reactions and serious adverse reactions for the mRNA vaccines (both monovalent and bivalent versions) remained rare, with rates of 0.10 percent and 0.007 percent, respectively. The incidence of myocarditis was also rare, with reporting rates of 1.0 per 100,000 doses (0.001 percent) for the monovalent vaccines and 0.4 per 100,000 doses (0.0004 percent) for the bivalent vaccines.

The MOH reiterated that vaccination remains the primary defense against COVID-19 and continues to be safe and effective. They urged all eligible individuals to stay current with their vaccinations.

For specific information regarding the operating hours of the Joint Testing and Vaccination Centres, individuals can refer to the official resources provided by the MOH here.

/TISG

The post appeared first on The Independent News.

 

Read also: 

Unvaccinated COVID Survivors at Greater Risk of Heart Complications

 

‘Asian dad’ sleeps on floor of plane on 15-hour flight

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SINGAPORE: An ‘Asian dad’ went viral on TikTok after his daughter shared a brief video clip of him sleeping on the floor during a 15-hour plane ride. The video posted on Oct 16 has been viewed a whopping 8 million times, which is no small deal even on the popular platform.

“You have your airport dad, I have my Asian dad,” Ms Natalie Bright wrote on the video. “Flying economy for 15 hours? No problem.” The clip showed an older man stretched out on the floor in front of three airplane seats, with his eyes closed and his arms folded behind his head.

She captioned her video “more room for everybody,” and Ms Bright indeed appeared to be comfortable in the additional space she got after her dad decided to stay on the floor.

@bynataliebright

more room for everybody. #flyingeconomy#fligh5#asiandadsbelike

♬ The Home Depot Beat – The Home Depot

However, responses to the video have been mixed. Some praised Ms Bright’s father for finding a way to get some sleep in a notoriously cramped space that economy class provides travelers with today, while others expressed concerns as to how hygienic, or unhygienic, it is to sleep on the floor of a plane.

“As a past flight attendant, you don’t want to know what I have seen on those carpets,” wrote one commenter. However, others claimed that plane seats may just be as dirty as the floor, although this is arguable.

Read also: ‘I honestly thought we were going to die’ — Passenger says on flight that returned to Singapore after extreme turbulence

Some were surprised that the flight attendants allowed him to do this claiming they were not allowed to do so on a flight. Others said this depends on the carrier. Some commenters expressed concerns that in the case of turbulence, the man could have gotten injured easily, or in the case of rapid loss of cabin pressure, the oxygen masks would not reach him.

A few noted that “Asian dad” was just the right size for the occasion, adding that a person who was 6’3 (190.5 cm) would not be able to fit in the same space. Others had concerns about him wearing jeans for 15 hours straight, noting that this would be very uncomfortable. One commenter wondered why someone who can afford to buy a Rolex would be flying economy class.

But then there were also those who were all praised for the man’s dedication to comfort. “Only peak Dads can make the floor of the plane look comfy,” wrote one. Others called him “smart” and a “long haul king,” and some said they would “100% would do this.” /TISG

Read also: Weight a minute! AirAsia in Thailand asks passengers on some flights to get weighed before boarding

Ho Ching  warns against using supplements to lose weight

SINGAPORE: In a Facebook post on Saturday (Oct 28), Madam Ho Ching, the wife of Prime Minister Lee Hsien Loong, warned against the use of supplements to lose weight, posting a link to an article from United States-based health website WebMD and writing that there is  “no clear evidence of effectiveness for most of the supplements. Conversely, there can be a lot of harm.”

Mdm Ho gave the example of caffeine, a natural chemical found in coffee, tea, cocoa, and other sources. She wrote that while “caffeine can raise metabolic rate, and can theoretically help burn up fat faster,” an overdose of the substance can bring about a number of side effects and health risks, such as a higher risk for hypertension, heart or stroke. Moreover, there are also supplements may even result in fatality, she warned.

“The Office of Dietary Supplements under the National Institute of Health in the USA has the latest summary of research and risks associated with the various supplement ingredients that are commonly sold as weight loss, fat reduction, appetite blocker, and other processes for helping to reduce weight.”

Read also: Ho Ching praises durian: “Highly nutritious and energy dense”

She advised that it would be good to check medical websites for more information before taking weight loss supplements that are available and that it would be equally important to talk to one’s physician even before starting a weight loss programme.

