SERT outlines targeted support for businesses and workers as fresh tariffs add pressure to global trade and economic growth.
SINGAPORE – The Singapore Economic Resilience Taskforce (SERT), chaired by Deputy Prime Minister and Minister for Trade and Industry Gan Kim Yong, announced a series of new measures today to help businesses and workers adapt to ongoing global trade uncertainties. The announcement comes in response to the latest US tariff measures which are expected to prolong economic headwinds and dampen global growth.
At a press briefing, DPM Gan emphasised that the Government, together with tripartite partners, remains focused on securing Singapore’s long-term economic interests. Since April, SERT has engaged over 3,000 business leaders, workers, union leaders, fresh graduates, and career coaches to understand the challenges they face and to shape responsive support measures.
To help businesses adjust, a new Business Adaptation Grant will be launched by October 2025. This two-year grant will assist eligible companies in navigating the new tariff environment, including advisory services for Free Trade Agreements, legal matters, supply chain optimisation and market diversification. Additional support will cover reconfiguration costs for manufacturers, complementing existing schemes such as the Market Readiness Assistance Grant, Enterprise Development Grant, and Enterprise Financing Scheme.
On workforce support, the Government and NTUC-e2i will expand access to career guidance services under the Career Health SG movement, as well as enhanced funding for HR professionals to better manage workforce challenges during this period.
The tripartite partners – Singapore Business Federation (SBF), National Trades Union Congress (NTUC) and Singapore National Employers Federation (SNEF) – affirmed their commitment to complement the Government’s efforts to help businesses and workers navigate the volatile landscape. DPM Gan concluded that Singapore will remain vigilant and ready to act swiftly should the global situation worsen unexpectedly.
Source: MTI and Singapore Business Federation
