With the economy in a downturn and the recession being comparable to the economic recession during The Great Depression, no one in any country can be certain that their assets and their wealth will be enough to pay for all of their needs during this Coronavirus Pandemic. See here for the impact of the Coronavirus on the global economy: https://www.bbc.com/news/business-51706225
Because of this, many people in Singapore are losing steady sources of income and inflation is becoming common around the world. This is why the Singaporean government is taking action to help Singaporeans who may be struggling financially. The Deputy Prime Minister and Minister of Finance in Singapore Heng Swee Keat announced the following measures in the Resilience Budget:
Cash Support:
(a) Cash payouts of $900, $600 and $300 for all Singaporeans aged 21 and above in 2020
(b) Parents (with at least one Singaporean child aged 20 and below in 2020) will each get an additional $300
Passion Card Top-Up:
(a) $100 top-up, paid in cash, for all Singaporeans aged 50 and above in 2020
(b) No need for physical redemptions
(c) Will be paid together with cash payout in consideration of the need for physical distancing during Covid'19
Workfare Special Payment:
(a) Flat payout of $3000 for all employees and self-employed persons aged 35 and above in 2019, who received WIS payments (Workfare Income Supplement) in work year 2019
(b) The payment will be given in cash over two equal tranches in 2020
Grocery Vouchers: all Singaporeans aged 21 and above, who live in a one-/two-room HDB flat(s) and do not own more than one property, will have vouchers of $300 in 2020 and $100 in 2021
GST Voucher:
(a) All eligible HBD households will get double their regular GSTV (GST voucher)-U-Save in Fiscal Year 2020 through a one-off GSTV-U- Save Payment
(b) Eligible households with 5 or more members will get an additional GSTV-U-Save rebate in FY2020, 2.5 times what they would have received in the year
S&CC Rebates: Eligible Singaporean households living in HDB flats will get rebates to offset between 1.5 and 3.5 months of S&CC over FY2020
In addition to this, from 01/04/2020 onwards, the Government will freeze all fees and charges for its services for one year. Any graduates who took government loans for university/polytechnic studies will have their loan repayment/interest charges will be suspended a year (01/06/2020 - 01/06/2021). Late payment charges on Housing Board mortgage arrears will be suspended for three months.
Self-help groups will also get more support – grants for self-help groups will be doubled to $20 million over two years, while community development councils will get $75 million, from $20 million, in additional funds.
Lastly, the policies will also help out "needy families" and lower-income workers. There will be a flat payout of $3,000 for all lower-income workers and self-employed people aged 35. $145 million will also be set aside to help the unemployed through the social service offices (SSOs) and local CCs. A new Covid'19 Support Grant (CSG) will also be administered by the SSOs from May to September: this will give $800 per month (for a period of three months) to those who lost their jobs while they find new work or seek training.
How the Resilience Budget works:
Sources:
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