Showing posts with label Singapore. Show all posts
Showing posts with label Singapore. Show all posts

Monday, 10 August 2020

Emotional intelligence – valuable skill to create a harmonious workplace

By Kavitha Kesavan (Content Management Analyst)

Emotional intelligence (EI) is the ability to be smart with emotions as it plays an essential part in fostering positive working relationships in an organization. IQ will get an employee hired, but EI is the ability to interact effectively while managing their own emotions and others’ emotions that will help someone move up the career ladder and determine success in life.  Individuals communicate better, reduce their anxiety and stress, avoid conflicts, improve relationships, empathize with others, and effectively overcome life’s challenges with high level of EI.
An interesting question and answer by Daniel Goleman is extracted from http://www.danielgoleman.info/social-skills-and-eq on social skills.

Q: Having good social skills is another component of EQ, but does that mean people who are shy or introverted don’t have as high an EQ? Again, how can one improve social skills?
Social competence takes many forms – it’s more than just being chatty. These abilities range from being able to tune into another person’s feelings and understand how they think about things, to being a great collaborator and team player, to expertise at negotiation. All these skills are learned in life. We can improve on any of them we care about, but it takes time, effort, and perseverance. It helps to have a model, someone who embodies the skill we want to improve. But we also need to practice whenever a naturally occurring opportunity arises – and it may be listening to a teenager, not just a moment at work.

Daniel Goleman, psychologist and author of the best-selling book Emotional Intelligence, established the importance of EI to business leadership and defined five main qualities that make up EI.

Self-awareness 
Self-awareness is the ability to recognize and understand one’s own emotions and moods and know how this can impact ourselves, others, and our environment. Strong self-awareness means having a clear understanding of each own’s strengths and weakness and operating with humility and kindness.

Employees with low level of EI often demonstrate direct their mood swings to certain colleagues and employees with high level of EI will be able to understand their colleagues’ emotions and will be able to accept and accommodate accordingly. This may cause conflict and uneasiness in a workplace if the employees with low EI are not willing to seek ways to change their habits as it is difficult to work with such colleagues. Speaking out with a trusted people who will be able to help the employees and attending motivational courses will be to assist employees who are keen in the journey of creating a high EI workplace.

Self-regulation
Daniel Goleman said, “When emotions are running high, they certainly cannot be ignored – but they can be carefully managed. This is called self-regulation, and it’s the quality of EI that liberates us from living like hostages to our impulses.” Leaders demonstrating EI will keep their worst impulses and distressing emotions under control and remain stay calm and effective in the most challenging times, such as during the COVID-19 pandemic. They will be able to understand the stress that employees face on a daily basis in global, complex, and high-pressured work environments. An approachable leader with self-reflection will be able to retain talents at workplace as they will comfortable and motivated to work with an emotionally balanced leader and environment.

Motivation
Self-motivated people have a passion to work with extremely high standards for the quality and pursue goals with persistence. They are not solely motivated by money or titles, but find the motivation within themselves. A highly EI team will help improve productivity of the workplace tremendously as they have a personal drive to improve and achieve, committed to goals, take initiative to complete a task, and readiness to act on opportunities, and optimism and resilience.
Apart from self-motivation, EI also includes on how we motivate others in a team. People with positive energy and vibes often inspire others to be super motivated, especially during a challenging situation. This will help retaining good employees, and creating a sense of loyalty which means they are more likely to work harder for employers.

Psychologist Abraham Maslow’s Hierarchy of Needs Theory is relevant in identifying factors essential for employee motivation. Usually a person beginning their career will be very concerned with physiological needs such as adequate wages and security needs to fulfill the basic need for food, water and shelter etc. Workplace hazards should be addressed and resolved immediately to ensure employee’s safety is guaranteed and they do not feel threatened.

Employees desire to work in an environment where they are accepted in the organization and have some interaction with others. Therefore, creating a workplace that harbors opportunities for participation and interaction with others to promote a sense of belongingness is encouraged.

The need for appreciation and respect is another important element for motivation.  A strong level of self-esteem can make you feel better and gives a boost to your confidence that can make you feel empowered and perhaps, even improve your relationships at workplace. Meaningful job title, job perks, awards, a nice office, business cards, workspace, etc. are also important to an employee’s esteem.

