What Are the Benefits of the Resilience Budget?

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

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