Opposition leader calls for redundancy insurance to protect employees from AI

Opposition leader calls for redundancy insurance to protect employees from AI | Insurance Business Asia

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Opposition leader calls for redundancy insurance to protect employees from AI

Proliferation of generative tech like ChatGPT may add to the pressure on workers

Insurance News

By
Kenneth Araullo

Singapore Workers’ Party secretary general Pritam Singh called on the government to implement a redundancy insurance scheme to provide greater assurance and protection for the country’s workers.

Singh, also the leader of the opposition, said that the worsening economic situation in Singapore could have adverse effects on Singaporeans. That said, it’s the proliferation of generative artificial intelligence (AI) technology such as ChatGPT that may also add pressure on workers in the country.

“The verdict is still out as to how worried knowledge workers should be about these developments and whether generative AI will create new jobs in place of what may be lost. What we can be certain of is – with Singapore’s ambition to be a smart nation, always at the forefront of technology and prioritising workplace productivity – we will not shy away from more widespread adoption of AI technologies,” Singh said in a report from The Business Times.

Singh said that these new technologies should end up benefitting the country’s workers, rather than replacing them, and a redundancy insurance scheme will help in just that.

“Whether unemployment is due to cyclical factors or is a result of longer-term secular trends, better protection for all workers will be paramount,” he said.

If passed, the insurance scheme will ease the immediate financial pressure that workers face, in addition to stabilising the country’s economy through sustained consumer spending and mortgage spending. The scheme will also act as a buffer for these situations until workers who have redundancy insurance find new employment, Singh said.

Elsewhere in the country, the second annual gathering of industry leaders, professionals and insurtech providers across the insurance space will be held from May 30 to June 1 as InsureTech Connect Asia returns to Singapore.

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