Chapter 13
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Transcript of Chapter 13
![Page 1: Chapter 13](https://reader035.fdocuments.in/reader035/viewer/2022080917/56813090550346895d966f6e/html5/thumbnails/1.jpg)
Chapter 13
Impact of Recession
![Page 2: Chapter 13](https://reader035.fdocuments.in/reader035/viewer/2022080917/56813090550346895d966f6e/html5/thumbnails/2.jpg)
Asian Economic Crisis
• Started in Thailand• External debt and NPL• Spillover to Indonesia, Korea
and Japan • Malaysia : FX control
![Page 3: Chapter 13](https://reader035.fdocuments.in/reader035/viewer/2022080917/56813090550346895d966f6e/html5/thumbnails/3.jpg)
Impact on Singapore
• Retrenchment in 1998
• NTUC help: Job match
![Page 4: Chapter 13](https://reader035.fdocuments.in/reader035/viewer/2022080917/56813090550346895d966f6e/html5/thumbnails/4.jpg)
Committee on CompetitivenessRecommendations
• Reduce business costs
• Maintain investor confidence
• Build capability, more productive
• Seek new markets
• Form strategic alliances
![Page 5: Chapter 13](https://reader035.fdocuments.in/reader035/viewer/2022080917/56813090550346895d966f6e/html5/thumbnails/5.jpg)
Human and Intellectual Capital
• Maximise domestic manpower
• Attract foreign talent
![Page 6: Chapter 13](https://reader035.fdocuments.in/reader035/viewer/2022080917/56813090550346895d966f6e/html5/thumbnails/6.jpg)
Domestic Manpower
• Continuing education
• Developing executives
• Women and older persons
• Job re-design
![Page 7: Chapter 13](https://reader035.fdocuments.in/reader035/viewer/2022080917/56813090550346895d966f6e/html5/thumbnails/7.jpg)
Attracting Foreign Talent
• Reduce cost of living: housing
• International schools • Reduce recruitment cost• Foreign worker policy
![Page 8: Chapter 13](https://reader035.fdocuments.in/reader035/viewer/2022080917/56813090550346895d966f6e/html5/thumbnails/8.jpg)
Cost Cutting Package• Labour• Govt fees• Taxes• Household
rebates
• Telecom• Industrial
land• Transport• Utilities
![Page 9: Chapter 13](https://reader035.fdocuments.in/reader035/viewer/2022080917/56813090550346895d966f6e/html5/thumbnails/9.jpg)
Cut in CPF rate
Many people affected:
• Provide bridging loan
• HDB Assistance scheme
• Reduce payment, reschedule
![Page 10: Chapter 13](https://reader035.fdocuments.in/reader035/viewer/2022080917/56813090550346895d966f6e/html5/thumbnails/10.jpg)
July 2001 Off-budget Package
• Boost economy
• Help companies cut cost
• Help retrenched workers
• Incentives for employers
![Page 11: Chapter 13](https://reader035.fdocuments.in/reader035/viewer/2022080917/56813090550346895d966f6e/html5/thumbnails/11.jpg)
October 2001Off-budget Package
• Tax & fee rebates• Assist local enterprises• Property measures• Infrastructure• Employment assistance• New Singapore shares
![Page 12: Chapter 13](https://reader035.fdocuments.in/reader035/viewer/2022080917/56813090550346895d966f6e/html5/thumbnails/12.jpg)
NTUC Relief PackagePrice reduction
• FairPrice • INCOME• Foodfare• Childcare• Healthcare
• Choice Homes• Thrift• NTUC Club• Vouchers
![Page 13: Chapter 13](https://reader035.fdocuments.in/reader035/viewer/2022080917/56813090550346895d966f6e/html5/thumbnails/13.jpg)
SARS Relief
Measures Impact ($m)
Tourism-related
1. Property tax rebate (commercial) 56
2.Property tax rebate (hotel) 8
3. Reduce foreign worker levy 2
4. TV licence rebate (hotel) 2
5. Cess rebate 20
6. Bridging loan (tourismSMEs) 10
7. Increased training grant 57
•
![Page 14: Chapter 13](https://reader035.fdocuments.in/reader035/viewer/2022080917/56813090550346895d966f6e/html5/thumbnails/14.jpg)
Courage Fund
• Launched April 2003• Rallying point for people to
help SARS victims• Support for healthcare workers• Government: $1 million +
dollar for dollar matching