But it may not be enough on its own to save some companies, such as those in tourism, they added.. Read more at straitstimes.com.
Companies and analysts welcomed the extension of the Jobs Support Scheme to cushion the heavy impact of the coronavirus pandemic, but added that it may not be enough on its own to save some firms, such as those in tourism.
CIMB Private Banking economist Song Seng Wun noted that the scheme has been calibrated such that every business gets help, even those at the third tier. Mr Song said:"It really is to cushion the impact, which was reflected in the unemployment rate being not as bad as expected. But the rate will still rise, as vulnerable industries like aerospace face significant headwinds."
Director Kitty Tan said:"Our company continues to face cost pressure due to falling revenue. The 10 per cent may not be sufficient, but we will find ways to further reduce our business costs from other areas and devise ways to transform our business model."
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