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News - Detailed News Story


Stock Chart
Last Done 3.810
Change -0.040 (-1.04%)
Volume 4,688.2
Range 3.800 - 3.860

SIA Engineering

Stock Chart
Last Done 2.010
Change -0.010 (-0.50%)
Volume 311.7
Range 1.990 - 2.030

ST Engineering

Stock Chart
Last Done 3.350
Change +0.020 (+0.60%)
Volume 3,657.5
Range 3.330 - 3.370

Aerospace firms get some reprieve but the fight's not over yet

04 Jun 2020 09:00

By Nisha Ramchandani

THANKS to the enhanced Jobs Support Scheme (JSS), companies such as ST Engineering and SIA Engineering Company (SIAEC) will receive millions in additional wage support to cushion the devastating blow that Covid-19 has dealt the aerospace industry. The shot in the arm will aid an important sector, but will not save it entirely.

Under the S$33 billion Fortitude package - Singapore's fourth budget package this year - the JSS was enhanced substantially. It extended JSS payouts for all firms by one month so the scheme now covers 10 months instead of nine. The JSS covers 25 per cent to 75 per cent of the first S$4,600 of monthly wages of each local employee, depending on the industry.

More importantly, perhaps, more companies now qualify for higher tiers of wage support as the government moved to help ailing industries that have been ravaged by the pandemic. Companies operating in the aerospace sector - such as maintenance, repair and overhaul (MRO) operators, aerospace manufacturers, parts suppliers, airline fleet management services operators as well as providers of training for pilots and crew - qualify for the 75 per cent support, up from just 25 per cent previously. This now puts them on the same tier as airlines, airport ground handlers and the airport operator.

According to CGS-CIMB, ST Engineering could stand to receive an additional S$56 million from the enhanced JSS as both its aerospace and marine businesses receive a higher tier of wage support. Its marine business unit will enjoy 50 per cent wage support, from 25 per cent previously.

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Source: Business Times

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