Smooth Transition to the New Normal

Although the recovery rate is increasing, Singapore has been recording a rise in the spread of Covid-19. The number was even double in the recent September.

As of May 2023, 2.4 million cases and 1,722 deaths were reported, which is relatively higher compared to the earlier reported 2.3 million cases and 1721 deaths in the same month.

By changing health care protocols and gradually easing restrictions, the government hopes to create an environment in which we can all live with the virus – an endemic.

So, for the most part, cars are back on the roads, business is opening up, and people are returning to daily commutes on public transport.

One question remains: with the rising numbers, what measures have been put in place to curb the spread while supporting business continuity?

New Changes

As part of the transition, Singapore government announced new changes to its COVID policy. Here are the major changes:

1. Vaccination and Mask-wearing

Vaccination-Differentiated Safe Management Measures (VDS) were lifted on 10 October 2022. Subsequently, Safe Management Measures (SMMs) have stepped down from 13 February 2023, except for mask-wearing. This SMM is not as strict, which is only required for visitors, staff and patients in healthcare and residential care settings. Not compulsory on public transport. The prudent public continue wearing although this has become optional.

Consecutively, all employees are allowed to return their workplaces, regardless of their Covid-19 status. The work-from-home arrangement for employees, who are tested positive for Covid-19 but physically fit to work, are controlled by the employers. Anyone, tested Covid-positive, does not have to inform a statutory body.

2. Border Changes

There have also been changes to Singapore’s border measures. As of 13 February 2023, Singapore has lifted all Covid-19 border requirements. That means there are no more restrictions for travellers regardless of their profile or Covid-19 status.

Tips for Singapore Businesses

These changes are welcome news for business but also raise several concerns, like how to stay safe and achieve sustainable growth in such uncertain times. Thankfully, this post offers several tips on how to do that.

Here’s how you can safely make it through this period of uncertainty.

Consult with your stakeholders

Your employees, customers and other partners will have different opinions on the return to work. Carrying out a stakeholder meeting will help you to gain feedback and understand who they are so you can consult with them as needed.

They will likely hold opposing views. Some will be excited for the return to “normal,” while others will be more apprehensive.

You need to consider all these opinions and factor them into the decisions you make. Empathy mapping can be an excellent tool for understanding stakeholder options.

It can help you balance different needs and develop a balanced approach to reassuring those who are unsure about returning to the workplace.

Seek out new opportunities for growth

Now that restrictions have eased, you should seek out ways to expand your business. Don’t hesitate to create a budget for these opportunities.

Whether it involves integrating a new IT solution into your operations or implementing a new sales strategy, you should invest in resources and knowledge that will help your company grow sustainably.

Embrace flexible work arrangements (FWAs)

The government of Singapore acknowledges the need for work-life balance in promoting business continuity and productivity. As such, it is set to release guidelines on flexible work arrangements in 2024.

But how prepared are you to embrace these changes? You can take this time to review the suggested changes and how they will impact your business.

Identify what your employees need and the needs of your business so you can optimally reap the benefits of the suggested FWAs. It will also help in establishing a smooth transition come 2024.

Go Digital

41% of Singapore SMEs who embraced digitalisation in 2021, reported a rise in their sales revenue. Consequently, 6 in 10 SMEs who were hesitant to adopt digitalisation reported lower revenue in 2020 than in 2019.

Considering the disruption Covid-19 has caused, going digital cannot be a luxury any longer. It should be your priority. The government has launched a program to help with the process, which should make things easier for you.

Joining the SMEs Go Digital program makes you eligible for the Productivity Solutions Grant (PSG), which grants you access to various pre-approved digital solutions.

Going digital will create new opportunities for your business to explore. The government initiative, in particular, offers several benefits that include:

● Smart matching, where the local SME suppliers will get recommendations to possible overseas clients
● Optimised listings on overseas electronic marketplaces
● Quick access to available financing methods
● Access to reliable supply chain partners, like logistics companies that offer last-mile delivery, if you need the service.

Embrace remote and hybrid work arrangements

Covid-19 revealed the possibility of remaining productive during uncertain times. Many businesses were hesitant to adopt remote work arrangements. But as the pandemic proved adamant, they had no choice but to cope.

Embracing remote work not only keeps you moving during uncertain times but also cuts costs. You cannot have all your employees at the office, which means you can save on office space budget.

Besides, embracing remote work means you can tap into the top talent globally, which is also part of helping you to spread your wings and gain more visibility.

