How The Resilience Budget Will Benefit Singaporeans

26 March 2020
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The Resilience Budget will dedicate $48 billion to help Singaporeans deal with the impact of COVID-19 with a focus on saving jobs, protecting workers and supporting households.

If you had missed DPM and Finance Minister’s Heng Swee Keat’s Ministerial Statement earlier this afternoon, here’s a summary of the cash payouts that you can potentially receive. These enhancements supersede the earlier cash payouts announced at Budget 2020.

  1. Cash Payouts for every Singaporean
  2. Aged 21 and above: $300 to $900 cash
  3. Parent with child(ren) who are aged 20 and younger: additional $300 cash
  4. Aged 50 and above: additional $100 cash (credited to bank account instead of PAssion Card)

These payouts will be disbursed between August and September this year.

  • Additional support will also be provided for the following groups of Singaporeans –  
  • Workfare recipient for work done in 2019: $3,000 cash over 2 payments in Jul and Oct 2020
  • Eligible Self-employed Persons: $1,000 a month for 9 months
  • Low to middle income families who are presently unemployed as a result of the economic impact of Covid-19: $800 a month for 3 months
  • Adults living in 1-2 room HDB flats: $300 grocery vouchers in 2020 and $100 grocery vouchers in 2021. Participating supermarkets include NTUC Fairprice, Giant and Sheng Shiong.
  • Temporary Relief Fund: those who need immediate assistance in April 2020 can apply.
  • Greater flexibility on fees and loans to help households manage cashflow –
  • Government fees and charges frozen from 1 Apr to 31 Mar 2021
  • Late payment fees on HDB mortgage loan suspended for 3 months
  • Student loan repayments and interest charges for government loan schemes suspended for one year between 1 Jun and 31 May 2021.
  • Deferment of income tax payment for Self Employed Persons: payment due in May defer to July 2020.

MoneyOwl’s Solutions Team contributed this article.

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