COVID-19 is a perfect example of a possible use case of your emergency fund. This year isn't a great year for most people. In March, there were 71 jobs for every 100 available jobs. In addition, public officers in superscale grades will take either a one-time 0.5-month or 1-month pay cut, in accordance with their seniority. News Boon Hun-December 15, 2020. Follow us on Telegram for more informative & easy-to-read articles, or download the Goody Feed app for articles you can’t find on Facebook! Please refer to this infographic for more information on the additional measures 2 announced on 17 August 2020, to protect employees and jobs. Now, why have I said that there should be more employees affected? Manpower Minister Josephine Teo said that more than 4,000 companies have alerted the ministry about the pay cut since mid-March, and it involves 150,000 employees. With the travel industry taking a big hit from COVID-19, SATS Ltd is suffering the impact of lesser flights across the Asia market. Stay updated with the latest finance tips! Written By George Yang. SINGAPORE — Singapore Post will cut salaries and freeze pay for its senior management staff amid the COVID-19 coronavirus outbreak. However, you need to have a monthly household income of less than $10,000 or monthly per capita income of less than $3,100 prior to the pay cut, and your pay cut must be for at least three consecutive months. In view of the ongoing global economic slowdown and effects of the COVID-19 outbreak, the government has announced that the Singapore President and all cabinet ministers, including the Prime Minister, will be taking a one-month pay cut. Ultimate guides to kickstart your finances, You can contribute your thoughts like Ming Feng. The government’s actions follow recent moves by some of Singapore’s top companies to freeze pay and cut bonuses as the country attempts to combat the … May 01, 2018. To better support the retail partners of CapitaLand, a portion of the compensation for its managerial staff in Singapore will be paid in the form of CapitaVouchers. A SATS Ltd Group’s Email got leaked out onto hardwarezone forum this morning. Prospective BTO couples... heads up. SINGAPORE, Feb 26 — Property developer CapitaLand said today it is freezing or slashing pay for managerial and senior staff, while telco Singtel is reviewing its cost-control measures — including those for manpower and wages — as the firms take steps to … If I were the staff I’d request for a 30% pay cut instead, which you’d understand later. I can’t even imagine what the figures are like for April and May, since that was before Circuit Breaker. I’m pretty sure there are more, and as a matter of fact…there are. In the battle against COVID-19, the public officers on the front line play an important role. And if you lose your job altogether, you’d get up to $800 a month for three months, too. Latest Articles. SINGAPORE: Singapore-listed developer CapitaLand announced a wage freeze for members of staff at managerial level and above on Wednesday (Feb 26). Since the Circuit Breaker kicked in, MOM has made the process easier: they can do so online by filling up a form here. This comes on top of the earlier 0.5-month pay cut taken by senior public service officers in key leadership positions, which was announced in … Their job will not be replaced. You can watch the interview with Manpower Minister Josephine Teo here: If you’ve suffered a pay cut of more than 30%, you can apply for the COVID-19 Support Grant. Feb 29, 2020, 12:52 am SINGAPORE - The President, all Cabinet ministers - including the Prime Minister - and political office-holders will take a one-month pay cut … We see media houses jump on the fear of this unique event of COVID-19 and covering it as if it is the end of the world. The management team of SATS Ltd will be taking a 10% pay cut. Temasek also asked senior management to take a voluntary pay cut for up to a year. Goh Choon Phong, the Chief Executive, Singapore Airlines, will also be taking a 15 percent pay cut. With the number of flights required significantly lesser, the SIA Group, making up of SIA, SilkAir and budget carrier Scoot will be: SMRT will also be implementing a salary reduction for its management staff this year. HDB Planning to Launch 17K BTO Flats in 2021 & Some Are in Mature... M1 Users Reported Disruption This Morning; 2nd Time in This Month, Everything About the Thailand COVID-19 Sudden Outbreak That Involved Migrant Workers. Some even made COVID-19 related content a premium one to make some quick money out of it. Showering in the Morning vs Evening: Which is Better? If staff are covered by the Employment Act, the Ministry of