Make smart budget choices for your business

Despite the ease in restrictions, many sectors of the economy are yet to recover.  This means it may take a while before you achieve the same level of performance as before the pandemic.

The choices in your financial management during this period will significantly affect your business. Here are some tips on managing your finances:

●  Make a budget and follow it. It’s easier to manage finances when you have a budget and the updated accounts for reference.

They will help you determine where your money is spent and evaluate whether you’re spending too much or too little on crucial business processes.

●  Spread out your expenses. It’s okay to invest in materials, equipment, and training for your employees. However, you shouldn’t attempt to do everything all at once.

Spread out your expenses so that your purchases won’t force you into an uncontrollable debt spiral.

●  Be frugal: This is not to say, you should be extreme, but do your best to reduce costs in all aspects of your business. For example, you should look for ways to negotiate better deals with your suppliers before signing a contract.

Something else to consider is determining the strategies for consuming your finances.

●  Have a cash reserve: Keeping a cash reserve will help you compensate for unexpected events (like new restrictions) without the need to take a corporate or personal loan, even if you have a decent credit score.

Keep your employees safe

Ask your employees to get the vaccine if they haven’t done so yet but are eligible

Nearly 90% of Singapore’s eligible population have been fully vaccinated. But if your employees aren’t among this number for some reason, it’s crucial that they take the shot.

The Delta variant that has been spreading through the country is more infectious than the earlier forms of the virus and may cause more severe illness. There’s the threat of new variants, too.

The vaccine will limit the chances that they will catch the virus and prevent serious illness, even if they do.

Even though the government has lifted the social distancing requirements and declared mask-wearing indoors and outdoors as optional, these safety guidelines are essential for your organisation.

Distancing

The end of restrictions means a return to the hustle and bustle of daily life. But that doesn’t mean you should be less vigilant.

Respiratory illnesses like Covid-19 spread through coughing, sneezing, and close contact. Keeping a safe social distance (whenever possible) will keep you safe.

Keep your mask on

Evidence shows that wearing a mask will reduce your risk of exposure to airborne Covid-19 droplets, thereby reducing the chances you will get sick.

A recent study which looked at coronavirus mortality across 198 countries found that those whose cultural norms and government policies encouraged mask-wearing had significantly lower death rates.

Two compelling case reports also suggest that mask-wearing would be a great strategy during the transition.

In one report, a man on a flight from China to Toronto was discovered to be Covid-19 positive. He had a dry cough and wore a mask during the flight, and all 25 people nearest to him tested negative for Covid-19.

In another report, two hair stylists in Missouri were in close proximity to 140 clients while sick with Covid-19. Everyone wore a mask, and none of the clients was tested positive.

You and your employees should wear a mask whenever you are in indoor public spaces. You may want to do the same in outdoor areas with several Covid-19 cases and for business activities that involve close contact with others, who have not been fully vaccinated.

Conclusion

Despite the uncertainty over how things will turn out. There are reasons to be hopeful. Singapore has one of the highest vaccination rates in the world, so most of us are already protected from severe COVID-related health conditions.

We also have substantial health resources and experience from managing other public health crises. These strengths constitute a resilient healthcare system, so you can rest assured that the situation will improve eventually.

Introduction

First introduced under the Stabilisation and Support Package of Singapore’s Budget 2020, the Jobs Support Scheme (JSS) has been extended up to Sep 2021 to cover the hardest-hit industries. Support measures have also been enhanced to greater support businesses during the Phase 2 (Heightened Alert) [P2(HA)] period.

The JSS was designed to improve assurance and support to workers and businesses most affected by the COVID-19 crisis in this time of economic uncertainty. The initiative will provide cash flow support to local businesses, incentivise companies to retain local workers, and encourage firms to share productivity gains with its employees.

Under the Scheme, the Government will subsidise a percentage of the first $4,600 of gross monthly wages paid to local employees. The JSS payouts are intended to compensate and protect employee wages. The wage support scheme has three tiers as follows:

**Firms in the built environment such as construction companies will receive 75% wage support for wages paid from June to September 2020 only. Thereafter, they will receive up to 50% (Tier 2) wage support instead.

Below shows the computation of JSS payout for employees from three tiers and three different wage rates:

Jobs Support Scheme (JSS) FAQs

Who are qualified for JSS?

All employers (not in the Employer Exclusion List^) who made CPF contributions for local (Singaporean and PR) employees will qualify for the payout. Local shareholders and directors earning wages with mandatory CPF contributions are also qualified for the payout. However, business owners (sole proprietors or partners in partnership businesses) earning wages or trading in their personal capacity are not eligible for the payout.

