Dear Valued Clients,
Welcome to our E-Newsletter July 2019
We hope this email finds you well!
On the global economic front, the first half of 2019 has seen the further deepened trade conflicts where the trade wars are expected to continue in the second half of 2019. While the escalated trade tension has sparked uncertainties in businesses, Singapore is feeling the pinch due to weakening global demand and the rising trade tensions.
Back to Singapore, just recently, the Monetary Authority of Singapore (“MAS”) has released a quarterly survey on Singapore’s economic performance. On average, the survey respondents anticipate Singapore’s gross domestic product (“GDP”) to increase by 2.1% in 2019. Meanwhile, economists in Singapore are positive with the outlook despite the concern about the economic risks associated with intensified global trade tensions.
New Operating Hours of Certain MOM Offices
For those who are dealing with Singapore’s Ministry of Manpower (“MOM”) regarding work permit, employment pass and S Pass, you should pay attention to this recent changes made by MOM’s office. In its recent announcement, certain MOM’s offices will have new operating hours from 3 June 2019 onwards. To be precise, Hall C of the MOM Service Centre and the Employment Pass Service Centre will be the offices with the revised operating hours. According to MOM’s website, the newly revised operating hours of both offices will be from 8am to 5.30pm, Mondays to Fridays (except public holidays).
CPF Rules and HDB Housing Loan Revised
In the age of rising global trade tensions, Singaporeans are delighted to see that the guidelines on CPF usage and HDB housing loans relaxed so that more people could be eligible to own a house. In order to provide more flexibility and protect their retirement acceptability, the government has revised the guidelines on CPF usage and relaxed the HDB housing loans. These new standards revolve around the balance lease a home could cover the youngest buyer up until the age of 95. In light of this, these buyers will be eligible to apply for maximum CPF usage and HDB housing loans.
National Wages Council (NWC) Guidelines for 2019/2020
The National Wages Council (NWC) Guidelines for 2019/2020 has received positive feedback and support from the government. Convened in April and May 2019, the National Wages Council (“NWC”) has formulated structured wage guidelines for the period from 1 July 2019 to 30 June 2020. According to MOM, the Singaporean government welcomes the guidelines with open arms – NWC has suggested a stronger emphasis on employer-led structured training, salary growth and higher pay for low-income earners.
Lastly, we would like to remind you to file your corporate tax this year. We thank all our employees, customers, suppliers, business partners, and Shareholders for their long-standing and staunch support. We anticipate a bright future with great confidence!
Founder, 3E Accounting
Read More in our E-Newsletter July 2019.