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.
- Cash Payouts for every Singaporean
- Aged 21 and above: $300 to $900 cash
- Parent with child(ren) who are aged 20 and younger: additional $300 cash
- 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.
