WIC is Required Throughout Exemption Period Singapore employers must get Work Injury Compensation (WIC) Insurance for all their employees unless otherwise exempted from doing so. This is a requirement under WICA 2019. While most employers in Singapore do have sufficient WIC insurance coverage, many do not. Some employers don’t renew or buy the required insurance…
Flexible Wages Are More Rational Than Retrenchments Hard times in business will naturally result in a shortage of funds. Thus, it is a phenomenon that no one wants to be part of. No matter if it is the lowest grade officer nor the business owner. Being struck with little business income may ultimately result in…
IRAS is Making It Easier for Smaller Companies to File Their Taxes The Inland Revenue Authority of Singapore (IRAS) is making it easier for smaller companies to file their taxes this year. How Filing Taxes Will Be Easier Smaller companies can use a simplified version of the tax form called Form C-S (Lite). This…
Proposed Law May Help Singapore’s Small Firms That Have Been Affected by the Pandemic A new law in Singapore may help small firms by allowing them to renegotiate deals and exit contracts without penalties, depending on the situation. This is because the business landscape has completely changed this year due to the Covid-19 pandemic. The…
Plans in Place to Strengthen the Laws That Regulate Virtual Payment Service Providers Singapore will be stepping up its measures against terrorist financing and money laundering. Changes to the law will strengthen regulations on virtual payment service providers. The Bill will improve the current regulatory framework that is in place for (Virtual Asset Service Providers…
Skies Reopened With Hong Kong – Singapore Travel Bubble In the COVID-19 next normal, ‘travel bubble’ and ‘travel corridor’ are the new buzzwords. More and more countries have started to join in the talks of making pacts and establishing travel bubbles. For Hong Kong and Singapore, these plans are about to become a reality, and…
Responsible Retrenchment is Key to Providing Mental Support to the Chosen Ones Ever since the world caught the pandemic Covid19, all sorts of businesses are affected. Although some company may be at the end of a supply chain, just a fall in demand at any tier of the chain can have high consequences. Thus, most…
Strengthening Data Protection Standards in Singapore Strengthening Singapore’s data protection standards with mandatory notification and stiffer penalties for data breaches. Minister for Communications and Information Mr S. Iswaran recently presented a proposed amendment to the Personal Data Protection Act. The Personal Data Protection (Amendment) Bill is amongst four Bills that were introduced in Parliament recently.…
Safeguarding Digital Sphere in Singapore Businesses can now stay safe online with the Safer Cyberspace Master Plan 2020, which utilizes Artificial Intelligence towards safeguarding Singapore’s digital sphere. Singapore recently revealed the Safer Cyberspace Master Plan 2020, at the partially virtual opening of the Fifth Annual Singapore International Cyber Week. It was unveiled by Deputy Prime…
Singapore Jumpstarts Local Tourism with $100 SingapoRediscovers Vouchers The tourism industry in many countries – including Singapore, has been adversely affected by the closure of borders to prevent further spread of COVID-19. Amid global travel restrictions, Singapore’s government formulated a creative method to jumpstart local tourism with $100 SingapoRediscovers Vouchers. This initiative will help to…