Solidarity Budget: Additional SGD 5.1 billion to support Singaporeans & Businesses
On 6 April 2020, DPM Finance Minister Heng Swee Keat announced another support package, known as the Solidarity Budget.
The Solidarity Budget enhances the support packages previously introduced under Budget 2020. The earlier supplementary, Resilience Budget, addresses the rapidly evolving pandemic and its impact on the economy and society.
We summarise the key points of this support measure for Singapore businesses below.
Enhanced Jobs Support Scheme (JSS)
The government provides financial assistance to employers by paying 75% on the first S$4,600 of monthly salaries.
This JSS applies to every local employee for the month of April 2020.
From May 2020, the wage support levels are at the original levels in the Resilience Budget. The government plans to pay the 1st JSS payout in April 2020.
Cash Flow and Credit Support For Employers
There is a waiver for monthly foreign worker levy due in April 2020. This waiver helps companies to better manage their cash flows.
The foreign worker levy rebate is at S$750 in April 2020 and this is for levies paid this year.
Property owners will pass on property tax rebate to tenants. There is also a one-month rental waiver for office, industrial and agriculture tenants of Government Agencies.
For more information or further assistance, please contact the annual compilation services and they are more than happy to assist you.