managing finances

Financial Relief Amid the Coronavirus Pandemic

As the coronavirus continues to wreak havoc worldwide, health is not the only thing under threat. Financial problems have arisen in all corners of the world. The International Monetary Fund says that there’s a global recession. Singapore, among the world’s most competitive economies, is set to suffer its first full-year recession in 20 years. Predictably, it’s projected to affect the jobs market as well. The gig economy, in particular, has already seen some negative impact.

Here are some options that you could take if you need financial help:

Borrow Money

Contact a licensed moneylender in Singapore if you need money as early as possible. As opposed to banks, moneylenders have quicker processing times and more relaxed requirements. You just need to present a government ID, tax bill, and your latest payslip to apply.

Get Support from the Government

The Ministry of Social and Family Development has unveiled a new relief program for Singaporeans who have lost their jobs due to the coronavirus crisis. Unemployed people could receive up to S$2,400 over three months. For those in need of longer help, the ministry recommends seeking help from ComCare. But there are various requirements that you need to be eligible for the scheme.

Your monthly household income should not be more than $10,000. You must also attend training under Employment and Employability Institute or Workforce Singapore. The application period is from May to September.

Get Support from Your Union

More than 100,000 workers can receive up to S$300 from the National Trades Union Congress (NTUC). To qualify, you must be a union member who has lost a job or suffered income losses because of the coronavirus crisis. If you wish to apply, contact your union or NTUC. The initiative is open until the end of September.

Find a Temporary Job

woman working from home

It may be one of the hardest times to be an employee with companies cutting jobs left and enforcing pay cuts. And the Monetary Authority of Singapore only expects this trend to continue. To battle this, the Singaporean Government has launched the SG United Jobs initiative. Its goal is to make around 10,000 jobs throughout the year to aid recent graduates and workers who have lost their jobs due to the coronavirus pandemic. Around 80% of the listings are for temporary jobs and with salaries from S$1,700 to S$5,800.

Sell Your Stuff

As fewer and fewer people head to malls, customers have turned to online shopping. Online stores and delivery businesses are thriving, with one shop seeing unprecedented demand. Because of the various websites and social media sites, it’s never been easier to sell from your home. With a few snaps and clicks, you can sell off your pre-loved possessions and earn a few dollars.

The cost of living in Singapore is famously high. With electricity bills ranging from S$300 to S$600 and rent averaging at a whopping US$4,200, every dollar counts. What’s important during these dark times is to remember that there’s a light at the end of every tunnel. The world bounced back from the SARS coronavirus; it can bounce back again after the novel coronavirus.

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