The Covid-19 pandemic has accelerated the ‘future of work’ in Singapore. The gig economy has grown and self-employed workers increased by approximately 9% from 174,800 to 190,900 (Manpower Ministry’s Labour Force Survey, 2020). Irregular income has also intensified, with added uncertainty, gigs dried up when the Covid-19 pandemic hit):
“My income became more irregular… so when I make more this month, I put a bit more, then when I make less, I put less,” Mr Yip said. “A lot of my peers and I resorted to food delivery, package delivery or odd jobs (during the ‘circuit breaker’ period),” he said.
ILostMyGig.SG is an estimate of lost income and projects since the pandemic began. These hard times have pushed us at Lyte to work harder towards financial solutions to serve freelancers.
Please find our first curated resource bite below:
- Cash Payouts / Grants
- Freelancers and SEP Taxes
- Community Support
Cash Payouts / Grants
LancerX Support List (which is constantly updated). Cash Payouts:
- $600 to $1,200 payout for all adult Singaporeans
- SIRS: Three $3,000 payouts for self-employed persons (total $9,000)
- COVID-19 Recovery Grant: Up to $500 per month for 6 months
- COVID-19 Recovery Grant (Temporary): One-time payment of up to $500
- Temporary Relief Fund: $500 cash if you lost at least 30% of your personal income due to COVID-19
- $100 credit on utilities bill
- $3,000 special payment for Workfare Income Supplement recipients
- $50 to $300 cash payment for NTUC members
- US$100 for ASEAN youth freelancers
Taxes
Before you get too happy, this is not true. For those of you who didn’t know, you are required to pay income tax once your income exceeds $22,000 in a year!
This means that if you’re getting an average take-home pay of ~$1800/month, you will have to pay income taxes to IRAS. Check out this tax calculator here.
Community
SG Creatives and Cultural Community: ‘Due to the recent COVID-19 outbreak, many creative/cultural companies and freelancers have had their jobs suddenly cancelled or postponed indefinitely. This is a support group for the creative industry to discuss and find ways to help each other as well as to connect and engage the relevant government bodies as a group’.
If you are a freelancer who wants to share their experiences and wants to chat — follow us on LinkedIn, reach out to us with any suggestions/feedback at: support@lytepay.com.
Blog by LytePay: We make invoice tracking a breeze for freelancers and solopreneurs. LytePay automates your invoice status updates so you can focus on your career and doing what you love.
Secure an invite to LytePay here and learn more about LyteMoney here.
About Lyte Ventures
Based in Singapore, Lyte Ventures provides financing solutions to freelancers and SMEs around the world. Driven by the desire to empower individuals and businesses alike, Lyte Ventures is committed to create opportunities for everyone through our digital platforms. We hold fast to integrity, empathy, and being future-proof in our strategy, design, and innovation.
Up Next
Look forward to this blog series if you are one of the freelancers, side-hustlers, self-employed businesses, solopreneurs that want to find up-to-date tips and toolkits to not just survive but also thrive!
LyteBites on:
- SEP Grants in Singapore
- Invoicing and Late Payments
- CPF and Savings
- Insurance in Singapore
- Clients and Contracts
- Starting Out? Passion into Biz
- Preventing Burnout and Wellness
- Need For Community