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Summary Of Singapore Solidarity Budget 2020

  • April 21, 2020
  • By Grace
  • 0 Comments
Summary Of Singapore Solidarity Budget 2020

Introduction of Singapore Solidarity Budget 2020

Singapore solidarity budget 2020 is the third round overall regarding the measures taken to help the people of Singapore through this duration of one month of a COVID-19 circuit breaker or distancing measures. It was announced in the parliament on Monday, April 6, 2020, the Finance Minister of Singapore, Mr. Heng Swee Keat.

What is the total volume of Singapore solidarity budget 2020?

Deputy Prime Minister Mr Heng Swee Keat said this during an interview on Sunday, April 12 2020, that a total of 9 billion S$ will be distributed for businesses and households only during April.

How does the Singapore solidarity budget help daily wagers and in saving the jobs of the people?

Singapore’s solidarity budget will help people in saving their jobs and pay a handsome amount to the wagers through JSS (Enhanced Jobs support Scheme). The details are given below.

  • The government will pay 75 % of their salaries to the people who have a salary of 4,600 $ during April 2020 to all local employees.
  • Wage support levels will revert to the original level in the resilience budget from May Resilience budget will give 75% for the aviation and tourism sector, 50% for the services related to food. For all other areas, 25% is allocated. The first installment of JSS will be for April 2020- May 2020.

How would the solidarity budget 2020 will support the enterprises?

Singapore solidarity budget 2020 will help employees in credit support and cash flow. More details were given below.

  • Waiver of monthly foreign worker levy due in April 2020 for the support of firms with cash flow
  • 750$ FWL rebate in April 2020 from taxes paid this year for each permit of work or S pass-holder
  • It will bring some laws to ensure that property owners pass on property tax to tenants.
  • There will be a one-month rental waiver for offices, commercial, and agricultural tenants of the government agencies.
  • The risk share of the government will be raised to 90% from 80% in the Enterprise finance scheme, which covers EFS-SME working capital loan, EFS Tarde Loan, and Temporary bridging Loan program. It all is applied to loans initiated from April 8, 2020, till March 31, 2021.

How will Singapore solidarity budget help SEPs (Self- Employed Persons)?

In this budget self- employed persons will be accommodated through a scheme called SEP income relief scheme (SIRS). Further detailing is given below.

  • More SEPs will become a beneficiary of this scheme because of the automatic mechanism in which SEPs who are earning a small income from employment work will automatically be included in this scheme.
  • The annual value of property criteria will be increased from 13, 000$ to 21,000$
  • SEPs which are eligible will receive these cash payouts of 3000$ three quarterly in each month May, July and October 2020
  • All the remaining criteria will remain the same.

What benefits did the Singapore solidarity budget 2020 will dish out for Singaporeans?

  • It brings additional cash payouts for the natives of Singapore
  • All the Singaporeans aged 21 in 2020 or above that will receive a cash payout of 300$
  • 300$ for enhanced care and support which will be paid to them in April 2020
  • Payments from the resilience budget will remain as it is and will be paid in June 2020
  • 300$ cash payout for all the parents who have at least 1 Singaporean child aged 20 or below in the year 2020
  • Every Singaporean have 50 or above age, during the year 2020 will receive 100$ as a passion card top-up in cash
  • Every eligible Singaporean will receive a total of 1000$ money in June 2020

Duties of Singaporean people

By allocating such a tremendous amount of capital for the wellbeing of their people, the government is doing their part as much as they can. Now people of Singapore must utilize these resources with great care and wisdom. They should also follow the SOP, which was given by the government in this time of crisis. They should cooperate with government authorities as much as they can by staying home, maintaining social distancing so that their country will come out of this crisis of COVID-19 as soon as possible.

By Grace, April 21, 2020
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