Quick Credit Money Lender Logo

We are here to help you with your
cash needs.

☎ 68996188

News

Economic Policy of Singapore (2017 Update)

Posted by admin on October 9, 2017  |   No Comments »

Economic Policy of Singapore  

economic policy

economic policy

Policies on the island nation Singapore cannot be make in isolation. Because the economy is affect by extreme events on a regional and global level. The nature of extreme events would determine the type of policy interventions and responses. In the case of SARS, the key challenge was to ascertain the root cause of the SARS epidemic. And find a cure for the SARS virus. For the GFC, the objective was to prevent job losses and keep the island economy on track for recovery post-GFC. Additionally, Singapore is a small open economy and being a trade dependent economy, exchange rate policy (where the Singapore Dollar is kept within an undisclosed band of the US Dollar) is endorsed to have exports of goods and services in a favorable position.  

This provides employment and enhances BOP by monitoring the foreign exchange. SARS and GFC call for vastly different policy measures . These measures aim at addressing the vulnerability of the island economy from extreme events. Thus, the following outlines the measures to preserve jobs, manage extreme events and island nations’ intervention. 

Budget toward job preservation policy

To address the impacts caused by SARS, the Singapore government implemented a SGD231 million (in 2003) SARS relief package to reduce the costs for tourism operators. And its auxiliary services and a SGD230 million economic relief package to aid businesses. The Singapore National Wage Council recommend SARS-struck companies to minimize job losses. And by adopting temporary cost-cutting measures and wage cuts were used as a last resort. The measures adopted included implementation of shorter work week. And temporary lay-offs, arrangement for workers to go on leave or undertake skills training. And upgrading provided by the Ministry of Manpower (MOM) and associated agencies. 

In response to the GFC, the fiscal measures were aimed at maintaining business competitiveness and preserving local jobs. A Resilience Package worth SGD20.5 billion (in 2009) was announce. And to save jobs, enhance cash flow and competitiveness of firms and strengthen the economy’s long-term capabilities. This Budget was funded from surpluses rather than from borrowing — which suggests that taxes would not rise in the future to fund current spending.  

 

Resilience Package policy

As part of the Resilience Package, Jobs Credit Scheme serves to preserve jobs for Singaporeans and minimize retrenchment; the Skills Programme for Upgrading and Resilience offers course subsidies. Furthermore, to allow the upgrading of skillsets and the Workfare Income Supplement provides support for low-income workers and increase public hiring. Thus, to lessen the expenditures for families, a 40% reduction in residential property tax. And a personal income tax rebate of 20% capped at $2,000. Also,  increase in Goods and Services (GST) credits and raising of the Central Provident Fund housing grant to $40,000 were offered to eligible recipients. 
Additionally, the scale of rescue packages differs between both extreme events due to the nature of the crisis. The package for GFC was warranted as the magnitude of impact and the time taken to return to pre-crisis levels were greater for some of the selected indicators examined.  

Toward a governance structure and Policy

The SARS epidemic challenged the prevailing Home front Crisis Management structure as the epidemic transcended beyond managing civil defense incidents. Thus, one important lesson the Singapore government learn from the SARS epidemic was the crucial role play by bureaucratic system in disaster management. And the bureaucratic structure in place was severely inadequate in terms of handling a situation that was both fluid and unprecedented (Lai and Tan, 2012). Thus, the policymakers realized the necessity to adopt a comprehensive disaster governance structure, an all-hazard approach that includes a mechanism for seamless integration at both the strategic and operational levels among various government agencies.  

To this end, Singapore revamped its Home front Crisis Management framework to produce the current inter-agency structure. A three-tier national control structure was create in response to SARS. Also, these tiers were individually represent by the Inter-Ministerial Committee (IMC), the Core Executive Group (CEG) and the Inter-Ministry SARS Operations Committee (IMOC) (Tay and Mui, 2004). The nine-member IMC was chair by the Minister of Home Affairs (MHA). And it fulfill three major functions: to develop strategic decisions, to approve these major decisions and to implement control measures. 

 

Ensuring Liquidity

Similarly, Singapore learned from the 1997 AFC to strengthen its financial system and to remain robust (Thum, 2010) in preparation for future crisis. Additionally, in response to the GFC, the MAS ensured that firms had access to liquidity to ensure the smooth functioning of financial markets. For example, the MAS enter in a USD$30 billion swap with the US Federal Reserve and Singapore denominate debt securities are accept if it is AAA rate. Thus, regulators need to complete their effort at implementing a macroprudential approach to enhance resilience within the system.  

