What you Need to Know About the Fortitude Budget
Prime Minister and Minister for Finance Heng Swee Keat announced the Fortitude Budget on May 26, 2020. The government will be setting aside S$33 billion to help Singaporeans and businesses get through the COVID-19 pandemic.
The Fortitude Budget is the fourth support package from the government this year, following the previously announced Unity Budget, Resilience Budget, and Solidarity Budget.
To help you understand more about this, we will give you a summary of what does the Fortitude Budget covers.
The increase in CPF contribution rates for senior workers will be prolonged by 1 year, from 1 Jan 2021 to 1 Jan 2022.
FDW Levy waiver and rebate is extended for up to 2 months
Eligible SME tenants can get cash grants to help on their rental costs for up to 2 months
Financial support for promising startups by co-investing with the private sector
Digital Resilience Bonus to help SMEs digitalize their business starting with F&B and retail sectors.
There will be an additional payout of $5,000 for businesses that use advanced solutions such as PayNow Corporate, e-invoicing, business process, or e-commerce solutions.
Job Support Scheme will be extended to cover 1-month wages in August 2020
An SGUnited Jobs & Skills Package will create close to 100,000 opportunities in three areas – jobs, traineeships, and skills training.
Incentives to hire local workers
COVID-19 support grant to support Singaporeans and PRs who need help. This includes those who have lost their jobs, are placed on no-pay leave, or face significantly reduced salaries.
For the Community:
A one-off $100 Solidarity Utilities Credit for each household with at least one Singapore Citizen will be credited in households’ July or August 2020 utilities bills with SP Group.
There will be an accelerated timeline for all secondary school students to own a digital learning device. For seniors, a Seniors Go Digital movement to build digital literacy through one-to-one coaching and small-group learning. There will be financial support for lower-income seniors to own digital devices.
Support for charities and social services agencies
To find out more about the Fortitude Budget, please visit this site.
Let’s all stay united and together fight this Pandemic. Take care and keep safe, everyone!