“There is one caveat though – just as there are fake studies promoting this or that supplements, there are also quack doctors or unscrupulous doctors who may be promoting certain supplements to earn money,” added Mdm Ho, underlining that it is always better to double check even reputable sources, and/or to get a second or third opinion from a medical professional before going for a weight loss supplement that purports to have no harmful effects.

She ended her post by writing, “We should be aware that supplements are not regulated products in most markets. Hence, there is no guarantee that their ingredients do not include harmful substances. There is no shortcut to a healthy well balanced diet and regular exercise,” and advising people, to not “fret over appearances”

This is not the first time in recent weeks that Mdm Ho has written about health issues, extolling the virtues of the King of Fruits, the durian.

Calling the spiky, aromatic fruit “highly nutritious and energy dense,” she noted that “All in, durians are a good way to counter the typical loss of nutrients in the simplified diets of the elderly who may find chewing of food difficult, and so gradually lose interest in eating.” /TISG

Taylor Swift tie-up pays off big time for UOB

SINGAPORE: United Overseas Bank, the country’s third biggest bank saw record credit card fees for the third quarter of this year, partly due to a tie-up with arguably the biggest music star in the world, Taylor Swift. The partnership with Swift appears to have paid off in a major way for UOB, and a similar tie-up with UK pop star Ed Sheeran for his concerts in February of next year is expected to give the bank another boost.

Credit cards fees at UOB increased  by a record 89 per cent year-on-year to S$104 million in the third quarter, bank’s financial results show. This is almost one-fifth of UOB’s income and is double the 10 per cent from 2022.

Read also: Singaporean singles looking for ‘UOB Credit/Debit cardholder’ to be their date to attend Taylor Swift’s concert

UOB got a boost from Swifties, with the tie-up giving the bank’s cardholders access to an exclusive pre-sale last July. The pop star’s only stop in South East Asia on her Eras tour is Singapore, where she plays six shows from March 2 to 9 next year, and tickets sold out in record time.

Ed Sheeran, meanwhile, is bringing his + – = ÷ × tour to Singapore, Thailand, Malaysia, and Indonesia from February 16 to March 2, 2024, with UOB as the tour’s regional Presenting Sponsor. The presale for UOB Cardmembers last week for Sheeran’s shows in Singapore and Malaysia has already sold out.

“If you have a UOB credit card it’s a small advantage. There’s more to come. Look at Ed Sheeran — it’s the same thing,” said Mr Wee Ee Cheong, the Chief Executive Officer of UOB during a briefing the bank’s third quarter results on Thursday (Oct 26).

See also: Singapore witnesses spike in tourism due to Taylor Swift & Coldplay tours

UOB’s partnerships with Taylor Swift and Ed Sheeran are part of the bank’s thrust toward more lifestyle-related endeavors. Because of UOB’s digital and lifestyle offerings this year which have included concerts, food, and travel, the bank has seen a 28 per cent increase in new customers in the first nine months of this year.

But UOB’s profitable tie-up with Swift may well be part of the superstar’s golden touch. Swift, 33, recently reached billionaire status, Bloomberg recently reported, with a total net worth of about US$1.1 billion (S$1.5 billion). Her US Eras tour, wherein she played 53 concerts across the country, added $4.3 billion (S$5.89 billion) to the gross domestic product.

Read also: Taylor Swift and Singapore: Tailor-made for each other

The re-release of her 1989 album, as well as her Eras concert tour film, are also proving to add to the singer’s profits. “Swift has evolved from a teen pop-country phenom to a world-famous celebrity, while maintaining an earnest, girl-with-a-guitar image that belies the machine behind her,” wrote Bloomberg.

/TISG

KK Women and Children’s Hospital adopts new advanced minimally invasive surgery to perform hysterectomies

SINGAPORE: KK Women’s and Children’s Hospital (KKH) has introduced a minimally invasive surgical technique for performing hysterectomies, offering numerous benefits to patients.

This advanced method has been met with enthusiasm due to its potential to minimize hospitalization, reduce blood loss, and eliminate visible scars, provided it is executed by highly skilled surgeons.

The new technology combines elements of laparoscopic and vaginal gynaecological surgery. Surgeons at KKH employ specialized instruments to access the patient’s body via the vaginal canal, thereby eliminating the need for abdominal incisions.

Consequently, patients experience a swifter recovery period and no residual scarring, in addition to significant cost savings compared to traditional hysterectomies.

While this approach has clear benefits, it demands an extraordinary level of expertise from the surgeons. Currently, KKH boasts three doctors with the requisite skills to perform this intricate procedure.

Recognizing the importance of expanding its surgical team, the hospital is actively engaged in training more doctors to ensure the continued availability of this remarkable technique.