And these are more effective in cooling housing markets and speculative purchases. (Arnold, 2014) Thus, than the traditional monetary policy of raising interest rates which may dampen economic activity (Flaherty and Schneider, 2014). Additionally, a combination of prudent and administrative measures such as limits on loan-to-value ratios and transaction taxes prevents excess liquidity from fueling asset price bubbles in the private property market. Thus, there is a need to streamline terms and conditions of different mortgage types and communicated in simple terms for the general public.  

 

Information Policy

Information present in this manner enables an ease of understanding and allows decision to be make and act upon easily. Also, the world is becoming a smaller place and economies are becoming more dependent on exports, investments, equities and property and market sentiments. Thus this is clearly draft out in Giles (2011) where a timeline identified the global impacts of the GFC. Export-led economy requires supply side intervention to ensure that businesses remain competitive and allow the creation of upstream value-added jobs. Futhermore, some examples include labor force productivity, new innovative and technological advanced industries and encouraging entrepreneurship. And this is especially critical in the case of Singapore where labor is the only source of natural resource. 


Quick Credit Pte Ltd

Quick Credit Pte Ltd is the best money lender in Singapore. If you currently need help in anyway, do not be shy and let us know. Anything cash related, we will be able to help you. Our well train loan consultants will be able to come up with a good loan package to help you clear off all your outstanding bills or debts. In doing so, you will help you keep better track of all your expenses and money. We have been a licensed money lender since 2002.

We have the skills, knowledge and people to assist you through the entire loan process while providing you with excellent advice.

In addition, we have one of the highest positive money lender reviews among money lenders in Singapore. Furthermore, Quick Credit is also one of the few money lender open on Weekend!

Interested in knowing more about how you can get a loan from us? You can drop us an email at enquiry@quickcredit.com.sg. Our manager will get back to you as soon as possible. Or you can drop us a message here and our manager will get back to you soon.

Alternatively you can call us at +65 6899 6188. Or visit our office at 2 Jurong East Street 21 #04-01A IMM Building Singapore 609601. The nearest MRT station to us will be Jurong East Station.

Sources of Alternative Business Financing in Singapore

Posted by admin on October 3, 2017  |   No Comments »
Sources of Alternative Business Financing in Singapore

Sources of Alternative Business Financing in Singapore

Running a business is not easy. It demands a lot of time and capital to stay afloat during the formative stages. Depending on the type of business, it takes time to re coup the initial investment. There comes a time when the investor may want to grow the business and will requires additional funds which are not readily available.

Banks are the most common sources of financing in Singapore or one to qualify for a bank loan they must produce valid identification documents, business permits and/or licenses. If the business is a partnership then all partners/co-owners must be vetted accordingly. The applicant must submit current bank statements, financial statements, tax assessment among others. The applicant must also prove that the business has a minimum turnover of a set amount prescribed by the bank depending on the amount applied for.

So what are the available alternatives to bank loans?

Continue Reading…

How To Retire At Age 50 (2017 Update)

Posted by admin on September 26, 2017  |   No Comments »

How to retire at age 50 

Everybody hopes for a comfortable and healthy retirement. It is possible to retire at an early age by saving enough income for your retirement days. There are many retire options for you, finding the right one being your only task. 

It can be disastrous to be in your retirement days without sufficient income. How much do I need to retire? 

The right answer for this involves a plan that will cover all emergencies. Moreover, it should cater for your needs comfortably without you having to strain yourself. The plan has to be more than just basic requirements for you to enjoy your retire days. 

With your finances intact, you can now look forward to a much secure future. 

retire

retire

So how should you plan for your retirement? 

Retirement planning is all you need to sustain yourself. There are critical aspects to be considered when planning for retirement. These aspects are: 

  • Having sufficient funds. 
  •  Having paid off all your debts. 
  •  Whether you are incurring medical care expenses. 

 

It takes a few steps to make a retire plan. You should look into your financial situation to know where to begin. From there, you will be able to budget effectively for retire. Once you come up with a retirement plan, it goes without question that part of this exercise is keeping track of your savings. 

After you have taken up the task of saving, add more funds into your savings account.  Thereafter, build up on your savings which will consequently draw your goals closer. 

