Here’s a summary of the additional Covid-19 support measures announced by DPM Heng Swee Keat today. Find out more about the measures that are worth $8 billion:
SINGAPORE - A scaled-back version of the Jobs Support Scheme will continue to help workers, and $8 billion more will be spent to save jobs, create new ones and seize new growth opportunities, said Deputy Prime Minister Heng Swee Keat.
"However, we cannot sustain the JSS at current levels. It draws heavily on our reserves and risks trapping our workers in unviable businesses. Some sectors are also recovering faster than others," explained Mr Heng, who is also Finance Minister. "Even at 10 per cent support, the payouts cover more than half of employers' Central Provident Fund contributions. This ensures that we continue to build up the CPF savings of our workers during the crisis," said Mr Heng, adding that businesses can also tap existing schemes such as the enhanced Enterprise Financing Scheme and the Temporary Bridging Loan Programme, which are available until March 2021.
Currently, those on the Workfare Income Supplement scheme for work done in 2019 are eligible. This will be widened to include those who were not on the scheme last year, but have received or will be receiving workfare for work done this year. To preserve the core capabilities of the hardest-hit sectors, another $187 million will be used to support the aviation sector, and $320 million set aside as SingapoRediscovers Vouchers - or tourism credits - that Singaporeans can use to explore local culture and heritage.
There are no plans to draw on past reserves beyond what was approved earlier, said Mr Heng. To fund its Covid-19 response, the Government had obtained President Halimah Yacob's approval twice this year to draw up to $52 billion from past reserves.
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