During this year’s May Day rally, Prime Minister Lee Hsien Loon rejected growing calls for unemployment insurance. Instead, he reiterated that the government of Singapore has something even better for Singaporeans – schemes to enable Singapore workers to find jobs. Amid the massive number of retrenchments announced by foreign banks and oil and gas companies, such a move is inexplicable to me.
Firstly, I must clarify that I do not disagree with the government’s push for SkillsFuture. In promoting lifelong learning among workers, the movement enables Singaporeans to develop skill competencies relevant to succeed in the new economy. However, by telling Singaporeans that unemployment insurance is not needed is akin to a doctor advising his patient not to buy medical insurance and to stay healthy through regular exercises. Is this strategy even feasible in today’s challenging context?
We all know that life is fragile and can be unpredictable. Very often, even if you maintain a healthy lifestyle......