ED 49: May-June 2013

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16 CO M M E n ta r y Mr Thomas Fernandez, Vice-President (Communications), ASME, the discussion was focused around the WCS and the PIC Scheme. The key concerns raised were: Wage Credit Scheme • Concerned with the sustainability of increased salaries paid to staff when the WCS ends after three years. • Concerned with the need to wait for the subsidy to be credited. PIC Scheme How to apply for the scheme and the specific • qualifying activities. Surprisingly, manpower queries were kept to a minimum. C Instead, the participants focused their questions tailored M to their businesses, with clear illustrations and examples of Y what they were going through in their day-to-day operations. “I think people are a little bit tired now of talking about MY manpower, they’re not bringing up issues about manpower now as they know it’s going to fall on deaf ears,” said Mr CY Fernandez at a media briefing held near the end of the CMY Convention. Rather than repeatedly complaining about K the same problems, many SMEs are now more proactive when it comes to seeking assistance for the survival of their businesses. “They are going to bite the bullet and have to look for ways to stay fit and they know that they have no choice – if they can’t shape up, they’ll have to ship out, reduce or even go out of business.” The second half of the Convention comprised presentations by private sector experts. Citibank Singapore gave a talk on the current Macro-Economic outlook, while Global Capital & Development showed participants what is in it for Singaporean SMEs to relocate to Iskandar, Malaysia. To round up the Convention, Rajah & Tann LLP gave a brief overview on recent tax developments. In all, the participants of the Post-Budget 2013 Convention got what they came for: useful information on the new Budget Initiatives, their queries answered by the people most qualified to answer them as well as receiving sound advice for the current situation. The challenging business climate will persist for some time, but SME owners have unilaterally agreed to either shape up, or ship out. “The sustainability and growth of SMEs will depend largely on our ability to continually adapt, and our ability to be resourceful and explore other alternatives of doing businesses,” Mr Chan finished. E May | Ju n 2013 En t r E p r E n E u r s’ Di g E s t CM CULAPRADA Business Platinum MasterCard Your name carries weight wherever you do business Make a deep impression with Maybank Business Platinum MasterCard Financial Flexibility y Malayan Banking Berhad (incorporated in Malaysia) Humanising Financial Services Across Asia. Rewards & Privileges Travel Benefits Complimentary The Coffee Bean & Tea Leaf’s CBTL Single Serve beverage machine (worth S) upon application and Card usage * Com Tea mac and Apply now! Call MAYBANK or visit any of our Branches today Terms and Conditions * Promotion is valid from May to June . Valid only for new Maybank Business Platinum MasterCard applicants (“Company”) • Other Terms and Conditions apply • Visit www.maybanku.com.sg for details.
the first quarter of the year (Q1) saw a number of key issues that caused significant impact on the global economy. The Eurozone Crisis continues to plague the region, with Cyprus being the latest country to fall into the financial quagmire. North Korea’s provocative statements have stopped at being just that, but if those threats come to pass, the entire world economy will see a major upheaval. In Singapore, the economy is still undergoing modest recovery, and will continue on this path of stability and gradual growth. How then, does the employment picture look as 2013 enters its second quarter (Q2)? According to the Employment Outlook Quarter 2, 2013 published by PrimeStaff Management Services, employers are still studying the implications of a weakened global market and the modest recovery rate of Singapore. There will not be any big surprises to the employment scene, but that is provided there be no major economic or political shocks to the established system. Expectedly, the various initiatives and measures announced in Budget 2013 that are directly related to hiring and employment will be one of the variables that could affect the employment outlook. Many employers are adopting a “waitand-see” attitude, hanging back to observe how the various initiatives will influence national and social issues, which will affect the movement of manpower. Generally, a slowdown in hiring in Q2 is expected, after the mass movement of manpower during the Chinese New Year period. The unemployment rate however, is expected to remain constant without much change from the first quarter. The industries that will see more hiring in Q2 includes healthcare, education, oil & gas, food & beverage, hospitality, insurance, real estate, technology (gaming/entertainment) and also the public sector. Certain industries will also exercise more caution when performing their hires, specifically the CO M M E n ta r y hiring expecteD to SloW DoWn in Q2 Lesser hiring will take place as compared to the first quarter of the year, but unemployment rates are expected to remain the same construction and heavy manufacturing industries, which may also retrench staff. With regards to job functions, the following areas will see the strongest hiring action: - Sales - Information technology Human resources - Compliance/Risk Management - Customer Service - The Wage Credit Scheme (WCS) outlined in Budget 2013 indicates that the government will co-fund 40 per cent of wage increases given to Singaporean employees with a gross monthly salary of $4000 and below for the next three years (2013 inclusive). The main aim for the WCS is to alleviate rising manpower costs and share productivity gains with workers. Although the WCS may ultimately have a net positive effect on employee retention, companies will need to work out the mechanics and evaluate its effectiveness in relation to their operations. The employment situation is expected to remain buoyant and positive, at least for the second quarter of 2013. E May | Ju n 2013 En t r E p r E n E u r s’ Di g E s t 17
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