What Are the Benefits of the Resilience Budget?

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Last 26 March, Deputy Prime Minister Heng Swee Keat announced the Resilience Budget. It includes new measures worth over $48 billion that deal decisively with the current COVID-19 pandemic. Altogether, the government is dedicating close to $55 billion to support Singaporeans. This amounts to 11% of Singapore’s Gross Domestic Product (GDP).

3 Main Benefits of the Resilience Budget

1. Support for families to help with daily living expenses

  • One-off cash payout tripled, from $100-$300 to $300 to $900
  • Additional cash payout for each parent with a child below 21 tripled, from $100 to $300
  • Enhanced Workfare Special Payment of $3,000 this year for lower-wage workers
  • Grocery Voucher for Singaporeans in need tripled, from $100 to $300 this year
  • $100 PAssion Card top-up for Singaporeans aged 50 years and above

2. Strengthening Singapore’s network of support

  • Double grants to Self-Help Groups, from $10 million to $20 million over two years
  • Increase additional grant to Community Development Councils (CDCs), from $2 million to $75 million
  • $25 million NTUC Care Fund (COVID-19)
  • Up to $300 of one-off relief to eligible union members in the low- and middle- income brackets
  • $4 million top-ups to the Self-Employed Person Training Support Scheme

3. Greater flexibility on fees and loans

  • One-year freeze on all government fees and charges, from 1 April 2020 to 31 March 2021
  • One-year suspension of the university and the polytechnic student loan repayment and interest charges, from 1 June 2020 to 31 May 2021
  • A three-month suspension of late payment charges on HDB mortgage arrears

If you are thinking of buying, selling, or renting property while the circuit breaker measures are in effect, don’t worry! Our team is still hard at work.

Learn more about Ohmyhome services during the circuit breaker period.

You may call 6886 9009 now.

Sources: Gov.sg, Singapore Budget, Today Online, Solidarity Budget

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Buying or selling your property during COVID-19?

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Buying or selling your property during COVID-19?

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