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SINGAPORE: Reactions ranged from "timely" to "this should have been done earlier" to the slew of measures announced by the Singapore government to help workers and companies. But the enthusiasm was also threaded with caution.
Small and medium-sized companies are the largest employers of workers in Singapore. So if they do not get help with cash flow and end up going under, the impact will be far-reaching.
Halimah Yaacob, Deputy Secretary-General, National Trades Union Congress (NTUC), said: "If you were to wait till January, I'll be really very worried because working on the ground, we know that things are moving at a very rapid pace.
"The rate at which companies are going into shorter work weeks, going into temporary layoffs, cutting OT, it is escalating. So, if the government were to wait till January when Budget is announced, it is really too late."
Even the public sector is not being spared. It may just be headed for a pay cut as the flexible component of wages is linked to GDP, which is declining.
On the ground, for those struggling, their minds are fixed on the basics.
One said: "Whatever jobs that are available to me I will just use it because we do not know what are the jobs available to us right now because the country is not doing very well."
"I am struggling. I have three kids, my husband is (undergoing) dialysis and I am the only person working to support everything and trying to get help here and there. I can't afford to lose my house, so we need more CPF," said one woman.
Another move announced was the escalation of government spending to stimulate the economy.
However, one minister stressed that such fiscal pump-priming is not at the expense of long-term viability.
Health Minister Khaw Boon Wan said: "Of course these projects have to be meaningful. We are not building white elephants here. Because of ageing, there is a need for expansion of capacity and to raise capabilities. So there is a strong case to move some of these projects."
Despite the urgent action, how extensively companies and banks will now react to the added financial help in the coming weeks and months to ease the situation is still the big unknown. - CNA/vm
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