REACH - 90. How to prop up our weaker financial position (SK)
28 May 2020 (12pm - 8pm)

REACH
[11:06 pm, 27/05/2020] :
Go.gov.sg/moh27may
[10:21 am, 28/05/2020] : COVID-19: Singapore’s financial position will be weaker in coming years, but Govt will manage the situation, says DPM Heng
https://www.channelnewsasia.com/news/singapore/covid-19-financial-position-weaker-government-reserves-12775910

[11:50 am, 28/05/2020] : Dear contributors,
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[12:00 pm, 28/05/2020] : ⏰ Our chat will be open till 8pm today ⏰
📢 Topic 📢
How can individuals and businesses make the best use of the support measures in the Unity, Resilience, Solidarity and Fortitude Budgets so that Singapore and Singaporeans can emerge stronger from the COVID-19 pandemic?

Singapore's financial position will be "a lot weaker in the coming years", but the Government will continue to find ways to manage this "difficult financial situation", said Deputy Prime Minister Heng Swee Keat in an interview with CNA on Wednesday (May 27).

“But for now, let me say that we have a huge work ahead of us, which is to make the very best use of every dollar and cent that we have taken from the past reserves and make sure that we use it wisely and make sure that it counts. An…

Rama
[12:05 pm, 28/05/2020] : Be prudent and spend wisely

[12:09 pm, 28/05/2020] ☸️  Danny 心: https://www.straitstimes.com/business/companies-markets/sgx-to-discontinue-most-msci-equity-index-futures-and-options-contracts

[12:22 pm, 28/05/2020] ☸️  Danny 心:
How to improve our weaker financial position?

1. Grow our digital economy while staying safe from virus - to tap the larger international markets.

2. Invest in our passive Sovereign fund wisely to earn more investment income.

3. Focus on growth industrial sectors - to trade and collaborate with other countries safely.

4. Expedite the RCEP mega trade deal to facilitate trade among trade partners and consolidate supply chain - while stay safe from virus.

[12:23 pm, 28/05/2020] ☸️  Danny 心:
https://youtu.be/b8aP9QoQel8

[12:40 pm, 28/05/2020] ☸️  Danny 心:
1. We borrow $52 billion from the reserves.

2. In 2019, our sovereign fund earn $18.63 billion as NIRC from dividend income.

3. Another $18.63 billion dividend income is earn through the Sovereign fund and plough back as sovereign fund capital.

4. So in total, 2019 - $37.26 billion is earn through sovereign fund as dividend income and we borrow $52 billion from reserves. In sofar, we only deplete $14.74 billion from our sovereign fund capital.

5. So the potential solutions to prop up our finances - is to look into growing our passive Sovereign fund to earn more dividend income.

6. Another potential solutions is to grow our economy by quickly growing our digital economy while staying safe - so that Government can recoup tax revenue from the digital economy if we succeed to improve our GDP growth from digital economy.

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Ken
[1:45 pm, 28/05/2020] : A bit hard, there are also people that can work from home and need to work on site when required but how to determine..

[1:46 pm, 28/05/2020] : For some working on site is cheaper then working from home, and concentration at home and at office is different...
If you have a kid whole day at home with you see you can work productively. Or having baby, you don’t help your wife while you at home try? 🤣

[1:48 pm, 28/05/2020] : Not everyone has an ideal place at home to work, no such thing as workdesk or room at home

Thomas
[1:58 pm, 28/05/2020] : Very true. This pandemic shows up that some location in Singapore, the Wifi is spotty. Secondly, working from home and not somehow helping your wife on house chores..... you will be killed.

Alvin
[2:00 pm, 28/05/2020] : So a taxi driver told me he rather be outside driving all day than be at home
[2:00 pm, 28/05/2020] : Lol

[2:01 pm, 28/05/2020] ☸️  Danny 心:
If lose the job the whole household will be killed.

[2:02 pm, 28/05/2020] ☸️  Danny 心:
Lock the door room while working - and put "no disturb sign - adult working".

Peter T Ng
[2:03 pm, 28/05/2020] : Agree, not many will have an adequate set up to work from home

Ken
[2:05 pm, 28/05/2020] : Not everyone is so lucky... trust me. No disturb don’t work on kids below 2 🤣
[2:06 pm, 28/05/2020] : Actually below 5 also quite hard

Franco
[2:06 pm, 28/05/2020] : u must not have experienced a little kid at home?

[2:36 pm, 28/05/2020] ☸️  Danny 心:
If infected at work and then bring it home and infect the whole family, then how?

Franco
[2:38 pm, 28/05/2020] : tats why we have phases in opening up mah. Unless if we fail in Phase 1, then I guess we will all be forced to go back to 100% WFH.

