Where is the $2b coming from?
Dr Chee Soon Juan has said a lot about this redundancy insurance plan that he intends to introduce. I thought it sounded wonderful. As a PME who was retrenched a few years ago, I thought what he proposed could have indeed helped me through those rough times.
That was before I went to read his proposal in detail. (It’s in the SDP manifesto, you can read it for yourself.) I had wondered how this $2b dollar scheme will be financed. Turns out, he intends for 80% of it to come from the Government (meaning taxpayers’ money right?), 10% by employers and another 10% by workers (meaning you, and me). So if I’m not wrong, this means we not only have to pay higher taxes, we also have to fork out 10% of our take-home pay?
But there is one big problem for this retrenchment insurance – the money will only go towards those who are retrenched, and stay unemployed.
My money may go towards helping some lazy bum to continue relaxing at home, rather than looking for a job. I managed to get another job within two months of being retrenched, but I had to really go out there, apply many times and attend many interviews. I even took a small pay cut. But I also had ex-colleagues who just sat on their retrenchment package, didn’t put in much effort, and only started looking for work after many months, and had a lot more trouble than me. I think if they had redundancy insurance as well, they may still be slacking at home.
I’m not going to give my hard-earned to someone else to enjoy himself for a year instead of looking for work. No way, this scheme is not worth it at all.