- February 28, 2020
- Posted by: avantconsulting
- Categories: Singapore Economy, SME Loans
Front Line Officers to get bonus | Ministers & MPs Pay Cut – In a show of solidarity with the rest of the economy, Ministers and the President will be taking a 1 month pay cut. Members of Parliament will also be taking the 1 month cut. The news was announced today with the senior politicians leading the cut: https://www.straitstimes.com/singapore/budget-debate-president-and-ministers-to-take-1-month-pay-cut-special-bonus-for-frontline
For those working on the front line especially those in the healthcare sector will see a special one month bonus for their efforts in the front line fighting Covid-19 outbreak that is slowing down the economy and possibly causing a recession led by the fall in tourism and also in the retail sector that has seen lesser people in the malls and with businesses having back up plans of having staff members working from home.
Similar pay cuts are going on across major government linked companies:
Singapore is expected to suffer a slowdown and possibly a recession in the coming months with the ban on Chinese travelers contributing to a big drop in revenue from tourism.
The government has increased its support for SMEs through the working capital loan and also loosening of the criteria for loans.
We are hoping that with this slow down, landlords will also assist retail companies in lowering their rentals, so that most business will be able to handle the whole situation for a longer term if this drags on for even longer.
Avant Consulting Pte Ltd is the leading SME Loan Broker in Singapore that assist Small and Medium Enterprises in acquiring funding from banks and financial institutions. Working closely with each SME to assist in their Singapore Bank Loan Application process to ensure that they are able to get the funds and also maximize the quantum and minimize the interest rates and fees.