Personal Finance
A Singaporean’s Guide to MAS Financial Support Measures For Individuals
By Seedly  •  May 8, 2020
It’s official. Monetary Authority of Singapore (MAS) has predicted that Singapore will enter a recession in 2020 after the economy contracted sharply in Q1 2020 with the onset of COVID-19.
Source: Monetary Authority of Singapore Macroeconomic Review April 2020That’s bad news because this potentially means pay cuts, wage freezes, and higher rates of unemployment (touchwood) for the foreseeable future. Sadly, we’re already seeing it happen to ourselves and the people around us. . . . In order to support Singaporeans facing financial difficulties during COVID-19. MAS, the Association of Banks in Singapore (ABS), and the Finance Houses Association of Singapore (FHAS), first announced measures which lower short-term repayment obligations for residential property loans, insurance commitments, and unsecured credit debts. But with the extension of Circuit Breaker till 1 June 2020, they have announced a second wave of support measures to hopefully help more Singaporeans.
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By Seedly
Launched in 2016, Seedly helps users make smarter financial decisions with its budgeting app which allows its 40,000 users to sync up their financial accounts and better manage their cash-flow. Last year, we introduced a new community feature which allows users to crowdsource knowledge from peers before making a financial decision.
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