The consequences of the economic recession from COVID-19 has been far-reaching, with some companies starting to close their shutters and individuals taking pay cuts or getting retrenched. Freelancer and self-employed persons have also been particularly hard-hit.
To complement government support measures such those contained in the Care and Support Package, NTUC has also stepped up to provide support to help persons who have suffered a job or income loss, such as introducing the NTUC Care Fund (COVID-19).
The NTUC Care Fund (COVID-19) provides one-off relief of up to $300 per union member, and is a joint-effort by NTUC, its associated unions and associations, and the government.
Here’s what you need to know about the NTUC Care Fund (COVID-19) and how you can apply for it.
Who Is Eligible For The NTUC Care Fund (COVID-19)?
To qualify for the NTUC Care Fund (COVID-19), you must be a registered NTUC union member during the time of application.
For members staying with dependents staying in the same household, your original gross monthly income must not exceed $3,400, while members without dependents living with them must not exceed $1,500 in gross monthly income.
Members must also suffer an income drop of at least 30% or a freelancer who had job/event cancellations. For those who were retrenched, your retrenchment benefits must not exceed $6,500.
How Much Can I Receive From The NTUC Care Fund (COVID-19?
The amount of payouts you can look forward to receiving would depend on whether you have dependents or not, and whether you are an existing or new NTUC member.
Applying For The NTUC Care Fund (COVID-19)
Ordinary Branch union members can obtain and submit the application form directly with your respective unions or associations, who would then inform you of the outcome of your application.
General Branch union members can download the application form and follow the submission instructions. If you are unsure about your membership type, you can call the NTUC hotline to enquire on your membership details.
Members who qualify for this relief fund can only receive this financial assistance once, and have to do so between 25 March 2020 to 30 September 2020.
Supporting Documents Needed For Application
If you are currently employed, you would have to submit a payslip of pre-COVID-19 (i.e. payslip of any month in 2019), to prove your original income of $3,400 and below, as well as a payslip of after COVID-19, i.e. payslip of any month in 2020, to show the income drop of at least 30%.
If you have been retrenched, you would have to submit your retrenchment letter, which should show that your retrenchment benefits did not exceed $6,500.
If you are a self-employed person or a freelancer, you would have to submit an income document of pre-COVID19, such as the IRAS statement for the year 2019 as well as documentary evidence of cancellations/postponement of jobs or quarantine order/stay-home notice.
Open A New Business Banking AccountLooking for a bank account for all your business transactions? The OCBC Business Banking provides a wide range of business accounts for you to choose from so that you can find the most suitable account for your business needs.
Join The DollarsAndSense Business Community
For more content that helps entrepreneurs, freelancers, and self-employed individuals and learn to build better businesses, join the DollarsAndSense Business Community on Facebook.