This decision was made on Thursday (26 Mar), Deputy Prime Minister and Finance Minister Heng Swee Keat introduced a supplementary Budget.
This new budget is also known as the Resilience Budget – will cost $48 billion, which when combined with the $6.4 billion means Singapore will spend a whopping $55 billion this year.
1. Employers will get help to keep workers employed
There will be $15.1 billion has been set aside to support more than 1.9 million Singaporean employees over 3 periods — in May, July, and October. This Enhanced Jobs Support Scheme will assist those employers in retainer workers so they don’t get retrenched.
From $3,600 before, the monthly qualifying wage ceiling will now be $4,600, and will last 3 quarters instead of just 1. The Government Co-funding Ratio of Wages will also increase drastically:
- 25% for local workers
- 50% for food services sector
- 75% for aviation and tourism sector
Previously, it was 8% across all industries, and these 3 industries were hit hardest by Covid-19.
2. Self-employed workers will receive $1,000 over 9 months
For those self employed, the government have you covered too. Workers who are self-employed and have no stable income will receive $1,000 a month for 9 months. There will be $1.2 billion is set aside for this purpose, and estimated about 133,000 Singaporeans will benefit.
Cash payouts to all adult Singaporeans to be tripled
Those Singaporeans who are aged 21 and above will get benefit where they will receive S$300-S$900 instead of $100-$300, as was announced in the previous Budget.
For parents will get S$300 each, if they have a Singaporean child aged 20 years and below this year. The PAssion one-off topup of $100 will be given in cash instead to prevent queues amid Covid-19.
Job-seekers to get work opportunities
If you’re one of those job-seeker, you won’t be left out where there will be up to 8,000 traineeships for 2020 across large and small enterprises alike, especially for those graduating from polytechnics, ITEs and universities.
Also under the SGUnited Jobs Initiative, there will also be about 10,000 created jobs over the next year.
Meanwhile, the unemployed will receive more flexibility for applications under ComCare. There will be a Temporary Relief Fund for families who require immediate financial help.
Lastly, there will be a Covid-19 Support Grant for those who lose their jobs as a result of the pandemic. Lower- and middle-income Singaporeans will receive $800 monthly for 3 months if they’re affected.
Waiver for government fees, loans
Charges for government services will freeze for a year, meaning we do not have to pay for them. This will last from 1 Apr 2020 – 31 Mar 2021.
If you’re student, you will not have to repay their loans and interest charges for a year — from 1 Jun to 31 May 2021. This will apply to all graduates who took a government loan for polytechnic and university studies.
HDB mortgage arrears’ late payments will also be waived for 3 months.
Upskilling arts sector & digitalising
The arts sector will receive more help, which will cost the government $55 million.
Digitalisation will also be a priority and the government will establish more digital arts platforms, reaching out to new audiences. More details will be shared by the Ministry of Culture, Community and Youth later.
Economic resilience on essentials, industries, training support
With this pandemic as a lesson, the government will now build up their stockpile of health supplies to ensure Singapore remains well-stocked.
Food supplies are already being handled with a multi-pronged approach to ensure we won’t lack in groceries. Food resilience is a priority, and Singapore wants to product 30% of nutritional needs by 2030, instead of below 10% currently.
Meanwhile, firms will receive support as well.
The government will match $1 to every $2 which is raised by Trade Associations and Chambers (TACs), or other business groups for new initiatives to help companies through this time.
Previously, the number was $1 to every $4.
They can use these to restructure, digitalise, and transform:
- SMEs Go Digital Programme,
- Productivity Solutions Grant (PSG),
- Enterprise Development Grant (EOG),
Maximum support levels for PSG and EOG will be raised to 80% and 90% respectively. These enhancements will last until Dec.
More skill support enhancements for worker upgrades
Aside from that, there will also be some funds dedicated to enhanced skills support for upgrading of workers as well.
The enhanced training support for both arts and culture, as well as land transport sectors will be extended starting 1 Apr. The 90% absentee payroll rates to all employers will be extended from 1 May as well.
The $500 SkillsFuture Credit top-up for courses can be used beginning from 1 Apr, after government worked with institutes of higher learning and training centres.
Aside from the above, all political office holders will take a total pay cut of 3 months, from 1 before which This includes the President, Speaker and Deputy Speakers. Singapore is SGUnited
Kudos to the government for making this swift action ensure all Singaporean are protected.