The Singaporean government has launched three rounds of stimulus packages in the wake of COVID-19. These packages are the Unity Budget on 18 February, the Resilience Budget on 26 March and the Solidarity Budget on 6 April. Through these packages the government has introduced a set of measures to support Singapore’s business community through the current crisis.
We have summarised some key support mechanisms that can be relevant to Norwegian businesses in Singapore.
· To mitigate cost pressure, the Jobs Support Scheme (JSS), will provide wage support for employers to retain their local employees (SCs and PRs). This consists of a subsidy of 75% for the first $4600 of gross monthly wages for all sectors in April and May 2020. After the Circuit Breaker the government will continue to co-fund the first $4600 of gross monthly wages from 25% to 75% depending on the sector. You don’t need to do anything to get the payment. The government recommend you to sign up for PayNow to receive the payouts faster. Read more about the JSS here.
· Singaporean government gives employers a Foreign Worker Levy (FWL) waiver for the month of March and April. The government also gives a one-off rebate of $750 to ease the labour costs of employing foreign workers (S Pass and Work Permit holders).
· Companies are getting increased access to financing, through the supplementary budget 2020. Read more about the available financing schemes here
· A special support package (of $125 Million) is available for the financial and fintech sectors. This includes training allowance grants for local employees, course fee subsidies, and funding of digital acceleration. Read more about the available support for fintech here:
Support measures for tax payers are also implemented through the resilience and solidarity budget: Corporate Income Tax (CIT) payments due in April, May and June 2020 are automatically deferred for three months.
· Non-residential properties will get a property tax rebate for 1 January – 31 December 2020 – office and industrial properties will get 30 % rebate. Singaporean government requires that owners pass it on to the tenants either through reduced rentals, or as a payment. Read more
You can ask specific questions about the support measures through COVIDBiz Helpline. You can find this helpline on this website
