Coronavirus - Government measures in key jurisdictions - Flipbook - Page 69
Singapore
Businesses
The Jobs Support Scheme (“JSS”) provide wage support to employers to assist them in
retaining their local employees.
•
The Government will co-fund 75% of the first SGD4,600 of gross monthly wages paid to
each local employee for April 2020 across all sectors. This is to support firms during the
‘circuit breaker’ period.
•
The Government will co-fund the first SGD4,600 of gross monthly wages paid to each
local employee for the months of May to December 2020. The level of co-funding
ranges from 75% for sectors classified as Tier 1, 50% for sectors classified as Tier 2 and
25% for sectors classified as Tier 3:
– Tier 1 is the aviation and tourism sector, which include airlines, airport ground
handlers, airport operators, qualifying licensed hotels, qualifying licensed travel agents,
qualifying gated tourist attractions, cruise lines and cruise terminal operators, venue
operators of purpose-built meetings, incentives, conferences and exhibitions.
– Tier 2 is the food services sector, which include licensed food shops and food stalls.
– Tier 3 is all other sectors not falling within Tiers 1 or 2.
3
Insolvency
Has the
government
made any
changes to
insolvency
legislation?
The SG government has introduced temporary relief for individuals and businesses who
are facing financial difficulties.
Individuals
•
The monetary threshold for bankruptcy has increased from SSGD15,000 to
SSGD60,000.
•
The statutory period to respond to demands from creditors has been lengthened from
21 days to 6 months.
•
The monetary threshold for the Debt Repayment Scheme has been increased from
SSGD100,000 to SSGD250,000.
Businesses
•
The monetary threshold for insolvency has increased from SSGD10,000 to
SSGD100,000.
•
The statutory period to respond to demands from creditors has increased from 21 days
to 6 months.
The Act also provides relief for directors from insolvent trading, as long as the debts are
incurred in the ordinary course of business.
Government measures in key jurisdictions
69