$33b set aside in Fortitude Budget, bringing Singapore's Covid-19 war chest to nearly $100 billion

SINGAPORE - Deputy Prime Minister Heng Swee Keat on Tuesday announced a $33 billion supplementary Budget aimed primarily at helping workers and businesses to tide over the Covid-19 crisis and the bleak economic outlook ahead.

This Budget requires a draw of $31 billion from past reserves, for which President Halimah Yacob has given in-principle approval. Altogether, the Government is looking at drawing up to a total of $52 billion from past reserves this financial year to enable Singaporeans to tide over this crisis and emerge stronger, said Mr Heng.

But Mr Heng assured Singaporeans that the Government will protect every worker and try to preserve jobs in the midst of this crisis. Businesses such as retail outlets, gyms and cinemas that cannot resume operations immediately after the circuit breaker period ends on June 1 will continue receiving 75 per cent wage support until August or when they are allowed to reopen, whichever is the earlier.

Beyond this, the Government will defer the planned increase in CPF contribution rates for senior workers by one year to January 2022, while extending rental relief for small and medium-sized enterprises through a cash grant to be disbursed through property owners. $33 billion Fortitude Budget unveiled: What does it mean for you? | THE BIG STORY Households with at least one Singapore citizen will also get a one-off $100 Solidarity Credit to offset their utility bills, which is on top of the U-Save Special Payment that was previously announced.

Every young and working SGs get even more financial support in 4th F-Budget. Retired PGs & MGs only get more fresh air! We were discarded like used old rags! Maybe that's where the wind now blows...with GE just months away! leehsienloong

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