All you need to know about Singapore's Fortitude Budget announced on May 26

In a comprehensive SGD33 billion Fortitude Budget announced on Tuesday, May 26, Finance Minister Heng Swee Keat outlined the government's plans for the next phase of the country's fight against COVID-19.

The central focus of the fourth Budget in 2020, is jobs. 

Here are the details of the budget in easy-to-read infographics by the Ministry of Finance: 

Photo courtesy: Facebook/Heng Swee Keat
Photo courtesy: Facebook/Heng Swee Keat
Photo courtesy: Facebook/Heng Swee Keat
Photo courtesy: Facebook/Heng Swee Keat

Singapore is strengthening its support for businesses to reopen post-circuit breaker on the 3Cs — Cash flow, Costs, and Credit. The Jobs Support Scheme (JSS) will be enhanced to support businesses on the first "C” — "Cash flow.

Photo courtesy: Facebook/Heng Swee Keat
Photo courtesy: Facebook/Heng Swee Keat

In terms of costs, the Foreign Worker Levy waiver and rebate will be extended by up to two months, for businesses that are not allowed to resume operations immediately after the circuit breaker is lifted.

The planned increase in CPF contribution rates for senior workers will be deferred by one year, to January 2022.

Photo courtesy: Facebook/Heng Swee Keat
Photo courtesy: Facebook/Heng Swee Keat
Photo courtesy: Facebook/Heng Swee Keat
Photo courtesy: Facebook/Heng Swee Keat
Photo courtesy: Facebook/Heng Swee Keat
Photo courtesy: Facebook/Heng Swee Keat

There will also be financing support for promising startups, to help sustain their innovation and entrepreneurship activities.

Photo courtesy: Facebook/Heng Swee Keat
Photo courtesy: Facebook/Heng Swee Keat

More than SGD500 million are also being set aside to support businesses in their digital transformation.

Photo courtesy: Facebook/Heng Swee Keat
Photo courtesy: Facebook/Heng Swee Keat
Photo courtesy: Facebook/Heng Swee Keat
Photo courtesy: Facebook/Heng Swee Keat

"In the tough months ahead, we must be prepared for some job losses," said Heng. He assured Singaporeans that while the government cannot protect every job, they will protect every worker. 

Photo courtesy: Facebook/Heng Swee Keat
Photo courtesy: Facebook/Heng Swee Keat
Photo courtesy: Facebook/Heng Swee Keat
Photo courtesy: Facebook/Heng Swee Keat

A one-off SGD100 Solidarity Utilities Credit will be disbursed to each Singaporean household.

Photo courtesy: Facebook/Heng Swee Keat
Photo courtesy: Facebook/Heng Swee Keat
Photo courtesy: Facebook/Heng Swee Keat
Photo courtesy: Facebook/Heng Swee Keat

Digital inclusion has also been highlighted as an important factor for social resilience. More help will be provided for groups that are less digitally connected. 

Photo courtesy: Facebook/Heng Swee Keat
Photo courtesy: Facebook/Heng Swee Keat
Photo courtesy: Facebook/Heng Swee Keat
Photo courtesy: Facebook/Heng Swee Keat
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CtoI News Desk
CtoI News Desk – CtoI

Singapore-headquartered online media company targeting Indian Diaspora across Singapore, US, UK and Dubai. Connected to India covers developments around Indians abroad, informing, engaging and entertaining its audiences.

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