By Rue Teng (Research and Training Department)
In this month’s publication, we look at an article from Channel News Asia on the announcement of additional support measures of $8billion in response of the Covid-19 pandemic by Deputy Prime Minister Mr Heng Swee Keat.
The Job Support Scheme co-funds between 25 per cent and 75 per cent of the first $4,600 of gross monthly wages paid to each Singaporean or permanent resident employee. The scheme is extended up to seven months, till March 2021 but will be lowered to range between 10 to 50 per cent due to recovery of the different sectors in the economy.
A new scheme, Jobs Growth Incentive (JGI) was also launched to help sectors that are doing well to hire new local staff with special focus on mature workers. Under this scheme, the government will co-pay 25 per cent or 50 per cent of new local hires salary in these firms for one year.
Furthermore, the COVID-19 Support Grant (CSG) was extended until December 2020 to support Singaporeans and permanent residents who are unemployed or suffered significant income loss. More lower-wage workers will also be included under the broadened eligibility of the Workfare Special Payment.
In addition to these measures, Mr Heng stressed the importance to embark on economic transformation. To continue to spur innovation and entrepreneurship, up to $150 million will be set aside to enhance the Startup SG Founder programme in phases. He also encouraged Singaporeans to build a stronger economy and a more cohesive society.