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Dear Reader, welcome to our Resilience Budget 2020 summary. This Supplementary Budget is delivered to help Singapore tide over the unprecedented COVID-19 crisis.
The following government support measures are announced by Minister for Finance, Mr. Heng Swee Keat in Parliament on Thursday, 26 March 2020.
Building Resilience
Stabilising Businesses
Stabilising Businesses
Helping With Cash Flow & Costs
Deferment of Income Tax Payments
- Automatically defer income tax payments for 3 months, for companies and self-employed persons (SEPs)
- Companies: deferment of payments due in April to June 2020
- SEPs: deferment for payments due in May to July 2020
Freeze All Government Fees & Charges
- Freeze all government fees and charges for 1 year, from 1 April 2020 to 31 March 2021
Enhanced Property Tax Rebate for 2020
- 100% rebate for qualifying commercial properties1
- 60% rebate for the Integrated Resorts
- 30% rebate for other non-residential properties
1 Includes hotels, serviced apartments, tourist attractions, shops, and restaurants
Enhanced Rental Waivers
- 3 months’ rental waiver for hawkers
- Up to 2 months’ rental waiver for commercial and other non-residential tenants in government properties
Helping With Credit
Enterprise Financing Scheme (EFS)
- Maximum loan quantum of EFS-Trade Loan increased from $5m to $10m and Government’s risk-share raised to 80%
- Maximum loan quantum of EFS-SME Working Capital Loan increased from $0.6m to $1m
Loan Insurance Scheme
- Subsidy for loan insurance premium raised to 80%
Temporary Bridging Loan Programme
- Expanded to cover all sectors and maximum supported loan raised from $1m to $5m
Sector-based Support
Aviation Sector
- Enhanced Jobs Support Scheme for airlines, airport ground handlers, and airport operator with 75% wage offset, up to monthly wage cap of $4,600
- $350m to provide cost relief for the sector and maintain a minimum level of connectivity
Tourism Sector
- Enhanced Jobs Support Scheme for hotels, travel agents, tourist attractions, cruise operators, and MICE venue operators with 75% wage offset, up to monthly wage cap of $4,600
- $90m for tourism recovery
Land Transport Sector
- Enhanced Point-to-Point Support Package
- Special Relief Fund payments of $300 per vehicle per month extended till September 2020
- Private Bus Owners
- 1-year road tax rebate and 6-month waiver of parking charges at government-owned parking facilities
Arts & Culture Sector
$55m support package to:
- Provide additional support to major companies and leading arts groups
- Enhance the National Arts Council (NAC)’s Capability Development Scheme for the Arts, to deepen skills and support professional development
- Step up digitalisation efforts
Supporting Workers
Saving Jobs, Supporting Wages
Enhanced Jobs Support Scheme (JSS)
- Government will help employers by paying 25% on the first $4,600 of monthly salaries, up from 8% on the first $3,600 previously
- JSS will be for 9 months till end-2020, up from 3 months previously
Enhanced Wage Credit Scheme (WCS)
- Additional $500m for employees’ wage increases, on top of $600m disbursed in March 2020
Helping Self-Employed Persons (SEPs)
Self Employed Persons (SEPs) Income Relief Scheme (SIRS)
- Eligible Singaporean SEPs will receive $1,000 a month for 9 months
SEP Training Support Scheme
- Extended till end-2020 and set aside $48m for the scheme
- Enhanced training allowance rate of $10 per hour
- Sustained support for 200,000 eligible SEPs to make use of downtime to train and upskill
Creating Job Opportunities
SGUnited Traineeships
- Co-fund wage costs of companies offering traineeships to first-time jobseekers
- Support up to 8,000 traineeships in 2020 for fresh graduates of local Autonomous Universities, polytechnics, and ITEs
SGUnited Jobs Initiative
- Public sector to accelerate hiring plans, and step up efforts to manage the COVID-19 situation
Helping Workers With Less Means
COVID-19 Support Grant
