Government measures in key jurisdictions 5th edition - Flipbook - Page 115
Singapore
The Job Growth Incentive (“JGI”) was announced on 17 August 2020 and will run until
September 2021. 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% on the first SGD $5,000 of gross monthly wages.
•
The SG Government will co-pay up to 50% for workers aged 40 and above, persons with
disabilities, or ex-offenders.
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 Singapore-based 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 Simplified Insolvency Programme (“SIP”) came into effect on 29 January 2021 to
cater to micro and small companies (“MSCs”) which have been severely impacted by
Covid-19 and require support to restructure their debts to rehabilitate their business or
to wind up. Micro and small companies are defined as having annual revenue of less
than $1 million and $10 million respectively.
•
The SIP provides simpler, faster and lower-cost restructuring and insolvency
programmes for eligible MSCs. The SIP consists of two separate programmes that
eligible MSCs may apply for:
Simplified Debt Restructuring Programme: for the restructuring of debts and potential
rehabilitation of viable businesses; and
Simplified Winding Up Programme: for the orderly winding up of non-viable
businesses. The company’s realisable unencumbered assets cannot be more than
SGD$50,000.
•
To qualify for the SIP, the number of creditors cannot exceed 50 and the number of
employees cannot exceed 30. The company’s annual sales turnover must not exceed
SGD$10 million and its liabilities, including contingent and prospective liabilities, must
not exceed SGD$ 2 million.
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