Daily Briefing: Eligible Singaporeans to receive cash payments from 18 June; CPF contribution rates to stay the same

And car-sharing player Smove files for liquidation.

From Channel News Asia:

Singaporeans will receive cash from 18 June as part of the Care and Support Package to help with household expenses, according to the Ministry of Finance (MOF).

Those eligible will receive cash payments of $300 or $600 via PayNow. Citizens who do not have PayNow linked to their NRIC by 11 June but have previously provided their bank account details for receiving government payouts will receive the cash on 25 June via direct bank crediting, with the rest receiving the payments via cheque between 30 Jun3 and 9 July.

In addition, parents with at least one Singaporean child aged 20 and below in 2020 will each receive an extra $300.

Singaporeans aged 50 and above in 2020 will each receive an extra $100 cash, in place of the earlier announced PAssion Card top-up.

Read more here. 

From Channel News Asia:

The government will not be lowering Central Provident Fund (CPF) contribution rates temporarily despite the economic fallout caused by the COVID-19 pandemic, according to Manpower Minister Josephine Teo.

Teo said that the Jobs Support Scheme (JSS) has helped to reduce the cost burden to employers with fewer drawbacks compared to if CPF contributions were to be trimmed.

Teo added that the government will monitor the situation and consider if CPF contributions need to be adjusted in the future, along with other forms of support.

She also noted that employers could look into reducing non-wage costs first and making use of official support measures such as the SkillsFuture Enterprise Credit to send their workers for training. Otherwise, companies could consider using the Monthly Variable Component to adjust wages to save jobs.

Read more here. 

From Deal Street Asia:

Singapore-based car-sharing player Smove has voluntarily entered liquidation, according to a regulatory filing by the company.

Acres Advisory, the appointed liquidator for Smove, said the business was placed under provisional liquidation on 21 May but declined to comment further.

In April, Smove posted that the Singapore government did not consider the company as an essential service during the circuit breaker lockdown. Smove had raised $5.1m from investors including Wavemaker Partners and Rebright Partners.

“We’re undergoing a process of finding the best solution for our customers and stakeholders. Due to the sensitivity of the issue, we have no further comment at this point,” said Wavemaker.

Read more here.