Self-actualized people seek fulfillment and change through individual development. Self-actualized employees have leadership traits and are always prepared for new enhancements and challenges in relation to their job and are prepared to move out of their comfort zone. Self-actualized people are humble, not disturbed by small matters and are able to accept their flaws for growth.

Empathy
Empathy is the capacity to feel compassion for others, put yourself in their shoes and have an understanding to help them in times of need. Offering a genuine response to people’s concerns and connecting with them will be able to retain talents at workplace. Allowing flexible working arrangements for employees that need to care for kids or elderly parents is an encouraged approach.
Employees are much more likely to work smoothly with a friendly face versus someone that’s cold or unapproachable. For instance, if a new co-worker is having trouble adhering to a particular workplace culture or policy, co-workers tend to assume that they are being negligent or otherwise aloof. However, chances are they require time to adapt to the new culture. Co-workers with high level of EI will give the new hire the benefit of the doubt, respect their way of getting adjusted to the new culture and make them feel comfortable in the workplace before passing judgment on their behavior in the office. Practicing patience with your co-workers is a key to demonstrate empathy.

Social skills
Social skills are the ability to interact with others that are considered as fundamental to human development (Odom et al. 1992).  Good relationships at workplace will help people to get along well with others and help to perform better at jobs as they will feel comfortable approaching their co-worker for a discussion. When you show respect for others by being polite and using good manners in the workplace, people will show respect for you. Active listening which means being fully engaged while listening to someone talk also represent a good social skill.

Gossiping is definitely NOT part of strong social skills even though gossipmongers tend to be “friendly” to get their message through to lower a colleague’s reputation in the eyes of other colleagues due to their jealousy or insecurity. Gossipmongers are indisputable cancer in the workplace.  Workplace gossip leads to attrition due to good employees leaving the company because of an unhealthy work environment. Gossiping tends to erode morale, hurt feelings and reputations, lowers productivity and creates divisiveness among employees as people take sides. A rule of thumb to identify gossips would be, “if you would not be saying that about me in my presence, then it should be avoided.” Warning or terminating a gossipmonger acts a deterrence to other employees to respect other co-workers and to keep the positive vibes ongoing.

A workplace with high EI culture encourages retention of employees, loyalty and improved work performance as a happy and healthy workplace environment is highly beneficial for employees’ productivity and profitability of organizations.


(Note: For further information on workplace ethics in our Asia Pacific Employment Law and Singapore Hands on Guide - HR Manager subscriptionscontact us at sg-sales@wolterskluwer.com (Singapore)).

Friday, 10 April 2020

Solidarity Budget - what's in it for you?

By Kavitha Kesavan (Content Management Analyst)
 Deputy Prime Minister and Finance Minister, Heng Swee Keat, announced the third round of support measures called “Solidarity Budget” which follows the Unity Budget announced on 18 February 2020 and the Resilience Budget of 26 March 2020 to help tide businesses, workers and households through the COVID-19 outbreak. Singapore will implement heightened safe-distancing measures from 7 April to 4 May 2020. An additional S$5.1b will be mobilised to see Singaporeans and businesses through this period. The following are the highlights of the speech.

