To address the economic uncertainties brought about by the Coronavirus Disease 2019 (COVID-19) outbreak, a total of $5.6 billion has been set aside in Budget 2020 for the Stabilisation and Support Package and Care and Support Package.
The $4 billion Stabilisation and Support Package aims to help workers stay employed through wage support and reskilling opportunities. It will also support firms with cash flow and operating costs. More help will be channeled towards five sectors affected by COVID-19 - tourism, aviation, retail, food services and point-to-point transport services.
To help households weather through these uncertain times, a special $1.6 billion Care and Support Package will also provide timely help for Singaporeans, with the less well-off receiving more.
Additionally, the GST will remain at 7% until after 2021. However, with an ageing population and growing healthcare needs, GST will still need to increase by 2025. A $6 billion Assurance Package will help cushion the impact of the increase on our daily expenses.
For more on the measures to help these sectors, read more here.
To read the full Budget 2020 speech, click here.