Page 11 - Sloan Programme News Today : Breaking News, Live Updates & Top Stories | Vimarsana

SINGAPORE - As governments around the world moved to contain the coronavirus by imposing lockdowns and shuttering businesses, the Ministry of Finance (MOF) had to quickly adjust last year's five Budgets. By adapting to the crisis, Singapore averted a deeper economic recession, and prevented its unemployment rate from spiking by a further 1.7 percentage points. In its interim assessment of the impact of key Covid-19 Budget measures released on Thursday (Feb 11), the ministry said the pandemic demanded a coordinated response across the public health, economic and social domains. The Government ...

4 minute read Overall, there has been broad improvements in the labour market for the period of the report. However, the labour market is still not back at pre-COVID conditions. Uncertainties in the economic environment will continue to weigh on the recovery of the labour market, said MOM.  Here are the main takeaways from the estimations in the preliminary report.  Read Also:  #1 Employment Of Residents (Singaporeans And PRs) Rebounded To Pre-COVID Levels According to MOM’s estimates, the number of employed Singaporeans and PRs had returned to pre-COVID levels by the end of 2020. In the...

This article was first published on DollarsAndSense.sg. The Circuit Breaker in early 2020 started a work-from-home experiment for many companies who never even considered it. Today, even after entering Phase 3 close to a year after COVID-19 was first reported in Singapore, the government has reiterated that work-from-home is to remain as the default work arrangement in Phase 3. Read Also: More than one year on, many employees may still have pain points that haven’t been resolved. For businesses, helping employees solve internet connection issues, back and neck aches and a not-so-quiet w...

5 minute read As a self-employed person in Singapore, there are certain money matters that you need to be responsible for and one of them is making your own CPF contributions. Self-employed individuals with a net trade income above $6,000 a year must make mandatory CPF contributions into their Medisave Account (MA). Although contributions into their MA is compulsory, there is also an option to make Voluntary Contributions (VC) into all three CPF accounts – Ordinary Account (OA), Special Account (SA) and Medisave Account (MA) – instead of just the MA. However, you can’t make Voluntary Co...

5 minute read Salary has always been a sensitive topic for employers and employees. With COVID-19 still hurting the Singapore and global economy, it may be an even more touchy issue this year. Already, median local wages in 2020 fell for the first time in 16 years to $4,534 (after employer’s CPF contributions). As employers continue to manage business slowdown, with revenue and profits potentially taking a hit, you may have to resort to cutting employee salaries. However, Singapore employers have to be guided by the Employment Act, and cannot just deduct their workers’ salary as they de...