Government measures in key jurisdictions 4th edition - Flipbook - Page 110
Singapore
•
The Job Growth Incentive (“JGI”) was announced on 17 August 2020. It is a $1 billion
scheme to boost hiring of local workers in growth sectors with a special focus on helping
older workers.
- Qualifying firms that raise their headcount of local workers over the next 6 months will
receive a subsidy for up to 25% of their salaries for one year, subject to a cap.
- The SG Government will co-pay up to 50% for workers aged 40 and above.
The MAS Support Package was announced on 8 April 2020 and is a SGD$125 million support
package to sustain and strengthen capabilities in the financial services and FinTech sectors.
Insolvency
Has the
government
made any
changes to
insolvency
legislation?
•
SGD$90 million has been allocated to supporting workforce
training and manpower costs, through the launch of a new Training Allowance Grant, enhanced
course fee subsidies and salary grants to Financial Institutions regulated by MAS of $2,000
per month for eligible Singapore citizens hired under a structured talent development programme.
•
A new Digital Acceleration Grant has been set up to enable Singaporebased financial institutions regulated by MAS and Singapore-based FinTech firms certified by
the Singapore FinTech Association (“SFA”) to adopt digital solutions as well as upgrade systems
to enable business continuity.
•
On 13 May 2020, MAS and the SFA, AMTD Group and
AMTD Foundation launched a SGD$6 million MAS-SFA-AMTD FinTech Solidarity Grant to complement
the MAS Support Package. This includes the Business Sustenance Grant which allows
eligible Singapore-based FinTech firms to receive a one-time grant up to SGD$20,000 to cover
the wages of their local workers as well as office rental costs. It also includes the Business Growth
Grant. Eligible Singapore-based FinTech firms will also receive 100% internship funding for
salaries of Singapore citizens and permanent resident undergraduate interns, up to a cap of
SGD$1,000 per month per intern.
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
110