Deputy Prime Minister and Minister for Finance Heng Swee Keat delivered a Ministerial Statement in Parliament on Tue 26 May 2020, outlining the Government's plans in our continuing fight against the COVID-19 pandemic.
Singapore’s supplementary Fortitude Budget takes further steps in:
- Protecting Livelihoods and Transforming Businesses,
- Supporting Households and Building an inclusive community; and
- Enabling us to emerge stronger together
The Government will devote $33 billion to provide continued assistance for affected businesses and workers to enable them to adapt, transform and seize new opportunities to emerge stronger. Among the key measures, the Government will:
Further strengthen support for businesses to reopen safely after the circuit breaker lifts by focusing on the 3Cs – cash, costs, and credit:
- Extend the Job Support Scheme (JSS)
- Extend Foreign Worker Levy waiver and rebate for up to two months for construction, marine and offshore, and process sectors
- Defer the planned increase in CPF contribution rates for senior workers by one year from 1 Jan 2021 to 1 Jan 2022
- Expand rental relief for SMEs
- Extend rental relief for government tenants
- Enhance financing support for promising startups
- Provide sector-specific support
The Emerging Stronger Taskforce will work with the Future Economy Council to study how sectors can adjust to the upcoming changes.
Build on the momentum of digital transformation
o Provide support for companies on e-payments
o Digital Resilience Bonus to help businesses digitalise and incorporate advanced solutions.
- Launch the SGUnited Jobs and Skills Package to create jobs, traineeships and skills training.
- Expand hiring incentives to cover workers of all ages.
Given the exceptional nature of the COVID-19 crisis, the Government has secured the President’s in-principle support to further draw an additional $31 billion from past reserves to fund the enhanced measures in this Budget. To meet the unprecedented level of uncertainty due to COVID-19, an additional $13 billion will be set aside in the Contingencies Fund.
For full statements on the Fortitude Budget, click here