Enhanced Jobs Support Scheme (JSS)
         • The Government will raise its wage subsidy for all firms to 75% of gross monthly wages, for the first S$4,600 of wages paid in April 2020, for each employee. Regardless of how much they earn, the maximum subsidy to the firms will be 75% of S$4,600 per person, which is S$3,450. In the Resilience Budget, the wage subsidy offered ranged from 25% to 75% for a few sectors (75% wage support for aviation and tourism sectors; 50% for the food services sector, and 25% for all other sectors).
         • First JSS payout will be brought forward from May 2020 to April 2020.
Self-Employed Person (SEP) Income Relief Scheme (SIRS)
         • About 100,000 SEPs will benefit from SIRS.
         • Extend SIRS to automatically include self-employed persons who also earn a small income from employment work. Self-employed persons are a very diverse group. Some are own-account workers, like taxi drivers, who engage in a trade or business but do not employ any paid workers. Others are sole proprietors, who own small businesses that have employees and a network of business relations.
         • Raise the annual value of property threshold from S$13,000 to up to S$21,000. This will include those who live in some condominiums and other private properties.
         • Eligible SEPs will receive three quarterly cash payouts of S$3,000 each in May, July and October 2020.
         • Other criteria remain unchanged.
Further measures to ease labour costs
         • Waiver of monthly Foreign Worker Levy (FWL) due in April 2020 to help firms with cash flow.
       • FWL rebate of S$750 in April 2020 from levies paid in 2020, for each Work Permit or S Pass holder.
Laws to ensure property owners pass on property tax rebate to tenants
         • A Bill will be introduced to let businesses and individuals defer certain contractual obligations such as paying rent, repaying loans or completing work for a period. The Bill will also ensure that property owners pass on the property tax rebate in full to tenants.
Rental waiver
          •  One-month rental waiver for office, commercial and agriculture tenants of government agencies
         • Stall owners in NEA hawker centres will continue to enjoy three months of rental waivers, while commercial tenants will continue to receive two months of rental waivers.
More finance support for enterprises
         • The Government’s risk share raised from 80% to 90% for EFS Trade Loan, EFS-SME Working Capital Loan and Temporary Bridging Loan Programme and applies to loans initiated from 8 April 2020 till 31 March 2021.
Cash payments for Singaporeans
         • All Singaporeans aged 21 and above will receive a one-off payout of S$600 in April 2020
         •  S$300 from enhanced Care and Support — Cash payout will be made in April 2020
         • Additional and enhanced cash amounts for all Singaporeans aged 21 and above in 2020 as per the following.


Assessable Income for YA2019 
Additional + Enhanced Cash Payments
Total Cash Payment
Payment in April 2020
Payment in June 2020
Not more than $28k
$300 + $900
$1,200
$600
$600
Above $28k to $100k
$300 + $600
$900
$600
$300
>$100k
 or owns more than 1 property
$300 + $300
$600
$600


           • The S$100 Passion Card Top-up in cash for Singaporeans aged 50 and above this year has also been brought forward to June.  
 • The S$300 payout for each parent with at least one child aged 20 and below had been brought forward to June. 
         (Note: For further information about our Asia Pacific Employment Law and Singapore Employment Handbook Service subscription, contact us at contact us at sg-sales@wolterskluwer.com (Singapore)).

Friday, 14 February 2020

Singapore continues to clamp down on PDPA breaches

While the Personal Data Protection Act (PDPA) had come into effect in phases from 2013 to 2014, effectively at least 5 years ago, it is quite alarming to find that the number of breaches reached an all time high in 2019.

41 organisations were slapped with fines in 2019, while plenty more were given directions and warnings to put necessary policies and practices in place. The total penalties appear to have reached more than $1.6m for 2019. Arguably, this was skewed by the $1m penalty dished out in respect of the incredible medical record data breach that occurred last year.

Nevertheless, for the start of 2020, at the time of this article, a total of 14 organisations were found in breach of the PDPA, with a total of $150,000 penalties already dished out! Unless Singapore organisations take the regulations more seriously, we could see the amount of breaches for 2020 overtake 2019.


Thursday, 4 October 2018

Managing transfer pricing risks


Transfer pricing is a common topic for audits, given its inherent subjectivity. The Inland Revenue Authority of Singapore (IRAS) transfer pricing audit is termed “Transfer Pricing Consultation” where the IRAS generally reviews for:
  • The adequacy and timeliness of the taxpayers' transfer pricing documentation;
  • The appropriateness of the taxpayers' transfer pricing methods; and
  • The arm's length outcome of the taxpayers' transfer pricing studies.

Based on the IRAS Transfer Pricing Guidelines (TP Guidelines), the risk indicator upon which IRAS selects taxpayers for a transfer pricing audit are as follows:
  • The value of related party transactions;
  • The performance of the business over time; and
  • The likelihood that taxable profits may have been understated by inappropriate transfer pricing.

Wednesday, 3 October 2018

Tax in the digital age


by Laurence Todd & Connor Vance






This paper was first published (September 2018) on the IDEAS website.

