Businesses are realistic that Covid-19’s monetary measures will have to end, but they still expect essential assistance to continue in the short term.
Sim Gim Guan, executive director of the Singapore National Federation of Employers, to view the Employment Support Program (JSS), which provides wage subsidies for local employees, extended beyond this month.
“The government deserves to gradually reduce jsS in conjunction with the slower recovery of the economy, while offering targets for seriously affected industries,” he said.
Dr Kevin Cheong, president of the Singapore Amusement Association, said the speed at which JSS is being reduced deserves to be decided through a “fair formula” that takes into account the maximum advertising capacity of a status quo in the middle of Covid-19 borders.
For example, the maximum tourist attractions they have been allowed to reopen are lately limited to a maximum of 25 in line with the percentage of their capacity-capable orconsistent capacity at any given time, so they get more subsidies than those that do not face such limits.
Eddy Lau, chief executive of Singapore’s Specialists Trade Alliance, which represents contractors and suppliers of structures and structures, noted that tax exemption for foreign employees lasted until December for structured corporations before this month.
While this extension will help the structure workers, many of whom cannot return to work, he hopes it can be given to other corporations in a similar situation.
For example, some brands stock up mainly on fabrics for structures such as glass to structure corporations and were also affected when structure paintings were delayed to restart.
Deputy Prime Minister Heng Swee Keat said yesterday that he will consider a ministerial meeting next Monday on how the government will continue to help staff and businesses during the crisis.
Heng said that new spaces cannot be maintained at the same point indefinitely and that plans will evolve and be minimized as new spaces are reopened.
Douglas Foo, president of the Singapore Manufacturing Federation, expects to see greater intellectual aptitude for staff affected by the pandemic, as well as measures to implement hiring relief for tenants. “It’s not some owners, ” he said.
Employment support programme
Companies can earn up to 75 percent of the first $4,600 gross according to the monthly salary of each subsidized local worker. The sectors most affected by the pandemic are receiving more help. The scheme continued to cover wages in August and will expire later.
Workers’ tax exemption and bonus
First, the exemption and reimbursement were extended until July for companies that simply do not resume their operations on site after the circuit breaker. Earlier this month, the exemption lasted until December for corporations in the construction, shipyard and procedures sectors. The rebate will also last until September for companies in these sectors.
Rental box
Covid-19 Support Grant
Singaporeans and permanent citizens who have lost their jobs have received an involuntary leave payment for 3 consecutive months, or have suffered a pay cut of at least 30% as a result of the pandemic are eligible for this grant, which provides up to $800 consistent with a month for 3 months. Nominations are open until September 30.
Dr. Cheong and Mr. Sim welcomed Mr. Heng’s announcement that specific objectives will also be provided to help the hardest-hit companies seek new opportunities. Dr. Cheong called for such projects to be implemented in a “granular and specific” manner.
Without foreign travelers, for example, the maximum traffic to local attractions is on weekends and holidays. “We want to think about how to deal with such trends when we think about how we are reconfiguring our business for the resident market,” he said.
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Economist Walter Theseira said some corporations in Singapore, such as national client corporations and customer brands and fundamental needs, are performing well or better than before, while others are recording revenue that is a fraction of last year’s revenue.
The difference between corporations that are doing well and those that are not will be as the measures continue and evolve, he said.
“For those who are not well, there will have to be a pivot for restructuring and transformation,” said associate professor Theseira, adding that he hoped to see more such measures in addition to a broad salary.
“The most productive result is that corporations survive, but if this is not possible, the most productive result is that they come out gracefully, which means that it will have to be routed towards the end of the business without large unpaid wages to workers, bad debts and non-public bankruptcies. Owners.”
Professor Theseira added: “I think the concept deserves to be to protect people, whether they are employees or business owners, who only jobs, some of which will never be viable in the next one or two years.”
Social services organizations also get more investment because they now help not only the existing poor but also the “new poor,” he said.
He expects Heng to fund the new circular of measures with the $13 billion contingency budget that turned away from Fortitude’s budget in May. “We are already close to the start of the budget procedure for the next fiscal year and I think we will still be out of this mess in 2021.”
This article was first published in The Straits Times. Permission is required for playback.