With more than 200 successful procedures completed thus far, it is estimated that approximately 400 patients each year will enjoy the advantages of this advanced minimally invasive surgery, which is primarily geared towards patients with conditions such as uterine fibroids, endometrial hyperplasia, and abnormal uterine bleeding.

Ms Liu (transliterated from Mandarin), one of the patients who underwent this procedure at KKH, opted for it to mitigate the risk of cancer. In her case, the surgery involved the removal of her fallopian tubes and ovaries, which was carried out successfully. She recounted her experience to Channel 8 news, saying that she was able to resume normal activities soon after the operation and didn’t require prescribed painkillers upon returning home.

Apart from KKH, Singapore General Hospital (SGH) also offers this minimally invasive surgical option, which highlights its growing prominence in the field of gynaecological surgery.

KKH, which conducts approximately 1,000 hysterectomies each year, anticipates that half of these surgeries will benefit from this groundbreaking technique, especially for patients with precancerous lesions or cancer, as well as those with benign conditions like pelvic organ prolapse.

When will there be another golden age for the Singapore night life?

My interest in the nightclub scene started when I was a free-lancer writer for Fanfare magazine in the 1960s. The scene, which stretched all the way, almost unabated, till the mid 2000s, could be described as Singapore’s after hours golden age. For a so-called “cosmopolitan” city, Singapore today is a lifeless place past midnight, if we do not count those shady spots in Geylang etc catering to a different clientele.

The nightclubs I had to visit for stories included Tropicana, Golden Venus, Boiler Room, Barbarella, Fountain, Pink Panther, Kelong, Singapore Lady (a ship off Collyer Quay).  For night entertainment, the scene got livelier and livelier over the years. Others sprang up, with a barrage of big-time discos.

Fire, Sparks, Rumours, Scandals. Kasbah, Xanadu, Atlantis.,Peppermint Park, Zouk, Rainbow Lounge – some of these were no mere small time drink and dance places, they were huge nightclubs that required big financial commitments.

For a while, Dennis Foo’s Europa nightclubs were a dominant force, whether in Shangrila Hotel, Changi Village or Tanglin.

As the big boys sparked up the night in the traditional touristic belt, something was quietly happening in an unexpected corner of the island even as a similar development was also taking place in yet another corner. By that time, I was already in Times House. I was starting to do work till late at night.

To continue the story and make it more direct, I shall mention just five names.

Conrad Raj/Peter Wong

One evening after work, he pulled me to Mohd Sultan Road, which was off River Valley Road. We dropped in a pub called Front Page. There I learnt that Peter Wong, a sub-editor at The Business Times where Raj was also working,  saw a lot of potential in the area. He expected a number of shop houses were coming up for sale. He would try his hand first with The Front Page, aptly named because of Wong’s journalistic background. Wong expected many of the journalists in Times House which was just up River Valley Road would support and patronise his pub. And there was absolutely no reason why Mediacorp and other journalists would not welcome this watering hole set up by a fellow newsman,

The pub not only thrived. It made Wong a household name as a pub-owner. Among the other pubs he added to his stable were Next Page, Madame Wong and Newsroom. He even ventured into Shanghai.

Michael Chua/Sunny Tan

Before Duxton Road off Tanjong Pagar Road turned “sleazy”, it was an exciting addition to the Singapore night life. The rows of pubs in Duxton were patronised by “normal” people. One particular pub stood out – JJ Mahoney – run by Chua and Tan, husband and wife, who were experienced hands. They ran the pub with a friendly touch, treating their clients like family members, calling out most by names. Totally relaxing place.

Maureen Hiew

Some time in the 1980s, a Moroccan landed in Singapore and, among other things, he threw money to develop an entertainment complex called Planet Marina in the reclaimed land off Marina Bay.

Maureen Hiew was asked to manage a pub called Paisley Pub.

It was an interesting place. There was a horseshoe stage and ample seats around the club where patrons can talk and listen at the same time to the evergreens belted out by the band.

What’s unusual about these three places, Front Page, JJ Mahoney and Paisley Pub?

They were successfully run by owners/managers who liked their jobs and businesses. And it showed.

In all the time I knew the people behind these night spots of the 1990s, they enjoyed their businesses.

We lack such entrepreneurs these days.

Indeed we lack entrepreneurs who can help Singapore become less boring.

Tan Bah Bah, consulting editor of TheIndependent.Sg, is a former senior leader writer with The Straits Times. He was also managing editor of a magazine publishing company.

