Asean Briefing (05.08.2020) Under the fifth stimulus package, the government has extended its financial support for private sector employees, in particular, those in the garment, textiles, and footwear industries. Introduced under the previous stimulus package, companies who want to suspend employment contracts must first submit an application to the Ministry of Labor and Vocational Training (MLVT). The suspended employees are then eligible to receive monthly subsidies. This program has now been extended through the latest economic package until September 2020.
Australian Taxation Office (29.07.2020) The government is temporarily reducing superannuation minimum drawdown requirements for account-based pensions and similar products by 50% for 2019–20 and 2020–21. This measure will benefit retirees holding these products by reducing the need to sell investment assets to fund minimum drawdown requirements.
Viet Nam Social Security (28.07.2020) The National Steering Committee for COVID-19 prevention and control has just issued Official Letter 3949/CV-BCD on strengthening the assurance of COVID-19 epidemic prevention for experts entering Vietnam. Accordingly, the units that invite experts for business ensure that they participate in international health insurance or agencies or organizations must make a commitment to pay their treatment expenses in case of the experts being infected with COVID-19.
Department of Education, Skills and Employment (28.07.2020) Mutual obligation requirements will continue to be gradually introduced. From 4 August 2020, job seekers must be willing to accept any offer of suitable paid work and penalties will now apply if a job seeker refuses a job without a reasonable excuse.
Services Australia (21.07.2020) The income free area for JobSeeker Payment and Youth Allowance for job seekers will increase to $300 per fortnight. The income free area is currently $106 for JobSeeker Payment and $143 for Youth Allowance. This means you can earn more but still get the maximum payment rates. If you earn above $300 per fortnight, your payment reduces by 60 cents for each dollar over this amount. From 25 September 2020, means testing will be reintroduced. This includes asset testing for all payments.
Services Australia (21.07.2020) The Australian Government is extending the Coronavirus Supplement until 31 December 2020. The Coronavirus Supplement of $550 per fortnight is available until 24 September 2020. Beyond this date, the Coronavirus Supplement will be available at $250 per fortnight until 31 December 2020.
Ministry of Social and Family Development (31.07.2020) The Courage Fund will help lower-income households affected by COVID-19 who meet the following criteria: 1. At least one household member is a Singapore Citizen or Permanent Resident. 2. At least one household member contracted COVID-19, or was placed on Stay-Home Notice (SHN), mandatory Leave of Absence (LOA) or Home Quarantine Order (QO). 3. [As of 1 June 2020] Household has gross monthly income of ≤$6,200, or gross monthly per capita income of ≤$2,000, prior to being affected by COVID-19.
Ministry of Social and Family Development (31.07.2020) COVID-19 Support Grant is paid to Singapore Citizens or Permanent Residents, aged 16 years and above, who are presently involuntarily unemployed due to retrenchment or contract termination, or presently on involuntary no-pay leave (NPL) for at least three consecutive months, or presently experiencing reduced monthly salary of at least 30% for at least three consecutive months as a result of the economic impact of COVID-19.
NTUC (31.07.2020) SIRS helps Singaporean self-employed persons (SEPs) with less means and family support tide over this period of extraordinary economic uncertainty. SEPs to receive $3,000 each in May, July and October 2020.
The Ministry of Employment and Labor (30.07.2020) The Ministry of Employment and Labor and the Korea Labor Welfare Corporation announced that they will accept the loan maintenance project for small and medium-sized enterprises (SMEs) with no financial resources due to the temporary management difficulties following the spread of Corona 19.