{"id":41092,"date":"2020-04-23T16:42:17","date_gmt":"2020-04-23T08:42:17","guid":{"rendered":"https:\/\/linksinternational.com\/blog\/singapores-covid-19-stimulus-payments-hr-cost-cutting-measures\/"},"modified":"2024-08-16T11:13:34","modified_gmt":"2024-08-16T03:13:34","slug":"singapores-covid-19-stimulus-payments-hr-cost-cutting-measures","status":"publish","type":"post","link":"https:\/\/linksinternational.com\/en-sg\/blog\/singapores-covid-19-stimulus-payments-hr-cost-cutting-measures\/","title":{"rendered":"Singapore\u2019s COVID-19 Stimulus Payments & HR Cost Cutting Measures"},"content":{"rendered":"\n

Severe Business Disruptions<\/strong><\/h3>\n\n\n\n

Around the world, businesses in different industries are experiencing severe disruptions<\/strong>. COVID-19<\/a> is ripping through the world economy and the effects are something completely new to this generation. Major stock markets around the world have plunged more than 20%, while the number of unemployed in the US has hit the 6 million mark. <\/p>\n\n\n\n

The global supply chain has been brutally battered with China\u2019s industrial output falling<\/strong> by 13.5% in the first two months of the year. Travel restrictions in over 100 countries has left the travel industry in tatters, leading to multiple airlines laying off hundreds of staff.<\/p>\n\n\n\n

Lockdowns throughout have left companies with no option but to temporarily suspend business and as a result consumer spending to stall. In a survey conducted by the Federal Reserve, businesses across the US had a bleak outlook<\/strong> and do not expect a rapid recovery.<\/p>\n\n\n\n

A one-two punch from the US-China trade war and Covid-19\npandemic has left Singapore down for the count. Heavy blows to its economy have\nleft economist predicting an 8.5% contraction for 2020. Often seen as Asia\u2019s\nrole model for economic growth the Lion City faces its toughest challenge yet. <\/p>\n\n\n\n

Resurrecting the Economy – Singapore<\/strong><\/h3>\n\n\n\n

With such a negative interpretation of the future,\ngovernments around the world are implementing economic relief measures and stimulus\npayments<\/strong>. Asia-Pacific<\/a>\nnations are leading the charge, with Singapore making swift executions. Singapore\nhas employed various schemes to try reduce the number of people losing jobs and\nbusinesses closing down during the coronavirus pandemic. <\/p>\n\n\n\n

The Job Support Scheme<\/strong> (JSS) was introduced to support enterprises and provide resilience to the local economy. Under the JSS, the Government of Singapore will co-fund up to 75% of the first SG$4,600 of monthly wages per local employee. This initiative will be active for 9 months from April 2020. The support will be topped-up to 75% for all sectors in April and May, before being broken down to tiers for the other months.<\/p>\n\n\n\n

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