[Liveblog] 4th Singapore Fortitude Budget 2020 Statement: Live Updates And Real-Time Commentary
The 4th Singapore Budget 2020 Statement, dubbed the Fortitude Budget will be delivered by Deputy Prime Minister & Finance Minister Heng Swee Keat on 26 May, 2020 at 3.30pm.
This page will be automatically refreshed periodically, so watch this space for the latest announcements and updates of the Singapore Budget as it happens, along with our real-time commentary on the potential effects it carries for Singapore and Singaporeans.
Singapore Fortitude Budget 2020 Liveblog
3:54pm: While the government does not normally intervene in contracts, but in such extraordinary times, it is important to act to safeguard economic structure for the common good. The Ministry of Law will be announcing some measures.
3:53pm: DPM Heng said that the government will introduce a grant for SME tenants via landlords, which together with existing property tax rebates, should amount to more than 2 months of rent.
3:52pm: Planned increase in CPF Contribution Rates for older workers will be postponed, as well as offset package until the increase kicks in.
3:51pm: Second area, costs. Foreign Worker Levy waivers will be extended for 2 months: 100% in June, and 50% in July.
3:50pm: DPM Heng urged companies to tap on these schemes to reskill and prepare their workforce.
3:48pm: There will also be higher JSS payouts will be enhanced for firms in sectors that are still affected by Circuit Breaker measures. These companies will receive retroactive higher payments.
3:46pm: First, DPM Heng said that the duration of JSS by one month for all firms. Previously, it was meant to cover 9 months of wages.
3:44pm: DPM Heng announced that the Jobs Support Scheme (JSS) will be enhanced in 3 ways after careful discussion.
3:42pm: Over 140,000 enterprises employ millions in Singapore. These companies face structural and other difficulties. Economy is undergoing a sea-change.
3:41pm: In total, all of the budget measures will amount to more than $100 billion, which is a landmark package and very necessary.
3:40pm: More support will also be given to households for the extended Circuit Breaker period, and more resources given to frontline agencies to better fight COVID-19.
3:39pm: The focus for this $30+ billion Fortitude Budget is jobs.
3:38pm: DPM Heng said that this is a test of our strength and fortitude. It will be a test of our unity and solidarity. Businesses, workers and families are all facing different challenges, especially vulnerable groups.
3:37pm: DPM Heng said that as announced by Multi-Ministry Taskforce, Singapore will re-open carefully in 3 phases. We need to be psychologically ready for setbacks as we adapt to a ‘new normal’.
3:36pm: DPM Heng said that Singapore’s economy has been deeply affected by global shocks. Today, MTI downgraded GDP estimates to -7 to -4%.
3:34pm: Much of the uncertainty stems from how little we know about COVID-19 and how it will evolve in the coming months. Will there be resurgence? How soon will vaccine be ready? Even experts cannot agree.
3:32pm: Since the earlier Budget 2020 statements, COVID-19 pandemic has worsened, and has imposed huge costs in human life and economic terms globally.
3:30pm: Finance Minister Heng Swee Keat has started delivering his Fortitude Budget statement.
Watching The 4th Singapore Budget Statement 2020
Those who are interested to catch Minister Heng’s supplemental Singapore Budget 2020 speech with us can do so via the following platforms:
Singapore Budget 2020 Reading List
This year’s series of Budget Statements contain key policy initiatives in Singapore’s fight against the deadly COVID-19 viral outbreak and its subsequent economic fallout.
Here are some readings relating to the Budget process and prior announcements made in the prior Unity, Solidarity and Resilience Budget Statements.
The National Budget Process
The post [Liveblog] 4th Singapore Fortitude Budget 2020 Statement: Live Updates And Real-Time Commentary appeared first on DollarsAndSense.sg.