Firms warn of layoffs to cope with costs
They say there is more focus on long term than immediate concerns
COMPANIES here may have to lay off workers to cope with cost pressures as they respond to what they say is a Budget that is more focused on the long term than addressing their immediate concerns.
While business leaders whom BT spoke to commended the government for doing more to encourage productivity and innovation, they felt that the absence of direct measures to help firms with cost and cash flow issues meant that they might need to try to do more with less by cutting their headcount.
"I applaud the government's efforts to cater to the needs of SMEs in the Budget. But even though this is a good start, I believe the government can still do more, as SMEs are often faced with pressure margins and rising costs," said Yong Yean Chau, CEO of Parkway Trust Management.
BT is now on Telegram!
For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes
New Articles
Jim Simons, math genius who conquered Wall Street, dies at 86
Shein steps up London IPO preparations amid US hurdles to listing, sources say
Apple scores win in labor case involving fired retail workers
Mercedes CLE 200 review: More glam than slam
US: Stocks closes up another weekly gain ahead of inflation data
Europe: Stocks close at record high on earnings, rate cut optimism