- Cash grant of $800 a month for 3 months for lower- and middle-income Singaporeans who lose their jobs due to COVID-19
- Grant will tide them over while they find new jobs or go for training
- Those who need immediate assistance in April 2020 can apply for the Temporary Relief Fund
Enhanced Workfare Special Payment
- Cash payment of $3,000 for Singaporeans who received Workfare payments in 20191
1 Original payout was an additional 20% of Workfare payments based on work done in 2019, with a minimum payment of $100
Supporting Households – Additional Support For Households
Helping Families With Daily Expenses
Care & Support – Cash & PAssion Card Top-up
- Enhanced cash payout for all Singaporeans aged 21 and above in 2020 of $300, $600 or $9001
- Additional cash payout for each Singaporean parent with at least 1 Singaporean child aged 20 and below in 2020 tripled from $100 to $300
- All Singaporeans aged 50 and above in 2020 will receive their $100 PAssion Card Top-up in cash
Cash Payouts and PAssion Card Top-up
Assessable Income for Year | S$0 to S$28,000 | S$28,001 to | More than |
|
---|---|---|---|---|
For all | Original | S$300 | S$200 | S$100 |
Enhanced | S$900 | S$600 | S$300 |
|
For parents* | Original | +S$100 |
||
Enhanced | +S$300 |
|||
For all | PAssion Card | +S$100 |
* Refers to Singaporean parents with at least one Singaporean child aged 20 years and below in 2020. Each eligible parent will receive an additional S$300
^ The S$100 PAssion Card top-up that was announced at Budget 2020 will be provided in cash instead
1 Original cash payout announced was $100, $200, or $300
Helping Needy Singaporeans
Enhanced Workfare Special Payment
- Cash payment of $3,000 for Singaporeans who received Workfare payments in 20191
1 Original payout was an additional 20% of Workfare payments based on work done in 2019, with a minimum payment of $100
Enhanced Grocery Vouchers
- Triple current voucher in 2020 to $300 for Singaporeans aged 21 and above living in 1- or 2-room HDB flats
- $100 Grocery Voucher for 2021
- Total of $400 in 2020 and 2021
Greater Flexibility On Fees & Loans
Freeze All Government Fees & Charges
- Freeze all government fees and charges for 1 year, from 1 April 2020 to 31 March 2021
Student Loan Relief
- 1-year suspension of loan repayments and interest charges for Government loan schemes
Suspend Late Mortgage Payment Charges
- All late payment charges on HDB mortgage arrears will be suspended for 3 months
More Funding For Community
More Community Help for Vulnerable Households
- Self-Help Groups to receive grants of $20m over two years to enhance support for the community
- Community Development Councils to receive $75m to vulnerable households
NTUC Care Fund (COVID-19)
- $25m in joint funding from NTUC, Unions, and the Government to help workers and SEPs
- One-off relief of up to $300 to low- to middle-income union members
Building Resilience
Deepening Capabilities
Enhanced Support for Enterprises
- SMEs Go Digital enhanced to include more digital solutions for business continuity
- Up to 90% and 80% support under Enterprise Development Grant (EDG) and Productivity Solutions Grant (PSG), respectively
Enhanced Training Support
- Higher course fee subsidies of 90% and up to $10 hourly absentee payroll
- Extended to companies in Land Transport, and Arts and Culture sectors
Strengthening Food Security
A Robust, Multi-pronged Strategy
- Build up national stockpile of essential health supplies
- Combination of local production, stockpiling, and diversification of import sources
- Increase buffer stocks of essential food commodities
- “30 by 30” vision to grow enough food in Singapore to meet 30% of our nutritional needs by 2030
Keeping Our Society Going
Broader Range of Safe Distancing Measures
- Help for employers and households implementing mandatory public health measures
Stepping Up Good Public Hygiene
- Boost SG Clean campaign to encourage higher levels of personal and public hygiene
- Co-funding for businesses undertaking professional cleaning of premises with a confirmed COVID-19 case