On 17 August 2020, Deputy Prime Minister Heng Swee Keat announced additional support for workers and jobs.
On top of support for all workers, he announced further support for three key sectors that had been most affected by the impact of COVID-19 – aerospace, aviation, and tourism.
Singapore’s overall economy depends heavily on these three sectors as they are key multipliers for other sectors. Our position as a global business node depends on our connectivity as an air hub, while tourism adds vibrancy to our retail and F&B sectors.
Preserving core capabilities
To position these sectors for recovery, the Government will work with companies to support workers with specialised skills. DPM Heng also announced these further support measures to retain core capabilities:
The Government will allocate $187 million to extend the support measures in the Enhanced Aviation Support Package up to March 2021. This will provide cost relief for our airlines, ground handlers, cargo agents, and airport tenants, as well as support our local carriers to regain our air connectivity to the world.
The Government will also scale-up the temporary redeployment programme of workers in the aviation sector. To date, 500 aircrew have been redeployed to hospitals as Care Ambassadors. The Government will create around 4,000 new jobs, including permanent roles, in the healthcare sector alone, as well as more jobs in other areas of need.
The Government will set aside $320 million for tourism credits to encourage local tourism. Called SingapoRediscovers Vouchers, these credits provide the opportunity for Singaporeans to explore our local culture and heritage, nature, art, and architecture, while at the same time supporting our tourism sector. More details will be provided by the Ministry of Trade and Industry (MTI) next month.
Transforming our economy for a post-COVID-19 world
Singapore will also need to transform our economy, and position ourselves to seize growth opportunities in a post-COVID-19 world. Over the last few months, firms that had invested in innovation were able to nimbly pivot to new opportunities.
To continue to spur innovation and entrepreneurship, the Government will set aside up to $150 million to enhance the Startup SG Founder programme in phases. The Government will raise the startup capital grant and continue to provide mentorship. More details will be provided by MTI.
In addition, the Emerging Stronger Taskforce, co-led by Minister Desmond Lee and Mr Tan Chong Meng, is in the midst of a three-month sprint to prototype new ideas through the industry-led Alliances for Action. These include areas such as smart commerce and supply chain digitalisation.
For more on the further support for jobs and workers through the Jobs Support Scheme and COVID-19 Support Grant, click here.
If you're an employee looking for support measures, read more here.
If you're a business owner/self employed person looking for support measures, read more here.
For more on Budget 2020, visit www.singaporebudget.gov.sg