Dear Valued Customers,
Singapore Economy Gets $100 Billion Support
Welcome to our June Newsletter! What a challenging time the last few months have been for Singapore and the rest of the world. The COVID-19 pandemic has certainly brought about a lot of change. The good news is, things are gradually getting better as Singapore restarts its economy for business after the end of the Circuit Breaker.
The Fortitude Budget – $100 Billion Government Commitment
Singapore is restarting its economy and kicking things off with the Fortitude Budget. Building on the Unity, Resilience and Solidarity Budgets, this represents a total of almost $100 billion pledge and commitment from the Government to support businesses in Singapore.
In the coming months, the Fortitude Budget will create close to 100,000 jobs in Singapore. The SGUnited Jobs & Skills Package aims to create 40,000 jobs by the end of 2020. Under this package, the private sector will offer 25,000 jobs, while the public sector will offer 15,000 jobs. The SGUnited Traineeships opens its applications 1 June and 21,000 traineeships will be available for first-time job seekers. Mid-career jobseekers will also have something to look forward to. 4,000 traineeships will be available for them to learn new skills and begin new careers.
Digital Tech Is GameChanger in the COVID-19 Response
Digital technology has emerged as the gamechanger in the containment strategies against COVID-19. At the G-20 Digital Economy Ministers Meeting, it was noted that digital technology played a key role in how Singapore was salient in responding to the pandemic. It will continue to play a crucial role during economic recovery.
Honoured to be Invited Speaker
I was invited to speak at the recent Accounting & Finance Show Asia Webinar Series – How to run your accountancy practice without an office. I shared my experience using technology to create a high trust and high work-life harmony culture. A culture that proves to be successful for the 3E Accounting team. 3E Accounting’s secret to keeping our team happy is the flexibility to work anywhere at any time. This is possible thanks to the right systems in place. These systems include hardware and heartware – full access to email, documents management, calendar scheduling, backed by Cloud-based solutions, VPN servers and a progressive HR culture that empowers all employees to telecommute.
Implementing the SafeEntry System
As Singapore prepares to restart our economy, all businesses must implement the SafeEntry System. The SafeEntry is a national digital check-in system to collect entry and exit information of workers and visitors on their premises. Any business that does not comply runs the risk of penalties stipulated under the COVID-19 (Temporary Measures) Act.
Seeking Relief Under the COVID-19 (Temporary Measures) Act 2020
Good news! Businesses in Singapore struggling to meet rental contractual obligations during the COVID-19 period may seek relief under the COVID-19 (Temporary Measures) Act 2020. This applies to any rental payments due after 1 February 2020 and any leases signed before 25 March 2020. Reliefs can be sought to cover financial, monetary, operational or other commitments a tenant may be required to abide by under their lease.
With everyone doing their part, Singapore’s economic recovery looks promising despite global uncertainty. We certainly look forward to more good news to come. Until next time, stay safe and healthy.
Founder, 3E Accounting Group
Read More in our E-Newsletter June 2020.