Introduction

Advances in technology have led to radical changes in existing business models and the creation of radically new ones. With the advent of the internet, many corporations no longer need physical establishments or proximity to customers to do business. This new digital age has encouraged the emergence of an enormous variety of new products and services, easily accessed online.

However, there has been a growing sentiment within some governments that the reach and accessibility of new digital channels poses a challenge to the long-standing principles of taxation. In response to these concerns, the OECD has established a Task Force on the Digital Economy to seek to develop a global consensus and is due to report in 2020. But some countries want to move faster, and several jurisdictions are now considering new unilateral taxes targeting digital activity.

The emergence of digitalisation is of course not unique to any one country, and there are many different perspectives on how digitalisation changes the way we think about taxes – or even whether it should at all. In Malaysia, the previous government was actively looking into ways to raise revenue from digital activity; Second Finance Minister Datuk Seri Johari Abdul Ghani stated in January 2018 that the government had sought out “feedback from the OECD” on potential methods for imposing a new digital tax in Malaysia (The Malaysian Reserve, 2018). As the new Pakatan Harapan government develops its first budget, they too may consider targeting the revenue of digital companies. With this in mind, this Brief Ideas considers the main issues, domestically and globally, in the debate over digital tax.

The case for digital tax

Those countries arguing for new tax measures targeting digital activity often advocate two arguments in favour of this course of action:

  • First, that digital companies pay less tax than non-digital companies;
  • Second, that digitalisation has fundamentally altered the way value is generated.

Before we consider these two arguments, we should note the challenge in specifying a company as “digital” for the purpose of taxing it. Many, if not most businesses, will seek to use digital channels to some extent, including for sales and advertising. This includes many traditional “brick and mortar” companies that have adapted to the innovations provided by the internet and digital technology, but these cannot be classified as “digital companies”. Of course, many new predominantly digital business models have also emerged over the past few years, such as social media platforms, but even among these, there remains an enormous variety in size and function. In recognition of this, the OECD concluded that “because the digital economy is increasingly becoming the economy itself, it would be difficult, if not impossible, to ring-fence the digital economy from the rest of the economy for tax purposes.” This difficulty in defining exactly what it is that is going to be taxed makes policy development significantly more challenging and risks new taxes being unfairly targeted, which can in turn create market distortions. Any new digital tax would almost certainly have an inadvertent impact on traditional companies.

Friday, 28 September 2018

Still waters run deep


Examining GST implications for the financial services industry

Financial services are exempted from GST in Singapore as it was recognised that it was difficult to tax them. Its products and services are complex, and transactions can seem conceptual-like. Apart from that, Singapore is a key hub for financial services in the region and applying a different treatment would risk the viability of the financial services industry in Singapore.

GST is not chargeable on exempt supplies and therefore, GST-registered businesses do not need to collect and remit any GST to the IRAS on exempt supplies they make. However, from a reporting perspective, GST-registered businesses are still required to report the value of exempt supplies made in their GST return.

GST-registered businesses are generally not entitled to recover input tax credits for any GST paid on goods and services where the GST is directly attributed to exempt supplies. Where a GST-registered business makes both taxable and exempt supplies, only input tax directly attributable to the making of taxable supplies is recoverable in full. In cases like these, partial exemption recovery rules come into play. Such rules in Singapore can be complex and are subject to a number of concessions, requirements, etc. Therefore, unlike fully taxable businesses, GST incurred on purchases can become a cost for partially exempt businesses.

As such, though the GST law and principles appear to be straightforward, certain difficulties crop up when such laws and principles are applied to financial services.

Monday, 24 September 2018

New dawn, new day, new life… I’m feeling good


Singapore's New Corporate Insolvency Regime

In May 2017, significant changes were made to Singapore’s insolvency and debt restructuring laws via amendments to the Companies Act, where it included new features such as super-priority rescue financing and enhanced moratorium against creditor action.

Companies in Singapore have benefitted from this new regime.

Hoe Leong Corporation Ltd managed to restructure its debts under s 211I of the Companies Act. Under s 211I, the court may, on application made by the company, make an order approving the compromise or arrangement, even though no meeting of the creditors or class of creditors has been ordered under s 210(1) or held. This allows fast-tracking of pre-negotiated schemes. In Hoe Leong’s case, the scheme documents were sent to the relevant creditors on 17 November 2017, and approved by the court, two months later, on 22 January 2018.

