Journey through Covid-19

18 May 2020 Lessons learned from Covid-19 coronavirus pandemic The world has been through nearly five months of Covid-19 coronavirus pandemic and it is not the end yet. In Singapore, the first case of Covid-19 patient was reported on 23 January 2020. The Circuit Breaker Stay-at-Home restrictions started 7 April with another two weeks to go before we can come out of the Circuit Breaker. Two months of stay-athome will have tremendous impact on the economy and the livelihoods of millions of Singaporeans and foreign workers.

Lesson #1 Singapore is dependent on foreign workers to prop up our economy. Non-resident foreign workforce numbers 1.4 million as at March 2020. The spread of Covid-19 coronavirus is the highest among the work permit holders staying in dormitories. 25,782 confirmed cases or 92% belongs to work permit holders staying in the dormitories (17 May 2020). The close proximity of workers staying in dormitories is the source of the problem. Something has to be done here to prevent future pandemics.

Lesson #2 Personal hygiene is key to prevent spread of contagious virus. Coughing openly in public places without face masks is a recipe of community spread of virus. Employees going to work despite not feeling well have been accepted by firms and organisations. This work culture must stop in the future.

Lesson #3 We see people deferring insurance premium payments and delaying residential mortgage payments to help them out during this period. Having at least six months of expected expenditure in emergency funds (preferably in cash) is key to survive unexpected events such as this Covid-19 pandemic. Do not assume that one can have the stability of employment and therefore borrow to the maximum on this assumption.