On Mon, 6 April 2020, Mr. Swee Keat – Deputy Prime Minister and Finance Minister had a presentation about Singapore’s Solidarity Budget in Parliament.
Respond to the impact of Covid-19 on Singapore’s economy and society, the Government established The Solidarity Budget complements and enhances measures on 18 Feb 2020 and the subsequent supplementary Resilience Budget on 26 Mar 2020.
According to the Ministry of Finance, the purpose of The Solidarity Budget is to maintain employment during the Covid-19.
To strongly support businesses in addressing cash flows issues, retaining their employees and being ready to continue activities when the circuit breaker is lifted, the solidarity budget enhances most of the measured introduced in the previous budgets included:
In the period of battling with Covid-19, the Job Support Scheme (JSS) is a temporary program to keep the employees for businesses in 2020. All active employers who have made CPF contributions for their local employees (Singapore Citizens and Permanent Residents) can be registered for JSS, except for Government organizations (local and foreign) and representative offices.
The Jobs Support Scheme has been changed after the first 2 budget releases, as follows:
The grant will be measured and based on the CPF contribution data of the employers, so it is not necessary for them to apply for the JSS.
On 29 February 2020, employers who own S Pass or Work Permit will be received a Foreign Worker Levy (FWL) refund of $750. Additionally, employers have been waived the tax paid in April 2020. These measures will be broadened by the Government, as follows:
Following the process and credit of the FWL rebate, these are included:
The Law Minister of Singapore has issued a Bill to allow Businesses and individuals to reschedule some contractual obligations that involved paying rent, repaying loans, or completing work for a period. Furthermore, this Bill will guarantee that property owners pass fully the Property Tax Debate to tenants.
The Government also has a prior to industrial, office and agricultural tenants of Government agencies by increasing the rental waiver from 0.5 to 1 month
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