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Singapore Budget 2018: Key Updates for Local Businesses

Amid new forces reshaping the world today, Budget 2019 charts the way forward in a changing economy. FOUR MAJOR SHIFTS 1. Shift in global economic weight towards Asia 2. Rapid technological advancements 3. Changing demographic patterns 4. Decline in support for globalisation 1. SHIFT IN GLOBAL ECONOMIC WEIGHT TOWARDS ASIA i. Scale Up SG Program New programme to help high-growth local firms innovate, grow, and internationalise. ii. Innovation Agents Program Pilot for enterprises to tap on experienced industry experts for advice on innovation and commercialisation opportunities. iii. SME Co-invest Fund III $100 million investment by Government to catalyse private sector funding in SMEs that ar

Change to Employment Act wef 1 April 2019

KEY CHANGES AT A GLANCE 1. Core provisions will be extended to cover all managers and executives. 2.The Salary threshold for non-workmen to qualify as Part IV employees will be raised from $2,500 to $2,600. 3. Wrongful dismissal claims will be heard by the Employment Claims Tribunal instead of the Ministry of Manpower. 4. Medical Certificates from all registered doctors and dentists will be recognised for paid sick leave. KEY CHANGES EXPLAINED 1. Core Provisions Coverage Before 1 April 2019: The Core provisions covered all employees, except managers and executives earning more than $4,500. From 1 April 2019: Core provisions will cover ALL EMPLOYEES What This Means The monthly basic salary th

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