The escalating intensity of the COVID-19 outbreak has strained financial markets and curtailed economic growth globally. Many sectors in Singapore have already been affected by the worsening pandemic, and the recently announced COVID-19 circuit breaker measures could amplify the economic impact. During this period, many Singaporean employees could face rising financial stress as they seek to manage their cash flows and meet financial obligations, such as loan repayments and insurance premiums, in the months ahead.
With the closure of non-essential workplaces and schools, these financial worries could compound, translating to diminished work productivity as employees get distracted by their personal financial issues. Before the widespread pandemic disruptions happened, a PwC study previously found that half of all employees distracted by their finances at work end up spending three or more hours each week in the office dealing with such issues. As Singapore grapples with the new circuit breaker measures,...