Wage subsidies from Jobs Support Scheme will be used to create new jobs: Singapore banks

Local banks in Singapore are using the wage subsidies from the Jobs Support Scheme (JSS) to create new jobs during the COVID-19 pandemic, they told CNA on Thursday (May 21) . 

In response to queries, a DBS spokesperson said that it will use the payouts to continue hiring amid the economic downturn.

The JSS is a wage subsidy programme aimed at helping companies retain and pay their workers as businesses take a hit from the impact of COVID-19 -

For the month of April and May, the subsidies cover 75 per cent of the first S$4,600 of each local employee’s salary. 

“We are committed not only to protecting jobs but also creating new ones,” said a DBS spokesperson. 

DBS, which employs about 12,000 people in Singapore, has previously announced that it plans to hire more than 2,000 people this year. 

Half of them will be placed in new roles, the spokesperson said, adding that many of these new roles will also go to graduates.

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