JUST IN: New COVID19 support measures to cost S$8 billion, to be funded by reallocating money from other areas; no plans to draw further on past reserves, says Heng Swee Keat
SINGAPORE: A seven-month extension of wage subsidies under the Jobs Support Scheme and a new initiative to bolster hiring in still-growing sectors were among the S$8 billion worth of measures announced on Monday , as Singapore continues its support for workers and businesses hurt by the COVID-19 pandemic.
The scheme – which has so far seen the Government co-funding between 25 per cent and 75 per cent of the first S$4,600 of gross monthly wages paid to each Singaporean or permanent resident employee – was set to expire after covering salaries in August, with payouts disbursed in October. Some sectors are also recovering faster than others, so the wage subsidy scheme will be tweaked based on the projected recovery of the different sectors, he said.
The large majority of the remaining sectors will be given wage support of 10 per cent for wages paid until March 2021. Mr Heng urged all businesses to make full use of this additional support to retain and upskill their workers, while transforming their operations so that they can bounce back faster when the recovery comes.
Nevertheless, the Government will continue its support for those who have fallen on hard times, he stressed. From Oct 1, the extension will be open to both existing CSG recipients and new applicants. To qualify, unemployed applicants must demonstrate job search or training efforts, Mr Heng said. More details will be shared by the Ministry of Social and Family Development early next month.
“Our labour market is likely to remain weak beyond 2020. We are studying how to continue supporting employees and self-employed persons who are most vulnerable,” he added.Mr Heng also stressed the importance of continuing to embark on economic transformation, noting that a post-COVID-19 world “will not be business-as-usual”.
To continue to spur innovation and entrepreneurship, up to S$150 million will be set aside to enhance the Startup SG Founder programme in phases. Mr Heng said the Government intends to fund these measures “by reallocating monies from other areas, such as development expenditures that were delayed due to COVID-19”.
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