On 17 August 2020, at 3.30pm, Deputy Prime Minister and Finance Minister Heng Swee Keat will announce the government’s fifth series of support measures to help workers and companies in Singapore tide through the COVID-19 recession and emerge stronger.
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Ministerial Statement In Parliament Liveblog
3:30pm: (DPM Heng commences his Ministerial Statement)
3:31pm: DPM Heng shared that the government has committed $100 billion in a robust and swift response to save lives, support households, and preserve businesses.
3:32pm: The healthcare situation in Singapore has been contained well, but global economy remains very weak, including seeing second waves and further setting back recovery.
3:33pm: Regardless of your circumstances, the government is committed to helping Singaporeans recover. Measures have been designed to cater to adjustments.
3:34pm: Moving forward, the government will focus efforts in three areas. 1) Continue to support and create jobs. 2) Provide more support for hardest-hit sectors. 3) Transform the economy for post-COVID-19 world.
3:35pm: JSS will be extended by 7 months, to March 2021, but to do so at current levels will be unsustainable. Firms in aerospace, aviation, and tourism will get 50% support, while the built-environment, arts & entertainment, food services, land transport, marine & offshore, and retail sectors will get 30%. Other sectors will get 10% in wage support.
3:37pm: DPM Heng urges companies to make full use of government support to retain workers and prepare for recovery ahead. Companies that don’t need the help can donate it back, as 600 firms have already done.
3:38pm: Bright spots remain in Singapore’s economy, including bio-medical, financial services and ICT continue to expand and are actively recruiting.
3:38pm: A jobs growth programme will co-pay up to 25% of all new local hires for one-year, and this is increased to 50% for workers above the age of 40.
3:40pm: 24 jobs centres have been set up islandwide, and jobseekers are encouraged to make full use of these to get back on their feet.
3:41pm: Despite best efforts, some retrenchments might be inevitable. The tripartite partners are working together to support displaced and at-risk workers, and link them up to opportunities.
3:42pm: More than 60,000 residents have received help from the COVID-19 Support Grant (CSG), and this will be extended to the end of 2020. This will be open to existing and new CSG applicants.
3:43pm: Low-wage workers are one particularly vulnerable group. Workfare Income Supplement Special Payment will be expanded to include those who are receiving Workfare for work done in 2020.
3:44pm: Aviation and tourism are important contributors to the GDP, and to growth in other sectors, such as retail and F&B. The government will provide further sectoral support to retain core capabilities. An additional $187 million will be allocated to the Enhanced Aviation Support Package. Workers in aviation who cannot work now have been deployed to be care ambassadors, and this redeployment effort will be scaled up.
3:46pm: Visitor arrivals have dried up. In response, $320 million has been set aside for Singaporeans to use for domestic tourism purposes to ‘rediscover Singapore’.
3:48pm: Due to safe management measures, some entertainment and nightlife firms cannot reopen for the foreseeable future. MTI will help them pivot or transition out smoothly.
3:50pm: Post-COVID-19 will not be business as usual. US and China relations have led to changes in the global supply chain, and challenging the viability of existing business models. Healthcare, AI, etc are emerging, requiring new skills and new ways of working.
3:51pm: DPM Heng cited examples of firms that have successfully transformed their operations. To continue to spur innovation, the Startup SG Founder programme will be strengthened.
3:52pm: The Emerging Stronger Taskforce has been convened, and they are in a 3-month sprint to allow Singapore to capture new opportunities and create better jobs.
3:53pm: There are no plans to draw on the Past Reserves beyond what was approved earlier, and these measures announced today will be from developmental expenditure that are delayed due to COVID-19.
3:55pm: DPM Heng concluded that while it is an uncertain, difficult journey ahead, but you are not alone. Singaporeans have the fortitude, resilience, and solidarity to emerge stronger as a nation.
3:55pm: (End of Speech)
Watching The Ministerial Statement Delivered In Parliament On 17 August 2020
Those who are interested to catch Minister Heng’s ministerial statement with us can do so via the following platforms:
Television/Internet: CNA
Facebook: Ministry of Finance, Heng Swee Keat
App: MeWatch
Radio: CNA938
Singapore Budget 2020 Reading List
This year’s series of four Budget Statements contain key policy initiatives in Singapore’s fight against the deadly COVID-19 viral outbreak and the subsequent economic fallout.
Here are readings from DollarsAndSense relating to this year’s Unity, Solidarity, Resilience and Fortitude Budget Statements, as well as the Budget process and policies in general.
Fortitude Budget
7 Important Announcements From The Fortitude Budget To Help Singaporeans Tide Through COVID-19
Fortitude Budget 2020: 6 Announcements To Help Businesses In Singapore Survive COVID-19
5 Important Pointers You Might Have Missed From DPM Heng Swee Keat’s Fortitude Budget 2020 Speech
Solidarity Budget
Singapore Budget 2020: Here’s How Much You’ll Receive From The Care And Support Package
Resilience Budget
Supplementary Resilience Budget 2020: The A To Z Of Minister Heng Swee Keat’s Landmark Announcement
#Resilience: Here’s Why Singapore Will Not Only Survive The COVID-19 Recession – But Thrive
Unity Budget
Singapore Budget 2020 Liveblog: Live Updates And Real-Time Commentary
Singapore Budget 2020: 8 Important Announcements That Will Affect You Financially
Here’s Everything You Need To Know About The Jobs Support Scheme
The National Budget Process
The Singaporean Journey: Through The Lens Of The Singapore Budget
Behind The Budget Statement: Here’s How Singapore’s National Budget Is Planned Each Year
The National Budget: Spending Today vs Investing For The Future? Which Is More Important?
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