Singapore’s Deputy Prime Minister Heng Swee Keat, who is also the country’s Finance Minister for Finance, delivered a Ministerial Statement on August 17, detailing the Government’s ongoing efforts for supporting workers, businesses and protecting livelihoods, amidst the growing COVID-19 pandemic worldwide.
Notably, this is the unprecedented fifth time this year that Heng has come up with such announcements; after the Unity Budget, Resilience Budget, Solidarity Budget, and the Fortitude Budget. The government will be pumping in another S$8 billion worth of measures to save current jobs, create new jobs and seize new growth opportunities.
“Close to $100 billion has been dedicated in the past four Budgets to help Singaporeans through the COVID-19 pandemic crisis. While the COVID-19 situation in Singapore has come under control, the resulting economic impact on the global and Singaporean economy is severe, and will last for a while,” noted the Minister.
Contraction of Singapore’s Economy
Importantly, the global economy is projected to contract by 5% this year. And Singapore experienced its worst quarterly performance on record – a 13.2% contraction year-on-year in the second quarter of 2020.
“That’s why, it’s timely for the Government to continue to support jobs and create new ones. Further support sectors which are the hardest hit. And finally, position Singapore to seize growth opportunities in a post-COVID-19 world,” added Heng as he announced more measures to support workers and businesses on Monday.
Below is the exhaustive summary.
Protecting Jobs
1. Extension of Jobs Support Scheme till March 2021
Ending in August, the JSS has now been extended by up to seven months, covering wages paid up to March 2021. The scheme has helped companies retain workers by covering a percentage of their salaries. The JSS payouts will benefit over 2 million local workers employed in more than 150,000 firms, and most businesses will receive wage support for 17 months to help them retain as many workers as possible.
Read more about the government's support for Businesses and Employees at InCorp Global.