EMAS Offshore Limited, with its subsidiaries (Emas Offshore Pte Ltd and Emas Offshore Services Pte Ltd), successfully applied for a moratorium under s 211B of the Companies Act. It provided breathing space which makes it more conducive for the company to achieve its restructuring goals. It was reported “The Board believes that the Automatic Moratorium and the Moratorium, if granted, will provide stability for the day-to day operations of the Group to continue with support of its key trade suppliers and allow the Singapore Filing Entities an opportunity and adequate time to pursue the Restructuring.”

However, not all are successful in utilising the mechanisms under this new regime.

Wednesday, 12 September 2018

Will accounting for consolidated financial statements get any easier?


Post-implementation reviews of the consolidation package of standards begins this year

Seven years ago, in May 2011, the International Accounting Standards Board (IASB) released a whole package of international financial reporting standards (IFRSs) to update the accounting rules regarding consolidation matters and other related topics. These were:
  •         IFRS 10 Consolidated Financial Statements
  •          IFRS 11 Joint Arrangements
  •          IFRS 12 Disclosures of Interests in Other Entities.

At the same time, in line with the new standards, the following standards were revised: IAS 27 Separate Financial Statements, and IAS 28 Investments in Associates and Joint Ventures.
Suffice to say that the release and implementation of these Standards were not without dispute and controversy. Among the issues that have been raised are:

Thursday, 2 August 2018

Companies cautious in hiring HR

Author: Nurhuda Syed

This story originally appeared herewww.hrdmag.com.sg

Singapore companies remain cautious about hiring highly skilled HR professionals, even as its counterparts in the Asia Pacific region report varying demands. 
Despite MOM’s strong hiring outlook in 2018, Singapore’s job market for HR roles remains stagnant and only saw a mere 2% increase in hiring as compared to 2017. This after seeing no increase or decrease in job postings for HR in the first quarter.
The Philippines however continues to exhibit strong demand for HR professionals with up to 30% increase in hiring in the second quarter of 2018, according to latest figures from Monster Employment Index.

Thursday, 21 June 2018

World cup fever: How HR can keep staff in check

Author: Nurhuda Syed

This story originally appeared here: www.hrdmag.com.sg

With the 2018 FIFA World Cup set to kick off in Russia on Thursday (14 June), football fans in Singapore are gearing up for late nights at the local waterhole to root for their favourite teams.

Luckily for those who have to make their way to the office the next day, the favourable time difference between the two countries will not disrupt much of their sleep — with most matches taking place between 6 pm and midnight. Only about a fifth of the 64 games will air at 2 am Singapore time.

Regardless, employers may still face with a slip in discipline from some staff, so HRD got in touch with employment lawyers from Clyde & Co, Chris Holme, partner, and Corinna Harris, professional support lawyer, for a guide on handling possible issues from ardent sports fans.

Tuesday, 20 March 2018

Audit Documentation Now More Important Than Ever




The introduction of Key Audit Matters (KAMs) in 2016 has resulted in a huge leap in the importance of audit documentation. Writing up KAMs is not a straightforward process, and requires the auditors and those charged with governance to work together closely. One of the best ways to ensure that the documentation is of high quality is by starting work on KAMs early on.

Wednesday, 21 February 2018

Singapore Budget 2018: Everything you need to know

Last Monday afternoon, the 2018 Singapore Budget was rolled out. I'm sure some of the announcements caught some of you by surprise, some good, some maybe not so good. 

Here's some of the areas that stood out for us here at Wolters Kluwer:

  • The GST increase is happening, just not as quickly as we thought, with an increase of 2% expected to be implemented between 2021 and 2025, giving time for all to prepare.
  • GST will be implemented on imported digital services from 2020, affecting B2B (via a reverse charge mechanism) and B2C (through an overseas vendor registration model) businesses. 
  • After alluding to the carbon tax in the 2017 Budget, it has now been introduced for 2019 onwards, at a rate of $5 per 25,000 tonnes or more of emissions, encouraging companies to be more energy efficient.

