• About Us
    • Fact Checking Policy
    • Ownership & funding information
  • Volunteer
    • Internship with The Online Citizen
  • Donation
  • Subscription
  • Letter submission
    • Submissions Policy
  • Contact Us
The Online Citizen Asia
  • Opinion
    • Editorial
    • Commentaries
    • Comments
  • Current Affairs
    • Malaysia
    • Indonesia
    • China
    • ASEAN
    • Asia
    • International
  • Finance
    • Economics
    • Labour
    • Property
    • Business
  • Community
    • Civil Society
    • Arts & Culture
    • Consumer Watch
    • NGO
  • Politics
    • Parliament
    • Transport
    • Education
    • Environment
    • Health
    • Housing
  • Law & Order
    • Legislation
    • Court Cases
  • Lifestyle
    • Travel
No Result
View All Result
  • Opinion
    • Editorial
    • Commentaries
    • Comments
  • Current Affairs
    • Malaysia
    • Indonesia
    • China
    • ASEAN
    • Asia
    • International
  • Finance
    • Economics
    • Labour
    • Property
    • Business
  • Community
    • Civil Society
    • Arts & Culture
    • Consumer Watch
    • NGO
  • Politics
    • Parliament
    • Transport
    • Education
    • Environment
    • Health
    • Housing
  • Law & Order
    • Legislation
    • Court Cases
  • Lifestyle
    • Travel
No Result
View All Result
The Online Citizen Asia
No Result
View All Result

About 3,800 companies ceased operations in April, more to follow in the coming months: Chee Hong Tat

by S.Ling
05/06/2020
in Business, Parliament
Reading Time: 2 mins read
7

Speaking in Parliament on Friday (5 June), Senior Minister of State for Trade and Industry Chee Hong Tat said that about 3,800 companies closed down in April, which is nearly equivalent to the average of 3,700 recorded in the same month over the past five years.

Nonetheless, Mr Chee warned that more businesses will cease operations in the coming months, given that the COVID-19 pandemic has severely affected the country’s economy.

For the same reason, the formation of new businesses will “remain subdued”, he remarked.

According to Mr Chee, around 3,800 business entities were established in April, which is almost a third lower than the average of 5,500 recorded in the same period between 2015 and 2019 across most sectors.

He then noted that the pandemic is expected to have a “severe impact on many sectors” of Singapore’s economy for the rest of the year. Similarly, the outward-oriented sectors, which include wholesale trade, will be badly affected by the global economic slowdown.

Mr Chee added that air transport and tourism sectors will continue to suffer due to travel restrictions, while sectors such as retail and food services will also be hit by lower demand from tourists and local consumers.

However, he asserted that some sectors, such as biomedical manufacturing as well as information and communications, will continue to grow.

“These were happening even before COVID-19. But with COVID-19, we must expect the situation to worsen and these numbers to go up,” Mr Chee remarked.

He went on to say that the situation of firm closure and retrenchment is “not possible to avoid”.

Noting that the Government “will help every worker”, Mr Chee asserted that the National Jobs Council will provide about 100,000 opportunities to the job seekers via the SGUnited Jobs and Skills Package.

Chaired by Senior Minister Tharman Shanmugaratnam, the National Jobs Council held its first meeting on Wednesday (3 June) to discuss the priority areas for achieving the SGUnited Jobs and Skills Package based on the consideration of the COVID-19 impact on the outlook for jobs.

The Council comprises 17 members, including Trade and Industry Minister Chan Chun Sing, Environment and Water Resources Minister Masagos Zulkifli, Education Minister Ong Ye Kung, Minister in the Prime Minister’s Office and Second Minister for Finance and Education Indranee Rajah, Communications and Information Minister S. Iswaran, Manpower Minister Josephine Teo, as well as other labour and business associations’ representatives.

Share this:

  • Twitter
  • Facebook
Tags: Chee Hong TatCOVID-19
Subscribe
Connect withD
Login
I allow to create an account
When you login first time using a Social Login button, we collect your account public profile information shared by Social Login provider, based on your privacy settings. We also get your email address to automatically create an account for you in our website. Once your account is created, you'll be logged-in to this account.
DisagreeAgree
Notify of
I allow to create an account
When you login first time using a Social Login button, we collect your account public profile information shared by Social Login provider, based on your privacy settings. We also get your email address to automatically create an account for you in our website. Once your account is created, you'll be logged-in to this account.
DisagreeAgree
7 Comments
Oldest
Newest Most Voted
Inline Feedbacks
View all comments

Recent Posts

  • Only 1 in 5 surveyed confident of 4G leaders, Blackdot Research study finds
  • Taiwan truck driver charged with negligent homicide over rail crash
  • Myanmar’s ousted MPs form shadow government
  • France says ‘highly probable’ EU won’t renew AstraZeneca orders
  • Jimmy Lai: the Hong Kong media tycoon that China loathes
  • Jimmy Lai among five Hong Kong democracy activists jailed
  • Rebel groups see opportunity in post-coup Myanmar
  • Public Prosecutors have nothing to fear if they do their job, says Justice Chan Seng Onn as Parti Liyani becomes first to seek compensation against AGC for “frivolous and vexatious” prosecution

Trending posts

Ho Ching shares not 1, not 2, but 7 Facebook posts by Chan Chun Sing in a row within 15 minutes

HDB steps up to assist single mom after her social media post on being given unliveable flat goes viral

WP MP Gerald Giam’s intervention helped solve traffic congestion issue at Hougang Capeview

Blogger Roy Ngerng hits fundraising target in 8 days for damages to be paid to PM Lee over libel suit

PM Lee seeking nearly S$130,000 in legal costs and disbursements from blogger Leong Sze Hian; much of disbursements tied to engagement of Hong Kong expert witness

Only 1 in 5 surveyed confident of 4G leaders, Blackdot Research study finds

Public Prosecutors have nothing to fear if they do their job, says Justice Chan Seng Onn as Parti Liyani becomes first to seek compensation against AGC for “frivolous and vexatious” prosecution

Here’s why many Singaporeans aren’t bothered who the ruling party chooses to become PM

Pfizer CEO: Vaccine third dose ‘likely’ needed within 12 months

FB post criticising Minister Chan Chun Sing’s leadership skills re-emerges in light of recent 4G leadership discussion

Load More
June 2020
MTWTFSS
1234567
891011121314
15161718192021
22232425262728
2930 
« May   Jul »
  • About Us
  • Volunteer
  • Donation
  • Subscription
  • Letter submission
  • Contact Us

© 2006 - 2021 The Online Citizen

No Result
View All Result
  • Opinion
    • Editorial
    • Commentaries
    • Comments
  • Current Affairs
    • Malaysia
    • Indonesia
    • China
    • ASEAN
    • Asia
    • International
  • Finance
    • Economics
    • Labour
    • Property
    • Business
  • Community
    • Civil Society
    • Arts & Culture
    • Consumer Watch
    • NGO
  • Politics
    • Parliament
    • Transport
    • Education
    • Environment
    • Health
    • Housing
  • Law & Order
    • Legislation
    • Court Cases
  • Lifestyle
    • Travel
  • Subscribers login

© 2006 - 2021 The Online Citizen

wpDiscuz
7
0
Would love your thoughts, please comment.x
()
x
| Reply