[2:39 pm, 28/05/2020] ☸️  Danny 心:
Then come back to square one and how many more billion we are going to burn this round?

[2:40 pm, 28/05/2020] ☸️  Danny 心:
If cannot manage the family affair at home, then how to manage more complex settings at work?

Franco
[2:42 pm, 28/05/2020] : then how? Use Phases also cannot, then all stay at home to work? Until when?

[2:45 pm, 28/05/2020] ☸️  Danny 心:
Until when, until virus don't mass infect people.

[2:43 pm, 28/05/2020] ☸️  Danny 心:
Alot of people I know work from home - and occasionally go back to office - and they are managing well

Franco
[2:44 pm, 28/05/2020] : depending on the nature of work.

[2:44 pm, 28/05/2020] ☸️  Danny 心:
And they are high paid individuals.

Ken
[2:44 pm, 28/05/2020] : Depends on level of work, newbie WFH no guide don’t even see how people WFH. How they know how?

Franco
[2:45 pm, 28/05/2020] : do u consider Auditors and Business Valuers highly paid profession? And do think they can 100% WFH?

[2:46 pm, 28/05/2020] ☸️  Danny 心:
I did not say 100% but interspersed between WFH and office.

Franco
[2:48 pm, 28/05/2020] : yes, tat I agree with ur thesis statement!👏🏻

Franco
[2:48 pm, 28/05/2020] : putting aside our FW in the dorms who are closed samples, our coummunity is current having a figure of 1-4 daily. Do u consider this as a mass figure of result, thus all WFH?

Ken
[2:48 pm, 28/05/2020] : I am a auditor, but quality side. I have to visit site to understand the issue on site. WFH cannot check only paper, cannot trust 🤦‍♂️hence we do physical audit

Phyllis
[2:06 pm, 28/05/2020] : I can attest to this!

Alvin
[2:06 pm, 28/05/2020] : But WFH is likely the new norm until a vaccine is found
[2:06 pm, 28/05/2020] : Have to get used to it

Alvin
[2:07 pm, 28/05/2020] : Not just SKorea, Germany as well
[2:08 pm, 28/05/2020] : When you reopen quickly after flattening the curve it will spike again after 2 weeks

Ken
[2:07 pm, 28/05/2020] : Don’t hope on that... unlikely will be useful.

Alvin
[2:07 pm, 28/05/2020] : You mean the vaccine? 😨

Ben
[2:07 pm, 28/05/2020] : South Korea could face return to coronavirus restrictions after spike in new cases
We want to avoid this if possible. https://www.theguardian.com/world/2020/may/28/south-korea-faces-return-to-coronavirus-restrictions-after-spike-in-new-cases?CMP=Share_AndroidApp_WhatsApp

Alvin
[2:07 pm, 28/05/2020] : Not just SKorea, Germany as well
[2:08 pm, 28/05/2020] : When you reopen quickly after flattening the curve it will spike again after 2 weeks

[2:08 pm, 28/05/2020] ☸️  Danny 心:
If everyone scramble to work, infection flare up, then we have to close the Economy again.
And do we have so many multi billion to give again?

Ken
[2:08 pm, 28/05/2020] : Yah... to massive to public takes years... for VVIP yes with one to two years. But for the rest wait long long bah...
If you know how vaccines are develop 😅
And the effectiveness of getting the right one.

Alvin
[2:08 pm, 28/05/2020] : Yes I know
[2:09 pm, 28/05/2020] : So don’t expect the vaccine to be ready by end of year

[2:11 pm, 28/05/2020] ☸️  Danny 心:
So all the more the economy must learn how to work from home and exploit digital economy.
And not scramble to work.

Phyllis
[2:09 pm, 28/05/2020] : Please read PHASE

Alvin
[2:09 pm, 28/05/2020] : It will likely roll over to next year

Ken
[2:10 pm, 28/05/2020] : If no regulation and just run public.. the risk is super high no company will agree to no trial.. takes time to understand if there is any side effects...
Trial takes years for reason

[2:11 pm, 28/05/2020] ☸️  Danny 心:
So all the more the economy must learn how to work from home and exploit digital economy.
And not scramble to work.

Alvin
[2:57 pm, 28/05/2020] : How can individuals and businesses make the best use of the support measures in the Unity, Resilience, Solidarity and Fortitude Budgets so that Singapore and Singaporeans can emerge stronger from the COVID-19 pandemic?
1) There must be some form or legislation or law where employer claims the JSS, they CANNOT layoff that employee for the next 3 months.
2) Employees must bear with the inconvenience of WFH. We need to juggle work with distraction around and still be able to work efficiently. One way is start work earlier or start work way later after kids are still sleeping or napping.

Rama
[2:11 pm, 28/05/2020] : Economic costs!?

