But a key concern is the impact on the labour market, with analysts stressing that efforts to save jobs must be ramped up, as the contagion spreads from tourism-related sectors and infects the rest of the economy.
"By keeping them open, they can still add to growth, although we may not see them offsetting the drag from slower demand in general," CIMB economist Song Seng Wun told BT. With the latest measures, Dr Chua now believes retrenchments could spike to as high as 80,000 this year -"far exceeding what was seen during the Asian or global financial crisis".
Economists are thus counting on Mr Heng to unleash even stronger wage subsidies next week, shortly after he bumped up government co-funding to at least 25 per cent of residents' salaries, from 8 per cent before. "It could be a case of broadening the upper threshold of 75 per cent to all industries, for instance," added Mr Song."It's essentially about, as I say, drawing a line in the sand - providing a back-stop to local employment."
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:
Singapore Latest News, Singapore Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
EU inches towards economic virus plan after infightingWhile the United States, China and other world powers have unleashed tremendous fiscal firepower to fight the economic chaos caused by coronavirus, Europe has not joined battle, riven by infighting. For now, the EU's 27 member states are responding to certain recession with individual spending plans
Source: YahooSG - 🏆 3. / 71 Read more »
Football: UEFA warn clubs risk Champions League exclusion if seasons are not completedUEFA and Europe's top clubs have stated their determination that the current football season should be played to a conclusion and threatened that ...
Source: ChannelNewsAsia - 🏆 6. / 66 Read more »
UK facing Depression-style hit as firms slump in MarchBritain's economy looks set for a slump that in the short term could be deeper than during the depression of the 1930s, as a survey showed the ...
Source: ChannelNewsAsia - 🏆 6. / 66 Read more »
World Bank sees 'major global recession' due to pandemicWASHINGTON: World Bank Group President David Malpass on Friday (Apr 3) said the rapidly spreading COVID-19 pandemic was expected to cause a 'major ...
Source: ChannelNewsAsia - 🏆 6. / 66 Read more »
Jobs destroyed worldwide as coronavirus sparks recession[LONDON] The world's workers are reeling from the initial shock of the coronavirus recession, with job losses and welfare claims around the globe already running into the millions this week. As the International Labour Organization warns of almost 25 million layoffs if the virus isn't controlled, the cuts from Austria to the US reflect the deepest peacetime recession since the 1930s as economies are frozen to beat the pandemic. Read more at The Business Times.
Source: BusinessTimes - 🏆 15. / 51 Read more »
As millions lose jobs, Fed policymakers say recession is hereKeeping workers in their jobs is key to getting the economy out of what is 'almost certainly' already a recession as authorities mandate ...
Source: ChannelNewsAsia - 🏆 6. / 66 Read more »