On 26 May 2020, the Government of Singapore launched the Fortitude Budget to put up resistance against the economic impacts of the pandemic.
The latest initiative valued up to SGD$ 33 billion will provide more support to businesses, workers and households who have been impacted by COVID-19 and help them to adapt to the changing environment.
“As we open progressively, we will continue to give more support to businesses which are not yet ready to reopen, and workers who are unable to resume work. The key is to reopen safely, and this needs to be done carefully,” said the Ministry of Finance (MOF) in a statement.
The support includes extending the Jobs Support Scheme, supporting businesses with immediate cashflows by expanding rental relief and providing cash grant, and providing financial support to the community.
As for the built environment sector, including construction, the government will increase its wage support to 75 per cent (applicable only to wages paid between June and August) and extend the Foreign Worker Levy waiver and rebate for up to two months.
“We will introduce further support for the built environment sector, which includes construction. There are many significant infrastructure projects, including public infrastructure such as MRT lines and public housing that we must continue to plan and build,” said MOF.
The Minister for National Development and Building and Construction Authority will announce further details at a later date.
– Construction+ Online
Source: Singapore Budget 2020