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So, one interventionist supply side policy would be
the manpower policies, which includes investment
in human capital through education and training.
So education and training helps improve the skills and thus
the quality of human resources, and so it’s helping the
restructuring of the economy by targeting the training
towards meeting the needs of the industry, thus reducing
structural unemployment.
In addition, a more education workforce will of course
attract more firms, since the people are more productive,
and thus there will be a greater amount of investment.
So Singapore has various skills training policies in place,
such as the Continuing Education and Training Scheme,
or CET for short, which will help workers to remain relevant
in the economy.
There’s also the Skills Programme for Upgrading and Resilience,
or SPUR for short, which provides vocational training for
workers, and this is especially important in times of recession,
such as the recent one in two oh eight.
Finally, there is the skills development fund, which provides subsidies
for skills training for workers