• To mark Temasek’s 50^th anniversary this year, the T-Spring gift reflects Temasek’s continued commitment to give back to the community and contribute to Singapore’s progress
• The gift will be deployed to enhance workforce skills development for at-risk sectors, cultivate a strong talent pipeline, and deepen ecosystem expertise and knowledge

Singapore, Tuesday 25 June 2024 — Temasek today announced a S$150 million community gift — named “T-Spring” — in line with its community objective of Advancing Capabilities. The T-Spring gift aims to build a resilient and future-ready workforce in Singapore that will enable businesses to meet the needs of a changing marketplace. The gift was announced at Temasek’s annual Community Day, which also marks the company’s 50^th anniversary this year.

Working with partners, the gift embodies a catalytic approach to develop and roll out new initiatives in three areas: 

1. Workforce Skills Development: Upskilling workers in at-risk sectors and enhancing the employability of seniors, Persons with Disabilities, and neurodiverse individuals;
2. Scholarships: Cultivating a strong talent pipeline by improving access to tertiary education, especially for those from disadvantaged backgrounds, with an initial focus on Science, Technology, Engineering and Mathematics (STEM) talent to bridge industry skill gaps;
3. Fellowships: Deepening ecosystem expertise and knowledge in Singapore by bringing in pinnacle industry experts to partner Temasek and its ecosystem to drive innovation and develop solutions for the betterment of Singapore.

To sustain efforts over the long term, 4% of the gift’s principal amount will be distributed annually.

Mr. Lim Boon Heng, Chairman of Temasek Holdings, said, “Human capital has been the driver of our journey, and plays an important role in our contribution to Singapore. As Temasek turns 50, we continue to do things today with tomorrow in mind. Our T-Spring community gift aims to enable Singapore’s workforce and organisations to better prepare for a different world and open up new opportunities for all. It reflects our commitment to this and future generations, so every generation prospers.”

Mr. Dilhan Pillay, Executive Director and CEO of Temasek Holdings, said, “Temasek’s DNA is rooted in Singapore’s history. Growing alongside the nation, we recognise that businesses cannot succeed unless societies thrive. We must not only do well, but also do right and do good. Through structured community contributions and our own staff volunteer efforts, we have continually given back to our wider community over generations. Our T-Spring gift and annual Community Day furthers our commitment to building a better and more inclusive tomorrow for Singapore.”

Skills development for workers in at-risk sectors, seniors, Persons with Disabilities (PwDs), and neurodiverse individuals (NDIs)

Artificial intelligence and longer working lives are major trends driving the need for workforce transformation. This need is especially pronounced in Singapore, which is experiencing an ageing population and shrinking workforce¹.

Skills development will be a crucial lever to help older workers and those in at-risk sectors to achieve career longevity and relevancy. In addition, there is a concerted effort globally and locally to drive inclusive hiring, and this presents an opportunity to better integrate PwDs and NDIs.

Temasek takes a catalytic approach to workforce skills development and will collaborate with industry players, unions, and training providers to pilot job redesign solutions and bridge existing training gaps. The programmes will aim to help at-risk workers build competencies and encourage employers to pursue inclusive hiring of seniors, PwDs, and NDIs.

Fostering future-ready talent to bridge industry skill gaps

According to the Economic Development Board, Singapore’s potential new engines of growth include areas such as the green economy, artificial intelligence, and precision medicine². Meeting the talent demands of these growth sectors is crucial and will require workers with emerging skills and training in STEM.

Temasek will provide tertiary scholarships to address needs for the future workforce and create pathways for personal and academic growth. Scholarships will be offered to undergraduates and postgraduates, and will prioritise applicants for STEM studies and from disadvantaged backgrounds. Temasek is targeting the AY25/26 student intake for its first batch of scholars.

Collaborating with global experts to drive innovation

Singapore continues to invest heavily in research, innovation, and enterprises, at about 1% of its Gross Domestic Product between 2021 and 2025³. The country has built its innovation ecosystem on partnerships and networks, allowing organisations to crowd in fresh ideas, diverse perspectives, and innovative thinking from global leaders.

Temasek will add to those efforts with the launch of a fellowship programme to attract pinnacle industry experts to partner with Temasek and its ecosystem to drive innovation for the betterment of Singapore. They include well-regarded individuals and global leaders in fields such as artificial intelligence and sustainable solutions. The establishment of a distinguished community of Temasek Fellows will facilitate the exchange of knowledge and expertise.

