SINGAPORE: The Singapore Democratic Party launched its economic policy paper on Saturday (Feb 7), which outlines its new economic vision.
At a news conference, SDP chief Chee Soon Juan announced a number of his party’s proposals. These include setting up a Wage Equity Commission to recommend a minimum wage level.
Another proposal involved the return of CPF in full to Singaporeans. SDP proposes that citizens opt in for the Minimum Sum scheme if they have spending problems.
The party also suggested having a retrenchment insurance scheme, called Re-employment Scheme and Temporary Assistance for the Retrenched (RESTART) to narrow income inequality. The scheme proposes that retrenched Singaporeans will be able to draw 75 per cent of the last drawn salary within the first six months.
SDP suggests that the state fund 80 per cent of the scheme, and employers and employees make up 10 per cent of the funds need each. Dr Chee also proposed the raising of Personal Income Tax for the top one per cent of earners from 20 per cent to 28 per cent to help in the funding.
You can read the full economic paper here.