Firms and businesses that cannot resume operations on June 2, 2020 are also eligible for the payout. To help the business, the government will provide 75% wage support until August 2020 or when they are allowed to operate, whichever comes first. Businesses under this category include gyms, cinemas, retail outlets, and recreational centres.

UPDATED: Under the P2(HA) enhanced JSS measures, businesses required to suspend many, if not all of their operations, will also receive JSS support of 50% for the period from 16 May 2021 to 13 June 2021. This applies to affected gyms, fitness studios, performing arts organisations, and arts education centres.

Certain sectors not required to suspend operations but are considerably affected by the tightened measures, like retail, cinemas and family entertainment centres, will also enjoy enhanced JSS support of 30% from 16 May 2021 to 13 June 2021.

Other businesses significantly affected by the tightened measures in P2(HA) may also appeal for enhanced JSS support at go.gov.sg/jss.

^ Employer Exclusion List

1. Local government agencies including ministries and departments, organs of state, and statutory boards
2. PA services and grassroot units
3. Government and government-aided schools
4. High commissions, trade offices, embassies, consulate
5. Foreign military units
6. Unregistered local/foreign entities
7. Representative offices of foreign companies, foreign trade associations, foreign non-profit organisations, foreign chambers, foreign government agencies, and foreign law practices
8. Bank representative offices, insurance representative offices and other financial representative offices registered with MAS (Monetary Authority of Singapore)
9. News bureaus
10. International organisations
11. Entities paying CPF but are not registered in Singapore
    

How to apply for JSS payout?

Employers do not need to apply for the JSS payout. All employers (not in the Employer Exclusion List) who made CPF contributions for local employees will automatically qualify and will be notified of the support tier they qualify for and the amount they will receive. Businesses with CorpPass access can check their notification emails through the IRAS’s myTax Portal.

How will employers receive the payout?

JSS payouts will be credited through the following modes in order of priority:

1. Credited to the employers’ GIRO bank account used for Income Tax or GST;
2. For those without GIRO accounts, the JSS payout will be credited to their registered PayNow Corporate bank account
3. Otherwise, the JSS payout will be made by cheque.

Employers who are still not using GIRO or PayNow Corporate are encouraged to sign up for these modes to receive their JSS payouts faster.

When are the scheduled payouts?

Employers would have received the JSS payouts in April, July, and October 2020. A special payout was released in May 2020 to support businesses during the circuit breaker by providing support in advance. Eligible sectors will also receive subsequent payouts in March, June, September and December 2021.

Introduction

The SMEs Go Digital programme was developed to help SMEs embrace digital transformation and maximise growth with the help of digital technologies. As part of this programme, support such as enhanced government grants, the Digital Resilience Bonus, SME Digital Tech Hub, Start Digital Packs and more have been introduced.

Spearheaded by the Infocomm Media Development Authority (IMDA), the Start Digital programme was launched in January 2019 and encourages SMEs to adopt digital business processes with comprehensive and low-cost digital solutions. The Start Digital Packs have since gained traction and support from banks, regulators, and SMEs in Singapore.

What is the Start Digital Pack?

A Start Digital Pack is an affordable and fully customisable digital business solutions package created under the government’s SMEs Go Digital programme. Recognised by most corporate service providers in Singapore, the easy-to-adopt and easy-to-deploy programmes and tools included in the package are designed specifically to address the needs of small and medium enterprises that are just starting up or transitioning to the digital scheme. An organisation can pick up the tools or systems they need to get a head start in digitalisation, building a stronger foundation for sustainable business growth.

What are the Benefits of the Start Digital Pack for SMEs?

Aside from the benefits of digitalisation, the Start Digital Pack provides SMEs with the following advantages:

Low Price – The Start Digital Pack includes standard business solutions available in the market but are offered at a much lower price. SMEs can take advantage of rebates and/or free months of access when they sign up. **Freebies will depend on the contract and will differ amongst different partners and providers.

Comprehensive Business Solutions – The Start Digital Pack offers a complete set of business solutions for all business needs. The pack includes programmes and tools on business Accounting and Bookkeeping, HR and Payroll, Digital Marketing, Digital Transactions, Sales and Inventory, Cybersecurity, and others.

Customisable Package – SMEs can pick and choose the programmes they need and leave out those that aren’t relevant to their business. Having the right solutions working for their organisation will help entrepreneurs streamline their processes, and focus more on satisfying their customers and growing the business.

