Singapore
Risk Management for Covid-19
The COVID-19 situation is requiring a significant amount of collaboration, analysis, problem solving and responsiveness at a domestic and international level given the constantly unfolding situation. This approach is exactly the approach that needs to be adopted by business as well. The purpose of risk management and business continuity planning is to identify potential business risks and prepare the business to cope with those risks in a way that aims to protect its long term viability.
Companies employing staff in Singapore must notify MOM of any cost saving measures
With effect from 12 March 2020, employers must notify the Ministry of Manpower (MOM) if they implement any cost-saving measures that will impact employees’ salaries. This new policy is in place to ensure companies manage excess manpower responsibly.
Singapore Budget 2020
Deputy Prime Minister Heng Swee Keat has set forth an expansionary Budget 2020. The goal was amongst others to provide a sizeable fiscal boost to the economy to counter the negative impact of the outbreak of the COVID-19, helping businesses, workers and students by giving vouchers, cash payouts, bursaries and (re-)training arrangements to facilitate all to enjoy a better tomorrow.