Thursday, 28 September 2017

Can employers give bad references?

Authors: Donovan Cheah (Partner) and Adryenne Lim (Legal Executive) (Donovan & Ho)
Academic qualifications and work experience are just one part of the deal in the hiring process. The other part involves interpersonal skills, personality traits and work ethics, all of which are qualities that employers have no way of knowing other than through the recommendations of other people and/or based on the employer’s own assessment during interviews with prospective employees. In this regard, references bear considerable weight in the hiring decisions of employers: a bad reference may in some instances cause someone a job opportunity.

Given that the potential damage that may flow from a bad reference that was prepared out of bad faith or without due care, these questions are worth considering:

          • To what extent can an employer provide a bad reference?
          • Can an employer be held liable for damages due to a bad reference given?


Tuesday, 2 May 2017

Need HELP in your human resource efforts?

Human resources (HR) is a field that continues to change as technologies continue to advance. If you're in HR, you would have surely noticed how your role is becoming more and more important in today's world, evolving and expanding beyond typical standard processes, with the acquisition and use of vital knowledge that influences your company's decision-making.

Wolters Kluwer is very aware of the challenges HR face in today's global world, which is why we have poured a lot of energy over the years into the product we know as HELP.



























If you haven't heard of Wolters Kluwer's HELP yet, don't worry, it's not too late. HELP is what we call our regional resource known as Asia Pacific Employment Law Asia, covering 14 of the major economies in the Asia Pacific. Updated regularly for your benefit, the highlights of this regional resource include:

Wednesday, 8 March 2017

Will GST rates increase in Singapore?

The Singapore Budget 2017 debates continue to rumble on in Parliament, and should finish this Friday. There were many valid points raised and the discussion has been lively, and not without controversy.

For instance, one of yesterday's debates seemed to picture the Government indulging in evasive tactics when questioned about a possible GST hike in the near future. Low Thia Khiang, leader of the Workers' Party, voiced concern as to how would all the planned expenditure for healthcare and infrastructure in the coming years be funded.

Lawrence Wong, the second Minister for Finance, chose his words carefully in his response, and, while insisting that the Government is exploring all possible options, did not flat out dismiss the possibility of a GST rate increase.

Tuesday, 21 February 2017

Singapore Budget 2017 Highlights!

Mr Heng Swee Keat presented the 2017 Budget on 20 February 2017. Overall, the main message and objective of his delivered content is to ensure Singapore remains relevant and adaptable amidst the constantly changing global business environment.


Amongst the highlights of the 2017 Budget announcement were:

Wednesday, 30 November 2016

Getting updated on terminations at our HR knowledge clinic

Last week, Wolters Kluwer Singapore ran one of our knowledge clinics in Singapore, in the area of human resources, focusing specifically on terminations. We invited our Asia Pacific Employment Law Online subscribers to join us for the session, titled Managing Terminations of Employment in Asia.

Our speaker for the day was Fatim Jumabhoy from Herbert Smith Freehills. Her expertise and wealth of experience was evident throughout, not to mention her exceptional delivery of information.

She went through the legal requirements for disciplinary and dismissal handling when terminating employees across Asia, looking specifically at Singapore, Hong Kong, Malaysia, Indonesia, Japan and Korea. She also highlighted particular areas of concern that our attendees needed to be aware of, as well as discussing such topics as notice periods and severance payments.

Thursday, 17 November 2016

A Practical Guide to Financial Reporting Standards, Singapore (6th Edition) launching soon!

The long anticipated 6th edition of the WK A Practical Guide to Financial Reporting Standards, Singapore will be available for purchase on 13 December 2016!

A Practical Guide to Financial Reporting Standards, Singapore is a comprehensive guide to accounting standards in Singapore.

This 6th Edition covers all the Financial Reporting Standards (FRSs) and Interpretations of Financial Reporting Standards (INT FRS) issued by the Accounting Standards Council that are effective as at 1 January 2017. Also included are the three major FRSs that are effective on:

One month extension for SST returns and payment of tax

The Royal Malaysian Customs Department (RMCD) has announced a one month extension (until 31 July 2021) for the submission of SST-02 forms an...