Super Bad News for SME Towkays like Boss @JohnTan

[Chase]

As long as you got some shares in the company, you will not get reimbursement from the wage credit scheme.
My friends with 1-30% shares in startups KPKB now!!!

https://www.scmp.com/week-asia/econ...nds-workers-wages-amid-coronavirus-crisis-sme

A support scheme that pays workers 25 to 75 per cent of their wages excludes employers, including some 160,000 small businesses and microenterprises
Salaried directors and partners who own their companies cannot claim the wage support for their salaries, and they are also left out from a separate initiative for self-employed workers, which grants a monthly allowance of S$1,000.

 

[Chase]

BIGGEST ISSUE here is that employees who own listed companies shares are also technically screwed!!!
To be fair, will DBS staff who own DBS shares be eligible for wage credit?

 

[syed putra]

The bosses can still dig into companies accumulated cash reserve.

 

[ftan42]

so owning company share is considered well off

 

[Xisiqomelir]

Shiok man!

Demsick so-big-it-failed portfolio coy like SIA can bailout $15B and another $40B for the rest

Really hopeless Singkies some pitiful $600/head for the other $5B

The people taking risks to launch businesses in this insane rental market with practically a non-English speaking workforce? YOU WAIT LONG LONG, YOU OREDI TOWKAY MAH?!

 

[garlic]

Wah... then if 3 person LLP with equal shares, these three owners get nothing...

 

[Chase]

Really hopeless Singkies some pitiful $600/head

Malaysians stuck in Singapore got more 14days x $50 = $700
hahaha

 

[koonk1ng]

think only acra directors and partners will not get, but employee shareholders still can get.

BIGGEST ISSUE here is that employees who own listed companies shares are also technically screwed!!!
To be fair, will DBS staff who own DBS shares be eligible for wage credit?

 

[Chase]

think only acra directors and partners will not get, but employee shareholders still can get.

I hope it's true. All the directors (with shares in company) will resign in April, except one.

 

[koonk1ng]

Yes, true - must not be both shareholder and director
https://www.iras.gov.sg/irashome/Schemes/Businesses/Jobs-Support-Scheme--JSS-/

Scroll to bottom that says
Who qualifies for JSS

".. c. Employees who are both shareholders and directors (as defined in Section 4(1) of the Companies Act) of the company, or employees who are both members and Directors in the case of a Company Limited by Guarantee (CLG); and "

I hope it's true. All the directors (with shares in company) will resign in April, except one.

 

[Chase]

Yes, true - must not be both shareholder and director
https://www.iras.gov.sg/irashome/Schemes/Businesses/Jobs-Support-Scheme--JSS-/

Scroll to bottom that says
Who qualifies for JSS

".. c. Employees who are both shareholders and directors (as defined in Section 4(1) of the Companies Act) of the company, or employees who are both members and Directors in the case of a Company Limited by Guarantee (CLG); and "

LOL this is going to be funny. Massive directors resignation.
Thanks again for sharing!!!