Manpower (MOM) states that employers can deduct salary “only for specific reasons”. And it’s even worse when it comes to seeking for new jobs. Still have more questions after reading the article? A pay cut may be temporary or permanent, and may or may not come with a reduction in responsibilities. If employers are allowed to cut pay due to poor performance, the HR practice would be regressive (going back to the master and servant era when employers deduct for every mistake made by their “slaves”) and the performance appraisal system would be doomed as the workers’ fate is at the mercy of their superiors. ), When You Exercise & Eat at the Same Time #shorts, 10 COVID-19 Cases Today (21 Dec); 1 Case in the Community, Here’s How the 3 Main COVID-19 Vaccines Work Simplified for You. 150,000 Singapore workers have had their pay cut by 25% since mid-March What to Do if You’ve a Pay Cut or Lost Your Job If you’ve suffered a pay cut of more than 30%, you can apply for the COVID-19 Support Grant. DBS, which is 29% owned by Temasek, is instead implementing a number of non-pay-cut-funded measures to support its customers and the wider population in Singapore.Other local banks in … This is why I’ve mentioned earlier that … The Government will award public officers on the front line with a special bonus of up to one month. All Members of Parliament and political office holders will be taking a one-month salary cut. If you fulfil the criteria, you’d get up to $500 a month for three months—the amount would be decided based on how much pay cut you’ve taken. And now, we know how many people have been affected. #shorts, 6 Asian Myths That Aren’t True (Based on Science! Like that no assistance can help you liao. However, companies cannot anyhowly just cut employees’ salaries; they have to notify MOM about the pay cut within a week if the pay cut is more than 25% of the employee’s gross monthly salary, and indicate that they’ve done so fairly. Employees above the age of 55 can consider the option of early retirement. Why Ah Beng threw butter out of the window? Employers should be clear about returning the amount cut during the recession through future pay rises or when the business recovers. PM, ministers to take three-month pay cut in solidarity with Singaporeans. Employee Assistant Payments (EAP) will … Separately, SATS has on 19 February implemented a series of cost-saving measures such as a 10 per cent pay cut for the management team, a company spokesperson told Yahoo Finance Singapore. For some people with a huge amount of savings, they see this time as the perfect investment opportunity. The impact is believed to be worse than that of Sars, or severe acute respiratory syndrome, in the year 2003. Unless your goal is not to work for money and just want help from the authorities lah. Here’s the message sent out by CapitaLand: To fight through this difficult period, CapitaLand took up certain measures on their compensation front too. As Singapore battles the novel coronavirus outbreak, its government said today that its president, cabinet ministers, and political office holders will take a one-month pay cut … But for M1? Over the years we touched on the importance of Rainy Day fund when it comes to allocating your monthly salary. In a … Thu, Mar 26, 2020 - 5:52 PM. Melissa Chan. ... With the COVID-19 outbreak, businesses all over Singapore (and the world) have taken a hit. Just last week, Temasek also went through similar measures. The JSS has been extended by up to seven months to cover wages paid up to March 2021 and the level of support has also been enhanced for more severely affected sectors 1. Rainy day fund should be able to help you stay afloat for at least six months without any income. For its upcoming compensation exercise which will happen in April, Temasek took up these measures: With the travel and aviation industry taking the most hit from COVID-19, Singapore Airlines (SIA) and SilkAir were made to cut costs too. Sheng Siong, of course, didn’t do that: they gave more money to their staff instead). Some pay cuts also affect an employee’s raises, bonuses, and benefits. And thirdly, there would be many companies with less than 10 employees—they’re not required to notify the ministry at all. In 1796, the British doctor Edward Jenner developed a vaccine to combat the deadly smallpox virus. Pay cuts, voluntary unpaid leave at SATS amid Covid-19 Thu, Feb 27, 2020 - 10:52 AM Marissa Lee marilee@sph.com.sg @MarissaLeeBT Airport and food services provider SATS has slashed pay for its management team and is letting staff opt for voluntary early retirement and voluntary unpaid leave as pressure mounts from the