Singapore

Prime Minister Lee Hsien Loong announced on October 13 that the government will extend the ongoing Jobs Credit programme for six months. However, the scheme will involve two stepped-down payouts in March and June 2010. The programme - aimed at reducing the cost of each employee - is instrumental in helping businesses cope with the downturn and is effective in helping Singapore limit the extent of job losses. Going forward, businesses are likely to cheer the gradual paring down of this policy, as opposed to a complete withdrawal amid further signs of economic recovery. Funding of the programme in 2010 will come from the regular budget as opposed to past reserves.

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