The COVID-19 pandemic has had far-reaching impacts on Singapore, from the medical and economic to social and psychological aspects. In the Supplementary Budget Statement, it was mentioned that COVID-19 will take at least a year to be resolved, and the economic repercussions would last even longer.
“The Government will take all the social and economic measures to keep our people safe, keep our economy growing, and prepare ourselves for the recovery,” said Deputy Prime Minister (DPM) and Minister for Finance Heng Swee Keat in Parliament on 18 February 2020.
These measures include the following:
Response to COVID-19: 3 Supplementary Budgets
1. Unity Budget
On18 February 2020, the government has announced the $6.4 billion in the Unity Budget towards the Stabilisation and Support Package, the Care and Support Package, and to support the frontline agencies.
The Unity Budget aims to support families by providing:
- One-off cash payout from $100-$300, depending on income
- Additional $100 cash payout for each parent with a child below 21
- $100 Grocery Voucher for Singaporeans in need
- $100 PAssion Card top-up for Singaporeans aged 50 years and above
- GST Voucher – U-Save for all Singaporean households doubled
2. Resilience Budget
On 26 March 2020, the government introduced measures worth over $48 billion in the Resilience Budget. Altogether, close to $55 billion is dedicated to supporting Singaporeans, amounting to 11% of Singapore’s GDP.
The Resilience Budget focuses on three key areas:
- Save jobs, support workers, and protect livelihoods
- Help enterprises overcome immediate challenges
- Strengthen economic and social resilience so people can emerge intact and stronger
3. Solidarity Budget
On 6 Apr 2020, Singapore’s Solidarity Budget was presented. Similar to the Resilience Budget, this measure aims to:
*Save jobs and protect the livelihoods of Singaporeans during the temporary period of heightened measures
- Help businesses preserve their capacity and capabilities, to resume activities when the circuit breaker is lifted
Each adult Singaporean will receive an additional $300 cash payout. This is on top of the $300 to $900 cash payment of the Care and Support package announced in the Resilience Budget.
The payment of the first tranche of the Care and Support Package will also be brought forward to April 2020.
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