Our minister of finance, Mr Heng Swee Keat, just announced one of the largest stimulus package in recent days to help boost the economy and help workers and businesses through this challenging COVID-19 crisis. Here is a summary of the more prominent points affecting the most people:
Individual and Personal reliefs
- All Singaporeans aged 21 and above to get one-off cash payout of $300 to $900 depending on income.
- Parents of Singaporean children aged 20 and below to get $300 per parent.
- Singaporeans aged 21 and above living in 1 and 2 bedroom HDB flats to get $300 grocery vouchers and $100 grocery vouchers in 2021.
- HDB mortgage arrears late payment charges suspended for 3 months.
- Student loan repayments and interest charges for 1 year (1 Jun 2020 – 31 May 2021) for graduates of autonomous universities and polytechnics suspended.
Business and Employment Reliefs
- Private hire and taxi drivers to continue receiving relief payments of $300 per vehicle per month till end September.
- Private bus owners given one-year tax rebate and 6-month parking waiver charges at government managed parking.
- Wage offset of 50% for F&B companies.
- Eligible self-employed persons will get $1,000 per month for 9 months.
- Property tax rebate for qualifying commercial properties increased to 100%. All other non-residential properties will recievee 30% property tax rebate.
- Stall-owners at NEA managed or NEA-appointed hawker centres and operators to get 3 month rental waiver.
- Rental waiver of 2 months for eligible tenants of government agencies. All other non-residential tenants of government agencies to get 0.5 months rental waiver.
- Aviation businesses to get 75% wage offset capped at monthly wage of $4,600.
- Tourism businesses to get 75% wage offset capped at monthly wage of $4,600.
- F&B businesses to get 50% wage offset capped at monthly wage of $4,600.
This is definitely not the full list but some of the more directly impacting reliefs that should affect the most people. For the full list, you can download the Resilience Budget – Infographics.