Easy Transition to the Digital World – SMEs adopting the Start Digital Packs will also enjoy professional help and guidance that will ease their entry to digitalisation. Corporate service providers in Singapore can provide an array of relevant tech solutions and training to help businesses digitalise their operations.

Who can apply for a Start Digital Pack?

To qualify for the programme, the business must meet the following criteria:

• Singapore registered and incorporated
• At least 30% ownership is held by a Singapore citizen or permanent resident
• Not more than $100 million in annual sales turnover, or not more than 200 employees

How can I apply for a Start Digital Pack for my business?

Qualified businesses can apply for a Start Digital Pack with any Start Digital Partner. Some of the already approved partners and vendors of the SMEs Go Digital Programme include DBS, OCBC, Maybank, UOB, Singtel, and M1. To apply, simply choose the partner (some partners may require the applicant to have an active account with them), customise your package, and then submit the registration form. When choosing the most suitable partner for your business, it is best to learn more about what the partner is offering and the details of the pack – the rates, the apps available and any help they are willing to extend to their clients.

Start Digital Pack Partners

OCBC and DBS banks are two of the first partners who join the Start Digital programme with great business solutions to offer:

OCBC – The OCBC Start Digital Pack has many digital business applications including accounting, marketing, HR, sales and procurement solutions. Its fully customisable solutions dashboard features are also integrated with e-commerce applications like Google Analytics, Mailchimp and Shopify. The dashboard is free to SMEs with OCBC accounts when they apply for a Start Digital Pack and subscribe to at least two solutions. The package also comes with a choice of two free apps upon sign up: Xero, Quickbooks, Mailchimp, or Shopify, for the first 12 months. Cash rebates are also offered in certain applications. To apply, simply send your account declaration and verification to your bank, choose the apps to purchase and start enjoying the benefits of digitalisation. 

DBS – An application for a DBS Start Digital Pack can be made online, with no need for qualified SMEs to physically go to the bank. Application is easily completed within 5 minutes and approval can be expected within 3 business days, when the client’s portal is ready for use. Open to new and existing customers, DBS offers web-based business tools that are designed to streamline processes, increase profitability and enhance business growth. DBS offers up to 18 months of free subscription to their featured solutions upon signing up with their Start Digital Packs.

Solutions under the Start Digital Pack

Start Digital offers a wide range of business solutions for users to choose from. Xero and Financio are two of the most popular business solutions amongst accounting firms in Singapore and Malaysia.

Xero – Xero is a top cloud-based accounting software with business tools integrations that include invoicing, time-tracking, reporting, payments, banking, HR and payroll, inventory, CRM, and bill/expenses management. The user-friendly accounting platform is popular for its groundbreaking and user-focused innovations. Our team at Mighty Glory Corporate Solutions, a certified Xero Advisor, can help you set up your Xero account for your corporate needs, walk you through implementation, and manage your account for you.

Financio – Financio is an all-round business solutions platform specially designed for small and medium businesses. Amongst its key integrations are business apps in invoicing, banking, HR and payroll, collaboration and reporting. Financio also features Lazada, one of the leading eCommerce platforms. The headache of manual stock counts is removed through the seamless synchronizing of price rates and inventory of your eCommerce business with Financio. As one of the pioneer Financio Advisors, we can help you set up your Financio account according to your business needs, implement its use, and manage it so that you can focus on other business priorities.

Conclusion

Connect with us today to know more about the Start Digital Pack! Our team can assist you to choose your partner, help you build your solutions package, and implement the solutions for your business needs. We look forward to helping you achieve your business goals with efficient and holistic solutions.

covid-19

Introduction

From late January 2020 onwards, the world has been plagued with news on the coronavirus disease (COVID-19, previously known as 2019 novel coronavirus). A pneumonia of unknown cause was originated from Wuhan City in Hubei Province of China. Singapore’s strategic location makes it vulnerable to contracting the virus. As of March 16, 2020 (1200 SGT), the accumulated number of cases in Singapore is 243. 109 patients were discharged while the other 134 remain in the hospitals. On March 11, WHO (the World Health Organization) has officially announced COVID-19 outbreak as a global pandemic. The number of cases globally increases daily and different governments impose different strategies and restrictions.

Despite the measures implemented by Singapore Government regarding the containment and prevention of the virus spread, Singapore businesses also play a large part in keeping the community safe, especially those within the company. The Singapore Standard for Business Continuity Management Systems outlined measures to guide Singapore businesses to ensure the safety of their employees and other stakeholders, minimize the disruption in business operations, and help the country in preventing the spread of the virus.