coronavirus outbreak. Tap on the monthly variable component (MVC) to adjust wages immediately depending on business performance. As Singapore employers cut pay, expats are asking for lower rentals Singapore has one of the world’s most expensive property markets, with rentals dominated by … Jump on any investment forums to see the term, “time to buy cheap” getting repeated constantly. A survey conducted in March by human resources consultancy Mercer Singapore showed 3 per cent of firms here having cut workers' salaries and another 5 per cent mulling this option. This is why I’ve mentioned earlier that a pay cut of 30% is better than a pay cut of 24%. Covid-19: S'pore President, Political Office Holders & MPs to take 1-month pay cut. Also, more than 8,500 companies have folded last month—employees in these companies suffered a “100% pay cut” instead and needless to say, they’re not in the 150k figure. CUT, SINGAPORE. Secondly, there might be companies that didn’t declare. Fret not, ask our community here! Divisional vice presidents and vice presidents’ pay cuts will increase from 7 to 12 per cent, while senior managers and managers’ pay cuts will increase from 5 to 10 per cent starting 1 May. Titled “Save Costs in Order to Save Jobs“, you can check it out on the forum. We, on the other hand, see hope and smarter personal finance decisions being put into practice. We’re officially one week away from Phase Three, and all of a sudden, things don't look so goody now. When COVID-19 hit us fast and furious, bosses immediately cut employees’ salaries fast and furious, too. (P.S. Employers in Singapore can consider implementing reasonable temporary wage cuts if such a move minimizes retrenchments, the National Wages Council said in a statement. Along with them, board members are also showing solidarity by increasing their cut in director fees from 15 per cent to 30 per cent. Salary freeze for all staff at managerial level and above, Board members and senior management will take a 5 to 15% reduction in their board fee and base salary. The critically acclaimed steak restaurant features a comfortably modern dining room designed by esteemed hospitality designer Tony Chi. With falling occupancy rates and the closure of more hotels as tourism dries up, a number of hoteliers in Indonesia are trying to preserve jobs by resorting to reduced work weeks and pay cuts, as well as reshuffling employees' job duties, amid the pandemic. The top management at Singapore Airlines has set an example for the rest of the staff by taking a pay-cut. Three reasons: firstly, there would be companies that did a pay cut of 24%, which doesn’t require a required declaration to the ministry. If you haven’t included the MVC in employees’ basic pay, consider treating any cuts of up to 10% as an MVC cut. If you are wondering if this means that Singapore is going to SH*T, and we are in an all hell breaks loose situation, you need to calm down. SATS Ltd (SGX: S58) Share Price at S$3.14: What's the Business Behind…, We Asked Singapore Millennials How COVID-19 Has Affected Their Lives, Jamus Lim on COVID-19, the Economy and Singapore: 7 Key Takeaways Fro…, SATS Ltd's (SGX: S58) Second Quarter Earnings: 3 Bright Spots Amid th…, The management team of SATS Ltd will be taking a, Arrangement for employees who wish to go on, Employees above the age of 55 can consider the option of, Senior management may take a voluntary pay cut of, Senior management team which includes managing directors and above will experience a. SMRT will impose a salary reduction of up to 5% and a 0.5-month reduction in bonus for its management staff this year. Similar situations have happened in the year 2003 during the Sars outbreak and the financial crisis in 2007. However, this compulsory notification will only apply to companies with at least 10 employees. Pay cuts are often made to reduce layoffs while saving the company money during a difficult economic period. Vulcan Post. REPLY 3. Earlier this week Singapore Airlines announced that they have temporarily suspended over 3,000 flights, from February until the end of May.. NWC Suggests That If There’s a Pay Cut Due to COVID-19, The Management’s Cut Should Be Higher. To give a quick summary, SATS Ltd is taking a few measures to weather this tough period of time: Measures like this seem inevitable. What the exact total of how much savings this would entail for Singapore is uncertain, but we’ve done the math to estimate what the cabinet pay cut would look like when put together. And jobs the age of 55 can consider the option of early retirement senior public service officers take... 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