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Singapore’s Solidarity Budget for COVID-19 Explained

A third tranche of all COVID-19 support steps that includes money payouts and extra support for occupations will likely probably cost the Government S$5.1 billion, together with S$4 billion to be attracted out of Singapore’s reservations. The extra steps – including wage subsidies for each and every neighbourhood employee, money premiums for all adult citizens and more aid for its self-employed – will require the Government’s joint COVID-19 support bundle to S$59.9 billion,” said Deputy Prime Minister Heng Swee Keat on Monday as he declared the Solidarity Budget.

This increases the S$48.4 billion Resilience Budget published on Mar 26 along with the S$6.4 billion Unity Budget declared in February. The total budget deficit for FY2020 increases to S$44.3 billion or 8.9 percent of GDP, stated Mr Heng, who’s also the Finance Minister. Before, President Halimah Yacob had awarded her in-principle service for the authorities to draw to S$17 billion in previous reservations to finance a few of the steps in the Resilience Budget. “Together with the significantly stricter editorial steps required to safeguard Singaporeans and our own families, it’s now crucial for us to indicate a further draw on past reserves,” said Mr Heng. The President has contributed in-principle service to draw an extra S$4 billion in the reservations, ” he explained.

Tropika Club helps to break down the Solidarity Budget below:

Solidarity Budget in a nutshell

Solidarity Payment

  • $600 for all Singaporeans aged 21 and above in 2020
  • Payment will be credited directly into bank accounts by 14 April 2020, or issued by cheques starting from 30 April 2020
  • This comprises of a new $300 payout, and $300 brought forward from Care and Support – Cash, which was originally to be paid out from Aug 2020.

Jobs Support Scheme

  • To help save jobs, Government will pay 75% of the first $4600 of monthly wages paid in April 2020, for every local worker in employment
  • Wage support levels will be differentiated by sector for remaining qualifying months
  • Firms will receive the first payout in April 2020, including the enhanced payout for April wages
  • 75% wage support for aviation, accommodation, and tourism sectors. 50% for food services sectors, and 25% for all other sectors

Self-Employed Person (SEP) Income Relief Scheme

  • Annual Value threshold raised from $13,000 to $21,000 to support more SEPs
  • Automatic inclusion of SEPs who also earn a small income from employment work
  • Other criteria remain unchanged
  • Eligible SEPs will receive three quarterly cash payouts of $3,000 each in May, July and October 2020.

Read: COVID-19 Circuit Breaker: What’s Allowed and Not Allowed?

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Terence is Tropika Club Magazine's deputy editor who loves learning about animals and their behavior. He is also an anthropologist, so he is very interested in how different cultures interact with animals. He has worked in the publishing industry for over 10 years, and have been lucky enough to work with some amazing authors and editors.

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