What is COVID-19 (aka Coronavirus Disease 2019)?

The novel coronavirus is a strain of the coronavirus family that also includes Middle East Respiratory Syndrome (MERS-CoV) and Severe Acute Respiratory Syndrome (SARS). The symptoms of COVID-19 are similar to those of the common flu – fever, runny nose, shortness of breath, cough and respiratory symptoms. The virus is spread between people vis close person-to-person contact and respiratory droplets from coughing.

The prevention and containment of the virus are relatively easy but need the diligence, vigilance and socially responsible behavior of everyone in the community. At the community level, measures to follow include personal hygiene, awareness, appropriate social distancing and proactive seclusion when you are unwell. People are encouraged to avoid crowded places like malls, hawker centers, religious venues, theaters and other large public indoor sites. As much as possible, minimize the social contact even if there is no fever or respiratory symptoms and seek early medical consultation once any symptom approaches. On a personal level, wearing protective masks is advised when you are feeling unwell, frequently hand-wash with soap and having healthy diets to fortify one’s immune system are encouraged.

How to protect your business from COVID-19?

According to a recent guide published by Enterprise Singapore, companies are encouraged to prepare business continuity plans (BCP) to counter the effects of threats and uncertainties. Here are the four areas to be considered in BCP so as to handle the challenges from the virus outbreak:

Human Resource Management

1. Assign a crisis contact person (Business Continuity Manager). Set up a group chat or open line for employees seeking advice and information, reporting incidents, or seeking help.
2. Plan for the continuity of leadership in case of any absences of key executives and decision-makers.
3. Consider alternative working arrangements such as work-from-home and rotating work schedules to reduce the human traffic in the office premise.
4. Review relevant employee management policies like sick leave, stay-home notices, company-imposed leave of absence and relevant staff insurance plans. Serious communication and monitoring to ensure that the employees comply with the evolving regulations imposed by Ministry of Manpower (MOM) to reduce the spread or importation of COVID-19.
5. Defer business travels and events. Make use of the convenient technologies, like video-conferencing or teleconferencing instead of overseas travels.
6. Observe travel bans and other related news. Obtain the required health and travel declarations from employees who have recently traveled to China and other restricted countries (e.g. South Korea, Northern Italy and Iran), as specified by Singapore Government.
7. Monitor the health conditions of the employees. Temperature checks, 14-day quarantine with annual leaves and seeking medical check-ups are required for those who insist on proceeding with non-essential and personal travels outside Singapore. Allow alternative working arrangements like work-from-home, video-conferencing and teleconferencing for the period of absence.

Process and Business Functions

1. Identify essential business activities and employees. Cross-train workers to cover other positions in case of absences. Set up alternate teams and physically segregate the teams to reduce the risk of virus spread.
2. Educate employees on the preventive measures, infection control and good personal hygiene.
3. Develop plans and procedures to manage and track the human traffic movement within the office area.
4. Be updated with the latest news, trends and government’s immediate implementations related to the COVID-19 and disseminate the information to the employees.
5. Closely monitor the health of the working employees.
6. Maintain an adequate supply of medical and Personal Protection Equipment (PPE) like thermometers, surgical masks, disposable gloves and disinfectants.
7. Clean and disinfect the frequently-accessed or commonly-exposed company premises and areas, where suspected or confirmed cases have been reported.

Supplier and Customer Management

1. Communicate with your critical suppliers and service providers on the business continuity plans of both parties and make necessary adjustments to allow seamless transactions without compromising the welfare of employees on both sides.
2. Announce the measures to your regular customers which your company is implementing to protect them and your employees from the disease, without affecting the customer company’s requirements and operation.
3. Develop a policy for alternative suppliers and service providers. Also determine a specific situation or timing to opt for the alternative delivery options to your customers.

Communications

1. Appoint a communication coordinator to broadcast on behalf of your company about your company status and business continuity plans (BCP).
2. Educate your employees to ensure that they clearly know their respective roles and responsibilities in the BCP. Discussion can be done in small groups to test on their understanding about their portion of the plan. A communication channel could be established for them to report their environment, seek for additional information and be well-informed on the impact of the BCP procedures, policies and progress that the company is taking to ensure their safety and non-disrupted business operations during the virus outbreak.
3. Inform all the relevant stakeholders of the company – suppliers, customers and service providers about the contingency measures that your company has in place for the virus outbreak.

Please follow us at Facebook and LinkedIn for the constant updates in relation to the business management and operation during the current virus battle.