Can't hack it anymore? Smaller players can break contracts if renegotiation fails
Under proposed new law to help save jobs and small and micro enterprises hit by Covid-19, there'll be no early-termination penalties
Add BT as a preferred source
Janice Heng
DeeperDive is a beta AI feature. Refer to full articles for the facts.
Singapore
SMALL and micro enterprises hit by Covid-19 will have a six-week window in which to renegotiate certain contracts, with no penalties for early termination if negotiations fail, under the new Re-Align Framework proposed in a Bill introduced in Parliament on Monday.
Policymakers are perhaps seeing it as "better to give some leeway to small firms to exit contracts under the current economic circumstances rather than drive more small firms - and consequently workers - out of business", said OCBC head of treasury research and strategy Selena Ling.
Decoding Asia newsletter: your guide to navigating Asia in a new global order. Sign up here to get Decoding Asia newsletter. Delivered to your inbox. Free.
Copyright SPH Media. All rights reserved.
TRENDING NOW
Ministry of Home Affairs Permanent Secretary Pang Kin Keong to retire
Shelving S$5 billion office redevelopment plan proved ‘wise’ as geopolitical risks mount: OCBC chairman
Richard Eu on how core values, customers keep Singapore’s TCM chain Eu Yan Sang relevant
China pips the US if Asean is forced to choose, but analysts warn against reading it like a sports result