Giving back as OneTemasek

Temasek’s social licence to operate as a global investor depends on its ability to create value for all stakeholders, including the communities it operates in. Since 2003, Temasek has been setting aside a portion of its net positive returns above its risk-adjusted cost of capital for community gifts, to achieve its community objectives of Connecting People, Uplifting Communities, Protecting the Planet, and Advancing Capabilities. The T-Spring gift is one of the initiatives that will be funded from this source. More details on Temasek’s community contributions and non-profit ecosystem can be found in Appendix A.

Apart from community gifts, Temasek staff actively volunteer for community activities throughout the year. Temasek’s incorporation date, 25 June, is designated as its annual Community Day where staff give back to the community as one. This year, to commemorate its 50^th anniversary, more than 500 staff volunteers from Temasek, Temasek Trust, Temasek Foundation, Temasek Trust Asset Management, and Stewardship Asia Centre participated in Temasek’s Community Day. Together with 16 community partners, volunteers gathered to 1) enhance a HDB void deck space through mural wall painting and engage the community through a care pack distribution; 2) refresh the homes of disadvantaged seniors living in one-room flats; 3) support biodiversity and combat climate change with a tree planting session; and 4) prepare youths for employability through learning visits. More details on the activities and partners can be found in Appendix B.

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About Temasek 

Temasek is a global investment company headquartered in Singapore, with a net portfolio value of S$382 billion (US$287b, €264b, £232b, RMB1.98t) as at 31 March 2023.

Our Purpose “So Every Generation Prospers” guides us to make a difference for today’s and future generations.

Operating on commercial principles, we seek to deliver sustainable returns over the long term.

Temasek has overall corporate credit ratings of Aaa/AAA by rating agencies Moody’s Investors Service and S&P Global Ratings respectively.

We have 13 offices in 9 countries around the world: Beijing, Hanoi, Mumbai, Shanghai, Shenzhen, and Singapore in Asia; and London, Brussels, Paris, New York, San Francisco, Washington DC, and Mexico City outside Asia.

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APPENDIX A – Temasek’s Community Contributions

Temasek’s journey in building social capital started over 20 years ago, when it adopted a deliberate and structured approach, anchored on the twin pillars of governance and sustainability, to give back to communities.

Since 2003, Temasek has been setting aside a portion of its net positive returns above its risk‑adjusted cost of capital for community gifts.

These are approved by the Temasek Board and then donated to partners to achieve Temasek’s community objectives of Connecting People, Uplifting Communities, Protecting the Planet, and Advancing Capabilities.

Temasek Trust (TT) has been the primary beneficiary of Temasek’s gifts. TT disburses grants for programmes to be developed and delivered by Temasek’s non-profit ecosystem, including Temasek Foundation, Temasek Life Sciences Laboratory, Stewardship Asia Centre, and Mandai Nature. Temasek’s non-profit ecosystem has evolved over the years to better handle multi-faceted and complex social challenges.

To date, Temasek’s gifts to TT have impacted about 3.7 million lives across Singapore and beyond.

APPENDIX B – Temasek’s Community Day 2024

Temasek’s incorporation date, 25 June, is designated as its annual Community Day where staff give back to the community as one. This year’s Community Day is especially special as Temasek commemorates 50 years of Resilience, Growth, and Purpose and showcases its continued commitment to Do Well, Do Right, and Do Good.

This year’s Community Day features Temasek’s first-ever expanded programme, in collaboration with 16 community partners, and brings together staff volunteers from Temasek, Temasek Trust, Temasek Foundation, Temasek Trust Asset Management, and Stewardship Asia Centre. Over the course of the day, staff volunteers will support four parallel activities in line with Temasek’s community objectives of Connecting People, Uplifting Communities, Protecting the Planet, and Advancing Capabilities, impacting more than 700 beneficiaries across Singapore.

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¹ It is estimated that by 2030, there will only be 0.7 local workers entering working-age for every one worker exiting in Singapore. Source: Kok Ping Soon, “Reimagining Productive Longevity,” Ethos, no. 20 (2019): 6.

² Economic Development Board, EDB attracts investment commitments expected to create 20,045 jobs over the next 5 years; aims to strengthen economic competitiveness amid a challenging global environment, 30 Jan 2024

³ National Research Foundation, Research, Innovation and Enterprise 2025 Plan, 11 Dec 2020