07 October 2020
North East CDC and Maybank help job seekers save while in wait for permanent employment
Maybank Savers Programme @ North East matches every dollar saved with S$2 to help workers who have lost their jobs build emergency funds in times of uncertainty
In the bid to help job seekers who have lost their jobs to still save while awaiting permanent employment, North East CDC and Maybank Singapore have today jointly announced the introduction of Maybank Savers Programme @ North East, with a funding support of S$120,000 from Maybank Singapore. This programme is made available to 100 eligible North East residents under North East CDC’s Community Employment Programme – Employment Assistance (CEP-EA) and Community Employment Programme Plus (CEP Plus).
The CEP-EA and CEP Plus are interim employment assistance programmes which provide workers who have lost their jobs with community job opportunities and an allowance, while they search for permanent employment.
With every dollar saved by a successful Maybank Savers Programme @ North East applicant, the programme will match S$2 to it. For example, during the six-month programme, when a beneficiary saves S$100 monthly and accumulates S$600 in six consecutive months, he/she will receive S$1,200 from the programme, multiplying the total savings to S$1,800.
“With Maybank Savers Programme @ North East, we hope to encourage our North East residents who are on CEP-EA and CEP Plus to save a small sum from the allowance they are earning from these community jobs. The economic impact of COVID-19 is long drawn and having an emergency fund on standby is highly important to provide stronger financial security for affected workers and their families. The programme is also designed to ensure our beneficiaries are empowered with knowledge on making sound financial decisions to better manage their cash flow,” said North East District Mayor, Mr Desmond Choo.
In conjunction with the savers programme, beneficiaries are invited to attend exclusive financial literacy workshops to gain insights into effective financial management. To facilitate the deposit of committed savings through the programme, beneficiaries have to open a savings account with Maybank Singapore which comes with a one-year fee waiver of minimum account balance.
Dr John Lee, Country CEO and CEO of Maybank Singapore, said, “Over the past decade, Maybank has been supporting matched savings programmes to help lower-income families embark on their saving journey. Against the backdrop of the current pandemic, we believe this programme is meaningful and offers a stimulus to kick-start the beneficiaries’ saving habit. Having savings is especially important during an economic downturn and the double matching will help stretch their dollar so that they can save more for rainy days. Besides financial support, Maybank employees will be joining in to volunteer their time to coach beneficiaries on budget management in support of the financial literacy education.”
When informed of the Maybank Savers Programme, Mdm Junaidah who is currently on North East CDC’s CEP-EA, said, “This is really a good scheme which motivates us to save. The current economic situation is challenging for many families and every extra dollar counts. Having some savings before I land a permanent job will help my family in being more prepared for an emergency.” North East residents under CEP-EA and CEP Plus who wish to apply for the Maybank Savers programme may contact North East CDC at Northeast_CDC@pa.gov.sg or 6424 4000.