Tag: Singapore

Singapore start-ups can now apply to Fortitude Budget’s $285 million fund
7Jun mmBy Mike TrudellNo Comments
Singapore

Singapore start-ups can now apply to Fortitude Budget’s $285 million fund

Promising start-ups in Singapore can now apply for special funding earmarked for them in the Fortitude Budget, to help them sustain innovation, gain access to credit, and bridge the financing gap they face amid the Covid-19 pandemic.The Special Situation Fund for Start-ups (SSFS) will be administered by EDBI, the corporate investment arm of Economic Development Board, and Seeds Capital, the investment arm of Enterprise Singapore, said both organizations in a joint statement on Friday.Under the scheme, EDBI and Seeds Capital will invest in selected start-ups with private sector co-investors in a one-to-one ratio.The SSFS will support early to late-stage innovative start-ups, though EDBI will focus on late-stage start-ups with larger funding needs and a wider employment base, while Seeds Cap...
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Reserves have allowed Singapore to deal with Covid-19 crisis: DPM Heng
6Jun mmBy Michael SmithNo Comments
Asia

Reserves have allowed Singapore to deal with Covid-19 crisis: DPM Heng

While discussing the ‘Fortitude Budget’ in the parliament, Singapore’s Deputy Prime Minister Heng Swee Keat on Friday said that unlike other countries, Singapore can depend on its national reserves and did not have to borrow or take on debt to fund its coronavirus stimulus packages.The MPs noted that Singapore was fortunate to be able to tap on the savings of past governments, built up since independence, to boost its Covid-19 war chest. But they also asked how long it would take to restore the sum.Vikram Nair (Sembawang GRC) likened the reserves to a "golden goose" to be protected, warning that the more it is drawn on, the less there will be for future generations to depend on.Tin Pei Ling (Macpherson) and Murali Pillai (Bukit Batok), meanwhile, said it has given Singapore a key strategic...
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Eligible Singaporeans to receive care and support package cash payments from June 18: MOF
4Jun mmBy Mike TrudellNo Comments
Singapore

Eligible Singaporeans to receive care and support package cash payments from June 18: MOF

Singapore’s Ministry of Finance on Thursday announced that “eligible” Singaporeans will receive cash from June 18 as part of the the Care and Support Package.“Those eligible will receive cash payments of S$300 or S$600 via PayNow on June 18”, the Ministry said.Citizens who do not have PayNow linked to their NRIC by June 11 but have previously provided their bank account details for receiving Government payouts will receive the cash on June 25 via direct bank crediting, with the rest receiving the payments via cheque between Jun 30 and Jul 9.In addition, parents with at least one Singaporean child aged 20 and below in 2020 will each receive an extra S$300.Singaporeans aged 50 and above in 2020 will each receive an extra S$100 cash, in place of the earlier announced PAssion Card top-up."As p...
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2 in 3 working Singaporeans do not have enough savings to last more than 6 months: OCBC survey
1Jun mmBy Joe RodriguezNo Comments
China, Singapore

2 in 3 working Singaporeans do not have enough savings to last more than 6 months: OCBC survey

Only a third of Singaporeans and permanent residents have enough funds to last them more than six months if they were to lose their jobs now, according to an OCBC survey released on Monday.An Oversea-Chinese Banking Corporation (OCBC) survey conducted in Mid-May found that about 18 per cent have enough savings to cover one month of expenses.The bank surveyed 1,000 working adults aged between 21 and 65, earning from $2,000 a month. Around half had already suffered wage cuts, were prescribed no-pay leave or had their commission earnings reduced.“The survey aimed to understand the impact of the coronavirus crisis on residents' financial well-being”, OCBC said.More than half the respondents said their savings had taken a hit. Around 20 per cent indicated their savings fell by more than 20 per ...
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Singapore secured about S$13 billion in investment commitments amid COVID-19 outbreak
30May mmBy Joe RodriguezNo Comments
China, Singapore, USA

Singapore secured about S$13 billion in investment commitments amid COVID-19 outbreak

Singapore's Trade and Industry Minister Chan Chun Sing on Saturday said that despite the COVID-19 outbreak, the Economic Development Board (EDB) has in the first four months of this year secured about S$13 billion in investment commitments for the “next few years”.“These investments, in sectors including electronics and infocomm, will generate a few thousand jobs for workers in Singapore in the coming years, Chan explained.Companies such as chipmaker Micron and life sciences firm Thermo Fisher Scientific are adding jobs, he said.This “very good performance” means Singapore has exceeded the S$8 billion to S$10 billion which had been projected for the whole of 2020.Chipmaker Micron aims to add 1,500 jobs in Singapore over the next few years, while Thermo Fisher Scientific is increasing hirin...
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Should adopt working from home as a default option: Ministry of Manpower
29May mmBy Joe RodriguezNo Comments
China, Singapore

