Read our COVID-19 Guidance for Businesses: Your strategy to manage manpower, reduce costs and secure financial support from the government:
Since the COVID-19 outbreak, businesses across Singapore have been experiencing disruption on their normal business operations. This disruption has put a lot of pressure on businesses’ cash flow which could mean that for some, keeping their current staff numbers won’t be feasible for much longer.
Considering the regional and global developments of the situation, the Singapore government has introduced new measures and enhanced existing ones to support businesses manage their manpower and help them release some of this pressure.
In spite of these support measures, which may not be available to some businesses, internal measures to manage excessive manpower may become necessary. In this regard, the Ministry of Manpower (“MOM”), the National Trades Union Congress (“NTUC”), and the Singapore National Employers Federation (“SNEF”) have updated their guidelines, suggestions and measures for employers to adopt and consider.
The purpose of this guidance paper is to provide you with an overview of the current support schemes available and possible strategies to adopt in order to manage current operational challenges. Our view is that the financial support is quite sector specific at the moment, and only a few options are available to all businesses. Nevertheless, we are expecting broader measures to be announced soon.