With the central focus of the Budget being that of ‘jobs’, many are wondering what it means for the everyday folk. Here at KORdotSIN, we’d like to condense the main points as simply as possible for everyone to understand!

1. Business owners will be supported with 3 enhancements to the Jobs Support Scheme (JSS), which includes increased wage support for local employees throughout industries, as well as an increase in duration of payouts. In addition, SMEs and government tenants will enjoy long-awaited help with rental costs. This all means a reduced chance for layoffs as businesses across the board are being further assisted in keeping and paying the wages of staff.

2. $285 million set aside to catalyse and crowd in at least another $285 million in matching private investments. This provides support for promising start-ups and is good news for budding entrepreneurs in this struggling market. 

3. The SGUnited Jobs and Skills Package to be launched to create close to 100,000 opportunities in three areas - 40,000 jobs, 25,000 traineeships and 30,000 skills training courses. These cater to workers with different skill levels and career goals and will mean more jobs being available throughout the levels - including jobs that would not otherwise be available such as 15,000 COVID-19 related jobs (swabbers, healthcare declaration assistants).

Finally, there will be a one-off $100 solidarity utilities credit to each household with at least 1 S'pore citizen.

There were more benefit schemes announced, the full details of which can be found on the Ministry of Finance Budget 2020 Website.

The President has given her in-principle support for a further draw of $31 billion from Singapore’s past reserves to fund the measures in the ‘Fortitude’ Budget. Altogether, a total of $52 billion will be drawn. 

 In case you didn’t know, the first time Singapore had ever dipped into past reserves to help cover Budget expenditure was in the 2009 Financial Crisis. At the time, Singapore drew $4.9 billion, which it returned to the reserves 2 years later in 2011. 

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