Should adopt working from home as a default option: Ministry of Manpower

Singapore’s Ministry of Manpower (MoM) on Friday said that post June 1, when the circuit breaker ends, all companies - including those resuming operations in the first two phases of the economy's reopening - should adopt working from home as a default option.“This means that employees who have been working from home must continue to do so, and should go to the office only where there is no alternative,” the Ministry said.It further warned that routine checks will be conducted to ensure that this is being done, and “businesses that do not ensure that employees work from home where possible, or whose workers do not adhere to safe management measures, may have to close their workplaces”.To reduce the risk of Covid-19 transmission in the community, employees who must work from office and those...
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COVID-19 impact: Public transport in Singapore might get expensive
29May mmBy Joe RodriguezNo Comments
China, Singapore

COVID-19 impact: Public transport in Singapore might get expensive

It could be more expensive to take the bus or train in future if telecommuting becomes the norm in the long term, even after the COVID-19 pandemic dies down, says experts. “Lower ridership means a drop in fare revenues for operators. They may eventually have to adjust fares or rely on more government subsidies to ensure that public transport continues running,” they said.The issue of costs and funding would also “depend critically” on how long safe distancing measures would be implemented on buses and trains, said Associate Professor Theseira, who heads the Singapore University of Social Science’s master of urban transport management programme.“What is affecting financing is safe distancing, because it forces us to operate a full schedule of services but with very low ridership per service...
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Reducing migrant worker population will affect Singapore’s competitive edge: Industry groups
27May mmBy Joe RodriguezNo Comments
China, Singapore

Reducing migrant worker population will affect Singapore’s competitive edge: Industry groups

Several industry groups on Wednesday said that a reduction in the number of foreign workers in Singapore would have multiple implications on the economy and businesses, and also have a ripple effect on jobs for Singaporeans and housing prices.Policy thinkers and parliamentarians recently called for a reassessment of Singapore’s reliance on migrant labour amid the COVID-19 pandemic, which has infected more than 30,000 migrants.Foreign workers make up more than 90 per cent of Singapore's COVID-19 cases.On Wednesday, several trade associations and ethnic chambers of commerce noted the important role foreign workers play in keeping Singapore's economy going, and the implications should there be a reduction in the number of migrant workers.They pointed out several challenges faced by companies ...
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“Fortitude Budget aimed at providing jobs, supporting workers through COVID-19 pandemic”
26May mmBy Mike TrudellNo Comments
Asia, Singapore

“Fortitude Budget aimed at providing jobs, supporting workers through COVID-19 pandemic”

Singapore’s Deputy Prime Minister Heng Swee Keat on Tuesday unveiled a new S$33 billion budget primarily focused on providing jobs and helping to tide workers and businesses through the “difficult period” of COVID-19.“The central focus of this Budget is jobs. This Budget will continue to support workers and businesses who remain affected by border closures and safe distancing measures,” Keat said."We aim to enable workers and businesses to go through this difficult period together in a synergistic way," he added.The Fortitude Budget, which is Singapore’s fourth of the year, aims to help businesses and workers adapt, transform and seize new opportunities in order to emerge stronger.This comes as Singapore prepares to reopen its economy in three phases, following a "circuit breaker" period w...
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Jobs a key part of ‘Fortitude Budget’, President gives in-principle support to draw on reserves
25May mmBy Michael SmithNo Comments
Asia, Singapore

Jobs a key part of ‘Fortitude Budget’, President gives in-principle support to draw on reserves

Singapore President Halimah Yacob on Monday said she has given her in-principle support for the Government to draw on past reserves for a fourth support package to help businesses and people cope with the economic fallout from the Covid-19 outbreak."This is the fourth Budget within two months into the new financial year, and the second time past reserves are tapped for the Government's Covid-19 response," she wrote in a Facebook post.President Halimah also said that Deputy Prime Minister Heng Swee Keat and his team of ministers had briefed her and the Council of Presidential Advisers (CPA) last week on the fourth Covid-19 support package.The coronavirus crisis is unprecedented, she said, and the situation remains volatile, with significant uncertainties in global economy."Lives and livelih...
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