WORKERS’ PARTY PROPOSES ‘SOCIAL DIVIDEND’, REDUNDANCY INSURANCE
The seven WP MPs who spoke during the debate put forth several proposals to support workers through the AI transition. All of them ultimately said they supported the motion.
In his speech, Mr Gerald Giam (WP-Aljunied) suggested setting up a national “AI equity fund”, with part of the fund going to a “social dividend”. He said the revenue would be distributed as a direct payout to every adult Singapore citizen.
The source of the fund’s contributions could be from corporate taxes and Singapore’s net investment returns, he said.
The purpose of the dividend is to provide an additional cushion for families and allow Singapore to reap the benefits of AI without “overly exacerbating” social inequality, said Mr Giam.
He proposed an initial dividend of S$500 per adult.
Mr Giam then added that the remaining portion of the fund could be dedicated to a “mastery fund”, which will be an employer-led on-the-job training model that provides the apprentice a wage, covering 50 per cent of the gross salary capped at the median wage for six months for any Singapore citizen entering or transitioning into an AI-augmented role.
“This rewards the workers’ effort in adapting, while lowering the barrier for firms to hire, train and retain talent in this volatile market,” he said.
