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SINGAPORE: The Government has provided more than S $ 16 billion in assistance to Singaporean and Singaporean companies so far, as the country crosses half of its extended “circuit breaker” period, said Finance Second Minister Indranee Rajah. Wednesday (May 13)
This support was provided between March and May under the Unity, Resilience and Solidarity Budgets, the minister said in a Facebook post.
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It includes S $ 7 billion under the Employment Support Scheme to help companies retain and pay local workers, Indranee said, adding that another S $ 4 billion will be paid in May.
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A total of 32 companies have returned their Employment Support Plan payments for a combined value of S $ 35 million as of May 9.
“I would like to acknowledge and thank those companies that did not need the money to donate it to charities or return it so that it can be used for other purposes,” said Ms. Indranee.
Other disbursements include S $ 2.5 billion awarded in the form of property tax refunds, corporate income tax refunds, and foreign worker tax exemptions and refunds, Indranee said.
This is in addition to deferred income tax collection for businesses and freelancers to help with cash flow.
Additionally, S $ 2 billion has been distributed to individuals and households to help them with their daily expenses.
This includes the S $ 600 Solidarity Payment to all Singapore adults and the GST – Utilities-Save (U-Save) Bonus and S&CC rebates to eligible households.
About 450,000 people who need immediate financial help due to the COVID-19 pandemic have also received one-time cash assistance of S $ 500 under the Temporary Aid Fund, with a total of S $ 200 million delivered.
“In May, we will also pay S $ 300 million for the first tranche of automatic payment under the Self-Employed Income Relief Plan,” said Ms. Indranee.
“This will benefit more than 100,000 self-employed people.”
For people who have lost their jobs and those who have a compulsory unpaid leave, or who have had their wages reduced for at least three consecutive months, the COVID-19 Support Grant is also available. This grant supports up to S $ 800 per month for three months.
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The Government plans to take out a total of S $ 21 billion from previous reserves to finance the Resilience and Solidarity Budgets announced earlier this year.
“Disbursing S $ 16 billion in the space of less than three months is unprecedented, but it is necessary in these extraordinary times to help cushion the impact of COVID-19,” said Ms. Indranee.
“This has been possible thanks to the prudent management of public finances and the strength of our reserves, which have been accumulated judiciously and meticulously over the years during a time like this.”
When the circuit breaker period ends, Singaporeans will be “emerging in a changed world,” said Ms. Indranee.
“While some of what was done in the past will continue, the way we live and work will inevitably have to change,” he said. “We will all have to adjust and adapt. The government will provide the necessary support to enable the transition.”
Singapore’s extended circuit breaker period is slated to end on June 1.
So far, the country has reported 24,671 cases of COVID-19. Twenty-one people have died from the new coronavirus.
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