Fortitude Budget: What You Need To Know

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Information credits: gov.sg

On Tuesday (26 May), Deputy Minister and Finance Minister Heng Swee Keat announced the Fortitude Budget. It is this year’s fourth budget which totalled up to S$33 billion.

All the four budgets add up close to S$100 billion of financial support will be provided to businesses, workers and households to tide us through the Covid-19 pandemic.

Read on to find out what is included in the Fortitude Budget.

In full: DPM Heng Swee Keat's $33b Fortitude Budget speech ...

📸: The Straits Times

1) Enhanced Job Support Scheme (JSS)

  • Extension of JSS for one more month to cover wages in August 2020
  • Reclassification of firms so they can receive more support, up to 75% in wage support

The enhanced JSS will cost the government S$2.9 billion.

2) Over 40,000 jobs to be created

  • Under the SGUnited Jobs & Skills Package, the following will be created:
    • 40,000 jobs
    • 25,000 traineeships
    • 30,000 in skills training
  • Public sector: 15,000 new jobs will be created
  • Private sector: 25,000 new jobs will be created

Covid-19 Support Grant

  • An additional $800 million will be set aside to help Singaporeans or PRs who need help
  • Eligible recipients will receive up to S$800 per month for 3 months

The total cost of this package is S$2 billion.

For more info on support for workers, click here

3) Help with labour costs

  • Extension of Foreign Worker Levy waiver and rebate by two months
    • June 2020: 100% waiver and $750 rebate
    • July 2020: 50% waiver and $375 rebate
  • Deferment of higher CPF contribution rates for senior workers by one year to 1 January 2022

4) Help SMEs with rental

  • One to two months of rental waivers will be provided for commercial tenants, hawkers, industrial, office and agricultural tenants

This will cost the government S$2 billion.

For more info on support for businesses, click here

5) Solidarity Utilities Credit

  • Each household with at least one Singapore Citizen will receive a one-off S$100 Solidarity Utilities Credit
    • Covers all property types and will be credited in the July or August bill

For more info on support for the community, click here

This is the third time in history that past reserves is drawn, but the second time this year. A total of S$52 billion has been withdrawn from past reserves this year.

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A huge part of staying safe is to have timely, up-to-date information. Join our telegram group for the latest update on COVID-19 and other important information here.

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