Singapore government introduces additional support for businesses

Following the announcement yesterday to continue the Circuit Breaker, Deputy Prime Minister and Finance Minister Heng Swee Keat on Tuesday extended further help to businesses

An additional S$3.8 billion has been set aside, on top of the three previous budgets, to help businesses in Singapore survive the extended lockdown period that has been lengthened to June first, from May 4.

These measures include extending a number of initiatives announced during the Solidarity Budget and include:

  • Jobs Support Scheme (JSS) – the JSS wage subsidy will remain at 75% for all sectors for May 2020. Previously announced for April only, the extension will allow employers to receive up to 75% of the first SGD4’600 gross monthly wages of local employees
  • JSS for shareholder-directors – the JSS payout will now apply to the wages of local company employees who are also shareholders and directors. Applicable to firms registered before or on April 20, 2020, the shareholder-directors who qualify must have an Assessable Income of $100,000 or less for Year of Assessment 2019
  • Foreign Worker Levy (FWL) waiver – the rebate on FWL will continue for another month and is designed to support firms who are unable to work due to the Circuit Breaker

Other measures such as Support for Self-Employed Persons (SEPs), Solidarity Payment for adult Singaporeans and Temporary Relief Fund and COVID-19 Support Grant for lower- to middle- income Singaporeans will continue as before.

For more information, please contact Alpadis Group.