To address the economic uncertainties brought about by COVID-19, Deputy Prime Minister and Minister for Finance Heng Swee Keat announced that $11 billion will be set aside in Budget 2021 for the COVID-19 Resilience Package.
The Package will focus on three prongs:
- Safeguarding public health and re-opening safely
- Supporting workers and businesses where needed
- Supporting sectors that are still under stress
SAFEGUARDING PUBLIC HEALTH AND RE-OPENING SAFELY
To protect the health of Singaporeans, $4.8 billion will be allocated towards public health and safe re-opening measures. This includes vaccination, keeping up our precautionary measures and our multi-layered defence system of contract tracing, testing and safe distancing.
As of 14 February this year, close to 250,000 people have received their first dose of the COVID-19 vaccine, of which about 55,000 have also received their second dose.
SUPPORTING WORKERS AND BUSINESSES
As COVID-19 has continued to affect many workers and businesses, support will be tailored to maintaining resilience and supporting growing areas. This will be done via extending the Jobs Support Scheme (JSS), SGUnited Jobs and Skills Package and COVID-19 Recovery Grant.
For more about the JSS and SGUnited Jobs and Skills Package, read: How Budget 2021 will support workers.
As part of the COVID-19 Resilience Package, the the COVID-19 Recovery Grant provides temporary financial support for workers who are presently experiencing involuntary job loss, or involuntary no-pay leave due to the economic impact of COVID-19.
Extension of the COVID-19 Recovery Grant
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The Grant has been open to applications since 18 January 2021, with more than 4,000 applications approved as of 8 February 2021.
TARGETED SUPPORT FOR SECTORS STILL AFFECTED BY COVID-19
Lastly, more targeted support will be provided for the worst-hit sectors, including aviation, land transport, as well as arts, culture and sports sectors. This investment is crucial to preserve Singapore’s core capabilities and the strong position the country has built over the years.
For Aviation sector:
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For Land Transport sector:
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Employees in these sectors have been encouraged to upgrade their capabilities and prepare for the economy’s recovery.
The Arts and Culture Resilience Package and the Sports Resilience Package will be extended in FY2021, to support businesses and self-employed persons in these sectors.
For Arts, Culture and Sports sectors:
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Employees in these sectors are encouraged to deepen their skills, go digital and transform their business models.
For more on Budget 2021, visit www.singaporebudget.gov.sg
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