Singapore Budget 2020
Amongst the news out on Tuesday was a generous donation to help businesses affected by coronavirus.
Finance Minister Heng Swee Keat announced a four Billion dollar cash injection to help businesses affected by the recent coronavirus outbreak. The areas expected to be particularly hit are transport and tourism. On announcing the new Stabilisation and Support Package, he said: "To help our workers stay employed, I will support enterprises by defraying their wage cost through two schemes. With over 1.9 million local employees in Singapore, this will cost the Government $1.3 billion and benefit all enterprises and their local employees." He went on to say that the government will provide wage support to help companies preserve jobs for local workers, We will provide tax rebates and rental waivers to help companies with their cash flow.” While he concluded that looking to the future, the government hopes to see a stronger Singapore: "We will also support firms and workers to make the best use of this period to restructure, train and upgrade, so that we emerge stronger when the eventual upturn comes."
As part of Stabilisation and Support Package, the Jobs Support Scheme will help businesses by offsetting 8 per cent of wages for every local worker in employment for three months, helping companies retain their workforce. The monthly cap for this scheme however, sits at $3,600 per month and employers will have until the end of July 2020 to claim.
Another area that is due to receive government help is with the ever-increasing cost of living. Mr Heng said that: "A package will be introduced to help households with the cost of living and assured that the government will do all that is necessary to get workers and companies hit hard by this global health crisis back on their feet."
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