SINGAPORE — To build a “resilient and future-ready” workforce here and enable businesses to meet the needs of a changing marketplace, state investment firm Temasek on Tuesday (June 25) announced a S$150 million "community gift".

Temasek, which has investments around the globe, said 4 per cent of the principal amount will be distributed annually to sustain efforts over the long term, as opposed to one lump sum.

That means S$6 million would be distributed in the first year.

The gift, called T-Spring, will be used for initiatives to upskill workers in at-risk sectors and enhance the employability of seniors, persons with disabilities and neurodiverse individuals.

The funds will also be used to pay for more scholarships and a new fellowship programme, Temasek said in a media release.

The aim is to improve access to tertiary education for those from disadvantaged backgrounds, with an initial focus on science, technology, engineering and mathematics in order to bridge industry skill gaps.

Another objective is to deepen ecosystem expertise here by bringing in “pinnacle industry experts” to partner Temasek and drive innovation for the betterment of Singapore.

These experts include “well-regarded individuals and global leaders” in fields such as artificial intelligence and sustainable solutions. 

According to a Temasek spokesperson, these areas were identified based on insights into the community’s needs from partners and various organisations on the ground.

The announcement was made on Temasek’s annual Community Day this year, which also marks the company’s 50th anniversary.

REFURBISHED HOMES AND LEARNING JOURNEYS

To commemorate its anniversary, more than 500 staff volunteers from Temasek and associated organisations participated in a range of activities on Tuesday to give back to the community.

Seniors living in rental units at Block 344 Clementi Avenue 5 were treated to new botanical-themed murals painted along its void deck, a live music performance and free care packs. 

Volunteers also helped to “refresh” the homes of over 30 disadvantaged seniors living in one-room flats, who were referred to them by the Central Singapore Community Development Council (CDC) and the Chinatown Active Ageing Centre.

Students from NorthLight School, which prepares students who are less academically inclined for lifelong learning and employability, went on a learning journey to some of Temasek’s portfolio companies, too.

These included property firm CapitaLand Investment, Singapore Airlines and transport operator SMRT.

Its aim is to provide them with a view of the industry landscape and to showcase future-related initiatives and skill sets applicable for their respective vocational courses.

Mr Dilhan Pillay, executive director and chief executive officer of Temasek Holdings, said that the company’s DNA is “rooted in Singapore’s history”. 

“Growing alongside the nation, we recognise that businesses cannot succeed unless societies thrive,” he added.

“We must not only do well, but also do right and do good.”

The media release stated that the net value of Temasek's global portfolio stood at S$382 billion as at March 31, 2023.