Ken
[2:12 pm, 28/05/2020] : WFH is much more easy to implement then waiting for the vaccine.

Phyllis
[2:13 pm, 28/05/2020] +65 9644 6200: Who mentioned about scrambling to work. G is opening up in PHASES. 🤦🏼‍♀️

[2:14 pm, 28/05/2020] ☸️  Danny 心:
Can you see the above messages about people can't work from home and want to go back to work before you comment.

Phyllis
[2:15 pm, 28/05/2020] : But that is dependable on what kind of work is that isn't it. 🤦🏼‍♀️

Ben
[2:13 pm, 28/05/2020] : 👍 yes unless employee requests to work from office because WFH us too difficult, BUT will this put pressure on staff to request working from office to please employer?
[2:14 pm, 28/05/2020] : Any age seems difficult...

Ben
[2:15 pm, 28/05/2020] : Yes, this phased approach is better

Ken
[2:16 pm, 28/05/2020] : No kids yet... but see my boss 🤣🤣🤣 meeting is tough.. when you have it in the living room

Bobby Tan
[2:16 pm, 28/05/2020] : My company also will wait for Phase 2 den go back office to work.

Blue and White Flag Guy
[2:18 pm, 28/05/2020] : Employers and employees with a work nature that allows for them to work from home should embrace WFH as far as possible
This way we can bring down the crowds in public places including you know, my public transport
And then that way with less demand, we can deploy less buses and trains without too much of an adverse impact - if only everybody stopped to think!

Bobby Tan
[2:19 pm, 28/05/2020] : Not really to please the employer. WFH means employer do not need some much office space and is a good savings for the employers. For some MNC staff WFH already a norm and staff can go back office weekly for meeting or sign documents etc.

Phyllis
[2:19 pm, 28/05/2020] : Yes same here too.

Ken
[2:20 pm, 28/05/2020] : Public transport will be a lot more expensive 😭

Blue and White Flag Guy
[2:21 pm, 28/05/2020] : It will not be too much IF this stupid LTA thinks about supply and demand properly

CQ
[2:22 pm, 28/05/2020] : Some employers have the mentality that "it's great that I can save money on office rent, but how can I trust that you're actually working?"

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REACH
[7:29 pm, 28/05/2020] : COVID-19 patients who still test positive but clinically well by day 21 of illness can be discharged
https://www.channelnewsasia.com/news/singapore/covid-19-patients-clinically-well-day-21-discharged-tests-12779668

Elena Woo
[7:41 pm, 28/05/2020] : Did they try putting the covid19 person with uninfected persons and see if any from the uninfected group becomes infected?
[7:41 pm, 28/05/2020] : Not sure on what basis they conclude the person as non infectious

[7:30 pm, 28/05/2020] : More than 33,100 COVID-19 tests carried out on pre-school staff, positive cases no longer infectious: MOH
https://www.channelnewsasia.com/news/singapore/covid-19-pre-school-staff-tested-positive-not-infectious-12779900

[7:33 pm, 28/05/2020] : Move to phase 2 of Covid-19 reopening to be decided mid-June; dining in, use of sports facilities to resume during this phase
https://www.straitstimes.com/singapore/move-to-phase-2-of-covid-19-reopening-to-be-decided-mid-june-dining-in-use-of-sports?xtor=CS3-18&utm_source=STiPhone&utm_medium=share&utm_term=2020-05-28%2019%3A05%3A30

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[8:24 pm, 28/05/2020] ☸️  Danny 心:

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CNA
COVID-19: Phase two of post-circuit breaker reopening could begin before end-June, says Lawrence Wong
28 May 2020 07:30PM
“I think this should give every incentive for businesses to take responsibility, and to do their part to put in place all the necessary precautions and safeguards so that they can resume and reopen safely.”
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[12:05 PM, 5/22/2020] ☸️  Danny 心:
Yesterday MTI Chan say that government will focus in reducing unemployment and prevent business closure in this 3 phases.

Suggest that:-

Each industry and business association should help their associate business setup ringfences to prevent infection and protect their customers and business partners from being infected.

This will help the government to decide whether to expedite the opening up of business for each respective industries.

[12:13 PM, 5/22/2020] ☸️  Danny 心:
All these are practical ways that each industry come out with their own creative ways to protect their workers and their customers from infection.
And this will give confident to the government to allow their industry and their business to operate.

[1:09 PM, 5/22/2020] ☸️  Danny 心:
The onus should be on each industry association to submit a detailed plan on how to keep their business going but protecting their workers, customers, business partners and public at large - before the government allow them to open up for business.

[1:12 PM, 5/22/2020] ☸️  Danny 心:
This will give the assurance to all the stakeholders that they are safe in buying their goods and services:-

1. Workers
2. Customers
3. Business partners
4. Public at large

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