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Singapore Solidarity Budget 2020

Singapore Solidarity Budget 2020

Singapore’s Solidarity Budget was presented by Deputy Prime Minister and Finance Minister Heng Swee Keat on 6 April 2020. The Solidarity Budget complements measures introduced under Budget 2020 on 18 Feb 2020 and the subsequent supplementary Resilience Budget on 26 Mar 2020, and aim to  address the rapidly evolving Covid-19 pandemic and its impact on Singapore’s economy and society. This is third support tranche of Covid-19 support measures that includes cash payouts and addition support for jobs will cost Government S$5.1 billion with S$4 billion to be drawn from Singapore’s reserves.

Solidarity Budget 2020

Solidarity Payment

$600 for all Singaporeans aged 21 and above in 2020 which comprising new $300 payout, and $300 brought forward from Care and Support.

Will be credited directly into bank accounts by 14 Apr 2020 or issued by cheques starting from 30 Apr 2020.

Jobs Support Scheme

Government will pay 75% of the first $4,600 of monthly wages paid in Apr 2020, for every local worker in employment.

Wage support levels will be differentiated by sector for remaining qualifying months.

Firms will receive the first payout in Apr 2020, including the enhanced payout for Apr wages.

Self-Employed Person Income Relief Scheme

Annual Value threshold raised from $13,000 to $21,000 to support more SEPs.

Automatic inclusion of SEPs who also earn a small income from employment work.

Eligible SEPs will receive three quarterly cash payouts of $3,000 each in May Jul and Oct 2020.

Ease Labour Costs for Employers

Wavier of month Foreign Worker Levy due in Apr 2020.

Foreign Worker Levy Rebate of $750 in Apr 2020 from levies paid this year, for each Work Permit or S Pass holder.

Enhance Rental Waivers

Increase rental waivers from 0.5 month to 1 month for industrial office and agricultural tenants of Government agencies.

Ensure Pass-through of Property Tax Rebate

Up to 100% Property Tax Rebate for non-residential properties, for tax payable in 2020, announced under the Resilience Budget.

Enhance Financing Support

Increase Government’s risk share of loans from 80% to 90% for loans initiated from 8 Apr 2020 till 31 Mar 2021, under Temporary Bridging Loan Programme, Enterprise Financing Scheme-Working Capital Loan and Enterprise Financing Scheme-Trade Loan.

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