CNPUpdate - Issue 06 - November 2020

 

Contents
  1. Singapore's Economic Development Board announces the launch of the Tech.Pass, a new work pass for top-tier foreign tech talents

  2. Updated guidelines on responsible retrenchment

  3. Updated requirements for safe management measures at the workplace

  4. Guidance on the conduct of General Meetings amid the COVID-19 pandemic

  5. Singapore shifts to a Singapore Overnight Rate Average-centred SGD Interest Rate Market


Singapore's Economic Development Board announces the launch of the Tech.Pass, a new work pass for top-tier foreign tech talents

As an expansion of the Tech@SG programme launched by Singapore's Economic Development Board (EDB) in 2019, the EDB has announced the launch of a new work pass in Singapore - the Tech.Pass.

The Tech.Pass, which is administered by the EDB and supported by the Ministry of Manpower, is targeted at top-tier foreign professionals and experts looking to start businesses, lead corporate teams or teach in Singapore.

Please click here to find out more.


Updated guidelines on responsible retrenchment

The Tripartite Advisory on Managing Excess Manpower and Responsible Retrenchment ("Advisory") was updated by tripartite partners (comprising the Ministry of Manpower ("MOM"), the National Trade Union Congress and the Singapore National Employers Federation) partners on 17 October 2020. The Advisory, which provided further guidance on the conduct of retrenchment exercises in Singapore was last updated in March 2020, and introduced a list of cost-saving measures that employers should consider and adopt as an alternative to retrenchment. A summary of those measures are set out in our earlier article published on 5 May 2020.

Please click here to find out more.


Updated requirements for safe management measures at the workplace

On 23 September 2020, the Ministry of Manpower ("MOM") updated its advisory on "Requirements for Safe Management Measures at the workplace" (the "Safe Management Measures"), which was first jointly introduced by MOM, National Trades Union Congress and the Singapore National Employers Federation on 9 May 2020. The Safe Management Measures were further updated on 22 October 2020.

Effective from 28 September 2020, the updated Safe Management Measures are intended for general workplace settings and were introduced to minimise the risk of widespread re-emergence of COVID-19 in the community. Specific workplaces such as construction worksites and shipyards may have to fulfil additional requirements and are advised to refer to sector-specific requirements.

Please click here to find out more.


Guidance on the conduct of General Meetings amid the COVID-19 pandemic

On 23 September 2020, in view of the relatively low number of COVID-19 community cases, the Ministry of Health issued an advisory on "Resuming More Activities Safely" ("MOH Advisory"). The MOH Advisory provides, amongst others, that work-related events within workplace premises that are business-oriented (including general meetings) will be allowed to resume, for up to 50 persons with strict adherence to safe management measures.

Please click here to find out more.


Singapore shifts to a Singapore Overnight Rate Average-centred SGD Interest Rate Market

As part of global efforts on interest rate benchmark reforms, the UK Financial Conduct Authority ("FCA") announced in July 2017 that the London Interbank Offered Rate ("LIBOR") will not compel banks to submit rates used to calculate the LIBOR by end-2021. Consequently, the Singapore Dollar Swap Offered Rate ("SOR"), which utilises the US Dollar LIBOR in its computation, will be affected by this change and in August 2019, the Singapore Overnight Rate Average ("SORA") was identified as the replacement interest rate benchmark to the SOR.

The Steering Committee for SOR Transition to SORA ("SC-STS") has, for the first half of 2020, made good progress in developing SORA markets. Efforts were made to establish key SORA market conventions and infrastructure, enhancing industry and system readiness, and piloting new SORA products that cater to customers’ needs.

Please click here to find out more.


 

 

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Editor
Bill JAMIESON

Production team
Joel LAW
Jacqueline CHEOW
Menes STA ANA

Contributors
Bill JAMIESON
TAN Min-Li
WONG Pei-Ling
GE Xiaomeng
GOH Wan Shuen
Marvin CHUA
Pearlene HAN
Sean TAN


Featured contributor


Marvin CHUA
Associate
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This update is provided to you for general information and should not be relied upon as legal advice.

For more information please contact us via contact@cnplaw.com

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