Singapore companies evaluate alternatives for their recovery

Singapore companies evaluate new economic alternatives and technologies to recover from the economic impact caused by the pandemic.

Singapore companies are looking for new sources of income and are evaluating the incorporation of new technologies adapted to their services and products.

This after stating that most will need between 1 or 2 years to recover from the losses caused by the spread of Covid-19.

According to a survey carried out in the city-state, 60 percent of the consulted companies confirmed that this is the necessary time to regain their stability similar prior to the pandemic.

According to the study published by the Singapore Chinese Chamber of Commerce and Industry (SCCCI), 80 percent of the firms surveyed stated that their income was affected, while 76 percent saw their profits decrease.

Respondents highlighted that they are currently facing challenges related to financing and cash flows.

In the same way, they pointed out the increase in commercial costs, the economic conditions of the world is another of the scenarios they currently face.

The survey was performed in June and July among more than 1,000 companies, 95 percent of them small and medium-sized companies.

Job Support Scheme will be extended to support companies

In the midst of this panorama, the Singaporean government announced the extension of the Job Support Scheme to provide help to workers and companies affected by Covid-19.

This measure was recently announced by Singapore’s Deputy Prime Minister and Finance Minister Heng Swee Keat, who also stated that $ 5.84 billion were approved for the initiative.

Among the measures described include continuous support for jobs to increase the number of local workers during the next six months.

Singapore government extends aid to those most affected by the pandemic

Singapore’s Deputy Prime Minister for Finance announced that the government will extend the Job Support Scheme to help those most affected by the pandemic.

The Singaporean government allocated about $ 5.8 billion to support companies and workers affected by the covid-19 pandemic.

So was told by the country’s Deputy Prime Minister of Finance, Heng Swee Keat, who also pointed out that the city-state registered the lowest growth rate in the second quarter of the year.

The government representative stated that with some of the existing support measures ending soon, it is time to move on to other strategies.

Continuous support to those most affected

Tasks outlined include continued support for jobs and the creation of new ones, providing further support to the most affected sectors and positioning Singapore to take advantage of growth opportunities in the post-pandemic period.

The deputy prime minister announced that the Job Support Scheme that was approved in February will be extended for a further seven months to cover salaries until March 2021.

Keat also reported the launch of a job growth incentive valued at nearly $ 800 million that will support Singapore’s efforts to create new jobs and increase the number of local workers over the next six months.

Support for the economy

Since the start of the pandemic, the government has allocated more than 80 billion dollars to support the economy amid trade tensions and the global economic crisis. Official data indicate that the national economy contracted 6.7 percent in the first half of the year, with a record drop in the Q2.

Singapore companies and adoption of biosecurity measures

One of the biggest challenges that the Singapore government is facing is reviving the economy in the middle of the covid-19 outbreak.

Currently they have taken a series of biosecurity measures that must be implemented in the public sector as in private companies.

In the following, we will discuss some of those biosafety strategies applied in Singapore and what are the mechanisms established for the business sector to join these measures.

Measures of the safe transition phase

Since July 1, the government announced new measures to continue the plan to gradually reopen commercial premises, companies and other workplaces.

Within the safe transition plan, the health sectors, tour operators, restaurants, religious centers, among others, are the main ones involved.

To this, stakeholders made a commitment to stick to sector-specific hygiene and sanitation checklists ranging from:

  • Safe distance.
  • Good personal hygiene practice
  • Wearing face masks
  • Frequent hand washing
  • The use of hand sanitizers.
  • Know and spread the measures adopted
  • Have hygiene and sanitation certifications.

Importance of Biosafety protocols

Right now the world is facing a pandemic that has affected the global economy, faithful compliance by sectors can help mitigate the effects of the virus.

Companies are the perfect setting for the spread of Covid-19, due to crowds in workplaces.

Consequently, it is the duty and responsibility of the owners to ensure proper compliance of the biosafety protocols established by the Singapore government.

In order to avoid further exposure of workers to the virus and other infections.

The International Labor Organization reaffirms these principles as it considers that many workers go to their jobs.

“Prevention and control measures must be a priority to protect the world of work from exposure to this biological risk and avoid new infections,” says the agency.

Currently, Singapore has implemented a gradual revival of the economy in order to guarantee health measures for public and private workers.

Migrant worker outbreak

Singapore was praised by international health experts for its initial response to the virus in the first months of the pandemic.

However, an outbreak among migrant workers living in dormitories, made the city-state become one of the most infected countries in Asia at the moment with more than 50 thousand confirmed cases.

Singapore companies benefit from the Employment Support Plan

Support Plan for employment benefits more than 140 thousand companies in Singapore, according to Deputy Prime Minister Heng Swee Keat, about 4 billion dollars were allocated in payments.

In his most recent statement, the government spokesman assured that this is part of the more than 20 million dollars that are destined in the budget to serve the population and companies that have been affected at the labor level as a result of the spread of Covid. -19.

According to this month, the government will pay 75 percent of the first $ 4,600 of gross monthly wages per local worker to help businesses during the coronavirus pandemic.

The government has said that this wage support for Singapore companies is quite significant and urged them to use strategies that allow them to retain their workers.

In a statement from the Singapore Finance Ministry that companies do not need to apply for the scheme as the money will be calculated automatically using data from the February Central Provident Fund.

Companies that register with PayNow Corporate before next Friday, May 22 will be able to receive payment by the 28th of the same month, while those that exceed these periods will receive their checks between June 3 and 5.

Companies in the food service industry will receive 50 percent of wages during those seven months, while companies in the aviation and tourism sector will get 75 percent of wages during the full nine months.

This measure has been applied by the Singapore government since last April in different phases and was extended until this May, to provide greater support to the country’s business sector.