Woman shocked after getting letter that says UOB will close her accounts

SINGAPORE: A woman took to social media to express how surprised she was to receive a letter from United Overseas Bank (UOB) the third-largest bank in the country.

A Ms Gal Goh wrote on the COMPLAINT SINGAPORE Facebook page on Oct 20, with an update on Oct 28, to share the letter she’d received from the bank.

“Why UOB has the sudden to cease all my accounts without any explanation? I don’t own a cents (sic) in any banks. I paid my credit card promptly. I have all my saving, insurance and giro with Uob. And they also grade me as their privilege customer. What happen to my saving policy and fixed deposit?There is no compensation and I have to start somewhere all over again!” she asked in her original post, requesting advice from netizens.

In the update to her post, she added that the UOB accounts of her son and mother are also going to be closed, which presumably means they received a similar letter. The Independent Singapore has reached out to Ms Goh, as well as to UOB, for an update or further comment.

The letter, which was a computer-generated one that does not require a signature, has the heading “CLOSURE OF UOB ACCOUNTS.” In it, Ms Goh was informed that by November 15, 2023, the bank will be “unable to continue maintaining” the credit card accounts, cashplus accounts, and balance transfer or personal loan accounts” that she has with UOB.

The letter provides additional instructions for loans, payment plans and what to do with various types of accounts, but does not otherwise give the reason or reasons why UOB is closing Ms Goh’s accounts.

It ends with instructions for her to cut her credit cards in half for security purposes, and to call UOB’s call center at 1800 2222121 if she needs any assistance.

Some commenters on her post told her that the best thing is for her to go to then bank and talk directly to the staff to find out why her accounts are being closed. However, as Ms Goh is not in Singapore, she will need to wait until she gets back to the country before she can talk to UOB.

In the comments, Ms Goh also said that UOB had frozen her accounts in June for an investigation, but added that the scam officer had contacted her to tell her she had been cleared. After this, UOB unfroze her accounts.

One netizen gave the following advice: “Singapore has seen a surge in scams, prompting the Monetary Authority of Singapore (MAS) to implement stricter regulations. All banks are now required to address these issues. To demonstrate their commitment, many individuals are opting to close their bank accounts temporarily, signaling their support for the necessary changes. Once you’ve closed your account, it’s advisable to open a new one. This approach was taken by my bank as well. After about a month, UOB informed me that they had to close my account once more. While I was able to open another account, I’ve temporarily switched to other banks for financial transactions and ceased using UOB altogether.”

/TISG

Govt to provide conditional assistance to low- and middle-income people who are involuntarily unemployed

SINGAPORE: The Singapore Government has promised to take steps to provide more targeted financial assistance to low- and middle-income individuals who are involuntarily unemployed.

Prime Minister Lee Hsien Loong earlier hinted at these efforts at the National Day Rally, expressing the government’s commitment to helping job seekers overcome challenges and enhance their skills to secure better long-term employment prospects.

The Forward Singapore report, released on Friday (27 Oct) detailed the government’s plan to extend aid to those who are most susceptible to financial hardship during periods of unemployment. This initiative will be accompanied by certain prerequisites, including a requirement for beneficiaries to actively seek employment on a monthly basis.

The central focus of this endeavor is to keep workers motivated in their pursuit of re-employment while addressing their financial needs. The benefits offered through this program will complement existing social assistance initiatives for disadvantaged families and the training grants available under the SkillsFuture program.

The report made clear that the government is emphasizing not just financial relief, but also active career guidance and employment support. The aim is to assist unemployed individuals in identifying and pursuing suitable career paths.

One notable recommendation that emerged during the Forward Singapore initiative’s dialogue sessions is the creation of a “career passport” for every job seeker. Participants said that such a personalized document would offer an analysis of an individual’s skills and qualifications, along with tailored recommendations for career development. In addition, there was a suggestion to offer personalized career coaching services to Singaporeans.

Career guidance experts have weighed in on the matter, highlighting the current gap in services available to job seekers in Singapore. Existing services primarily focus on helping individuals secure employment but often neglect the vital aspect of career guidance.

According to a career guidance counselor and lecturer who spoke to Channel 8 News, the importance of career self-management skills cannot be overstated. He said, “In addition to traditional services, such as resume writing, how to interview, and career assessment, what is more important is career self-management skills, which helps each citizen more deeply understand their career direction and their own personality.”

The counsellor added that this will help them avoid bringing negative thoughts into their work life and can have a more positive outlook of their own value and their purpose.