Resilience Budget : What is there for the Man on the Street? - - Singapore Lifestyle Portal

Resilience Budget : What is there for the Man on the Street?

The Resilence Budget will be worth $48 billion.

This is 7 times more than the first tranche of $6,4 billion allocated in Unity Budget, In total, there will be 55 billion pledge to support our people in this battle.

For All Singaporean
Source : GOV

All adult S'poreans to get a higher cash payout of $300-$900 depending on income; S'porean parents with at least 1 young child to get an extra cash payout of $100-$300

-The cash payout for all adult Singaporeans will be tripled from the earlier announced range of $100 to $300 to a range of $300 to $900, depending on income.

- Additional help will be provided for families with young children. The additional cash payout given to each Singaporean parent with at least one young Singaporean child will be tripled, from $100 to $300.

- To further help needy Singaporeans with their daily expenses, and in particular, the cost of food, the Government will triple the Grocery Vouchers given to them this year from $100 to $300. Together with the $100 which will be given to them next year, needy Singaporeans will receive $400 in Grocery Vouchers over 2020 and 2021.
- The earlier-announced one-off PAssion Card top-up for Singaporeans aged 50 years and above will be given in cash instead. This is to avoid the need to queue at top-up stations during this period.

Loan Repayment

-Suspend all loan repayment and interest charges for one year from June 1, 2020, to May 31 2021. This will apply to all graduates who have taken a government loan for their university and polytechnic studies.

-All late payment charges on HDB mortgage arrears will be suspended for three months, for those who are struggling with their mortgage payments. HDB will continue to exercise flexibility when providing assistance during this period, through existing measures such as deferring payment of loan instalments for six months.

For Self Employed

Direct cash assistance through new Self-Employed Person Income Relief Scheme
- Eligible self-employed persons will receive $1,000 a month for nine months
- $1.2 billion set aside for this

Another $48 million for the Self-Employed Person Training Support Scheme
- Extended to December 2020
- Enhance the hourly training allowance from $7.50 to $10, with effect from May 1

Income Tax deferment for self-employed 
- For self-employed persons, the payment cycle for personal income tax for the Year of Assessment (YA) 2020 generally starts in May 2020. The income tax payments due in May, June, and July 2020 will be deferred and will start only from August 2020.

For Employees 
For workers: Enhance and extend the Jobs Support Scheme that was announced in February
- Government's co-founding of wages to increase from 8% to 25% for each local worker
- Firms in the food services sector will receive higher support, at 50% of wages
- Firms in the aviation and tourism sectors, which are the most badly affected sectors, will be supported at 75% of wages
- $4,600 qualifying wage ceiling, up from $3,600
- Scheme to extend for another two quarters till the end of 2020

- Total of $15.1 billion to support more than 1.9 million local employees

For lower-income workers:
- Increase the payout under Workfare Special Payment
- This group of Workfare recipients to get $3,000 each, in cash

Income Tax Deferment for 3 months
- Employees may approach Iras if they need help with their income tax payments and wish to avail themselves of this arrangement.

For Job Seekers
Opportunities for job seekers:
- New SGUnited Traineeships programme to provide our young people with opportunities to gain valuable work experience
- Workforce Singapore (WSG) will co-share manpower costs with enterprises that offer traineeships for local first-time job seekers
- Looking to support up to 8,000 traineeships this year
- This will include science and technology traineeships in our R&D labs, deep-tech start-ups, accelerators and incubators

New SGUnited Jobs initiative:
- Create about 10,000 jobs over the next one year
- Agencies will accelerate hiring plans to fill a range of jobs in emerging areas
- Long-term roles in the public service and sectoral partner institutions, in areas such as social services, early childhood education, and ICT
- Short-term, temporary jobs to handle the increase in Covid-19 related operations, such as health declaration assistants, temporary management support officers, and Transport Ambassadors

For Unemployed

Supporting the unemployed:
- More flexibility when considering applications for ComCare
- New Temporary Relief Fund to provide families with immediate financial help while they wait for new measures to kick in
- Covid-19 Support Grant for low- and middle-income employees who lose their jobs can receive a grant of $800 per month for three months
- Total of $145 million set aside for the new schemes and increased flexibilities to ComCare.

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