3 minute read
Are you worried about 2021 right
now? The answer could very much depend on who you are asking, and likely, where
you stay.
In Singapore, things are looking rosy when compared to 2020. While we are still seeing COVID-19 imported cases each day, community cases in our country are currently low. We are also one of the countries that have already started our nationwide vaccination program. At the cost of more than $1 billion, the government aims to have the entire population vaccinated by 3Q2021 (or at least those who choose to be vaccinated). People are starting to go out often, some possibly, begrudgingly, if they are asked to come to the office by their bosses – despite the recent reminder that work-from-home (WFH) should remain as the default arrangement in Phase 3.
This article was first published on DollarsAndSense.sg.
The Circuit Breaker in early 2020 started a work-from-home experiment for many companies who never even considered it.
Today, even after entering Phase 3 close to a year after COVID-19 was first reported in Singapore, the government has reiterated that work-from-home is to remain as the default work arrangement in Phase 3.
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More than one year on, many employees may still have pain points that haven’t been resolved. For businesses, helping employees solve internet connection issues, back and neck aches and a not-so-quiet workspace they face in their homes can lead to better productivity.
6 minute read
Kean Chiow left his job in December 2019 to start VIO, Singapore’s first subscription-based smart light solution. While he hadn’t worked in the lighting industry, his work experience in a tech startup and his co-founder’s 10-year career in the lighting industry gives them an edge in disrupting the space.
Kean’s vision for VIO is to provide Singapore consumers with a better smart home experience at affordable prices. He explains that “smart lighting and smart homes have been growing consistently over the years, globally, especially in the US, UK, and China”. However, Singapore’s smart home and smart light adoption is “not growing proportionally to the bigger markets”.
5 minute read
As a self-employed person in Singapore, there are certain money matters that you need to be responsible for and one of them is making your own CPF contributions.
Self-employed individuals with a net trade income above $6,000 a year must make mandatory CPF contributions into their Medisave Account (MA). Although contributions into their MA is compulsory, there is also an option to make Voluntary Contributions (VC) into all three CPF accounts – Ordinary Account (OA), Special Account (SA) and Medisave Account (MA) – instead of just the MA. However, you can’t make Voluntary Contributions to your OA only.
There is also a maximum amount of Voluntary Contributions you can make in a calendar year, which is the CPF Annual Limit of $37,740 minus mandatory contributions to MA. If both voluntary and mandatory contributions reach the CPF Annual Limit, no further Voluntary Contributions can be made.
5 minute read
Salary has always been a sensitive topic for employers and employees. With COVID-19 still hurting the Singapore and global economy, it may be an even more touchy issue this year. Already, median local wages in 2020 fell for the first time in 16 years to $4,534 (after employer’s CPF contributions).
As employers continue to manage business slowdown, with revenue and profits potentially taking a hit, you may have to resort to cutting employee salaries. However, Singapore employers have to be guided by the Employment Act, and cannot just deduct their workers’ salary as they deem fit.
Employment Act: Part III Section 26