Press release

17 Aug 2020 Singapore, SG

EY reactions to Ministerial Statement on continued support for workers and jobs

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Media Relations Lead (Assurance, Tax, Strategy and Transactions, Growth Markets), Ernst & Young Solutions LLP

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EY released its reactions to the Ministerial Statement for continued support for workers and jobs today.

Mr. Max Loh, Managing Partner, Singapore and Brunei, Ernst & Young LLP:

“The additional COVID-19 support measures further assist Singaporean companies and workers to tide over the prolonged ‘lives and livelihoods’ crisis as well as position them to agilely transform and seize growth opportunities in a post-COVID world. This unprecedented crisis has brought about varying levels of hardship to different economic segments and continued targeted support – especially for the hardest-hit sectors – provides much-needed reassurance that everyone is not battling this challenge by themselves.”

Ms. Soh Pui Ming, Singapore Head of Tax, Ernst & Young Solutions LLP:

“Reopening the economy while controlling the spread of the pandemic is a tricky balancing act. Recognising that some sectors and groups have recovered more swiftly than others, this round of support measures target those that are hardest-hit and in greatest need, while demonstrating financial prudence and not tapping into past reserves.”

Continue to support and create jobs

Mr. Samir Bedi, EY Asean Workforce Advisory Leader:

“The combination of the extension of the Jobs Support Scheme and the Jobs Growth Incentive will provide the necessary support required to save jobs in the hardest-hit sectors, while driving employment growth in sectors that have a positive outlook despite the COVID-19 pandemic.”

Mr. Samir Bedi, EY Asean Workforce Advisory Leader:

“Retaining core capabilities, keeping core and specialised skills, redesigning jobs and creating new job opportunities are front and center of our response plan for workers and businesses.”

Provide more support for hardest-hit sectors

Mr. Samir Bedi, EY Asean Workforce Advisory Leader:

“The Jobs Growth Incentive, with its focus on mature workers, is a great move that speaks directly to the heart of employment issues by helping the demographic group that is likely to be hardest-hit.”

Mr. Chai Wai Fook, Partner, Tax Services, Ernst & Young Solutions LLP:

“The new Jobs Growth Incentive should be well-received by sectors that are performing well during this COVID-19 pandemic such as financial services and infocomm and technology sectors, with the government co-paying 25% or 50% of the salaries of new local hires for one year, subject to a cap. It should encourage these businesses to employ more local workers who may have been displaced, especially those who are aged 40 and above.”

Transform our economy to position for growth

Mr. Desmond Teo, EY Asia-Pacific Family Enterprise Leader:

“With five Budget statements within seven months, the gravity and persistence of the COVID-19 pandemic cannot be understated. While Singapore has been steadily bringing COVID-19 infections under control, concerted efforts from countries around the world will be needed to curb infections and bring about economic recovery.”

Mr. Desmond Teo, EY Asia-Pacific Family Enterprise Leader:

“The measures are focused on protecting workers – not just jobs – as Singapore looks to encourage the transformation and scaling up of businesses in a different post-crisis world. In this difficult environment, the opportunity costs for entrepreneurs to set up a business may be lower and with talent more readily available. Entrepreneurship takes courage and hopefully with the grants for startups, more aspiring entrepreneurs will venture to pursue their dreams.”

Mr. Chai Wai Fook, Partner, Tax Services, Ernst & Young Solutions LLP: 

“The S$150 million funding to enhance the Startup SG Founder Program will provide a further boost to grooming more business leaders of promising SMEs with training and mentorship. This underscores the importance of enabling our local enterprises to scale new heights when recovery starts.”

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Notes to Editors

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