Misuses of income through ways such as gambling can cost you a fortune. More so, consider the emergencies and higher expense to income ratio. The more the expenses you have, the more income you’ll need. 

Once you clear off debt, it’s time to acquire and also safeguard all your assets. Anything you may own can be classified as an asset which can be used to earn you some genuine income. Your health is crucial when planning for your retire so start considering visiting your doctor for regular check-ups. 

You stand to benefit a lot when you seek help from an expert who has grasped the ins and outs of the various retire plans you wish to have. By doing so, you will be in a better position to know where you lay. 

How to earn extra income for retirement. 

It is evident that you will require enough money to help you sustain yourself in your retire days. For this reason, you will need to be creative enough and focused to succeed.  

For many of us, our salaries are our main sources of income but there are always other ways to garner more! Here are some ways to make more money in preparation for your retire days: 

  1. Get a new and better paying job. 
  1. Ask for a salary raise. 
  1. Become a tour guide. 
  1. Be a Virtual assistant. 
  1. Consider tutoring on your free time. 
  1. Start your own blog. 
  1. As a writer, you could earn through freelance writing. 
  1. Sell your stuff online on platforms like Amazon and eBay. 
  1. Sell stuff in yard sales. 
  1. Rent out your car or a spare room. 
  1. Consider housekeeping. 
  1. Pet and babysitting. 
  1. Take legit online surveys. 
  1. Be a consultant. 
  1. Try out mystery shopping. 
  1. Graphics designing. 
  1.  Sell your high quality photos.  
  1. Consider getting into the show business. 

Some of these jobs can be done at home after you have retire. When it comes to earning income, bury your head in your works and get things done. 

Which are the best Investments for you? 

Investments are made hoping for good returns in the long run and we here are finding ways to get you making more money to make it easy to retire at 50.  There are many investment types that you can consider, some which will make you very lucrative returns but always keep in mind that investments have risks. 

You can start investing as early as your 20s and you can invest in the following types of investments; 

  1. Bonds 
  1. Stocks 
  1. Retirement accounts 
  1. Annuities 
  1. Products offered in banks 
  1. Peer to peer lending 
  1. College savings 
  1. Commodity futures 
  1. Security futures 
  1. Real estate 

A better goodnight sleep, you get to pay less taxes and being ahead of inflation are some of the advantages of getting into the investment business. Investments are part of retirement planning and if done right you can look forward to better quality of life and also those many vacations you desire can become a reality. 

Personal finance management tips 

You need to get your finances in order for you to dwell in a financially friendly world. It has become much easier to manage one’s finances with the development of personal finance software. These finance software programs enable you to pool all your accounts and financial institutions in one platform. 

To improve your financial life, you have to: 

  1. Work on and stick to a budget. 
  1. Learn how to not only plan for your future just for retirement purposes but also for unexpected emergencies. 
  1.  Let your money work for you through investments by opening up businesses. 
  1. Work on your saving. 
  1. Avoid getting deep into debt. 
  1.  Seek help from financial advisers. 
  1. Use the finance applications. 
  1. Be aware of your net worth. 

How you manage your funds will have a great impact on your life today and days to come. Making budgets, saving and venturing into investments are the basics of personal finance management. With these, you are bound to succeed financially. 

It is always advisable to have more than you actually need in your savings accounts. With all in place, all you’ll be left with is making beautiful memories in life. 

 


Quick Credit Pte Ltd

Quick Credit Pte Ltd is the best money lender you will be able to find in Singapore. If you currently need help in anyway, do not be shy and let us know. Anything cash related, we will be able to help you. Our well train loan consultants will be able to come up with a good loan package to help you clear off all your outstanding bills or debts. In doing so, you will help you keep better track of all your expenses and money. We have been a licensed money lender since 2002.

We have the skills, knowledge and people to assist you through the entire loan process while providing you with excellent advice.

In addition, we have one of the highest positive moneylender reviews among money lenders in Singapore. Furthermore, Quick Credit is also one of the few moneylender open on Sunday!

Interested in knowing more about how you can get a loan from us? You can drop us an email at enquiry@quickcredit.com.sg. Our manager will get back to you as soon as possible. Or you can drop us a message here and our manager will get back to you soon.

Alternatively you can call us at +65 6899 6188. Or visit our office at 2 Jurong East Street 21 #04-01A IMM Building Singapore 609601. The nearest MRT station to us will be Jurong East Station.