Here’s some good news if you are a self-employed person Singaporean and your income is affected by the COVID-19 virus outbreak.
The Singapore government has just announced a new Resilience Budget today (26 March) which is a whopping 48 billion-dollar package to assist Singaporeans and businesses tide over the virus crisis we are currently facing now.
Part of the Resilience Budget includes supporting Self-Employed Persons (SEPs) with a new Relief Scheme that offers eligible Singaporeans $1,000 in cash per month for 9 months.
More details on the relief scheme will be revealed soon via the Ministry of Manpower (MOM).
Besides the relief for SEPs, there are some other support schemes for households, workers and employers to take note:
- Enhanced cash payout for all Singaporeans aged 21 and above in 2020 of $300, $600 and $900.
- $100 PAssion Card top-up in cash for Singaporeans aged 50 and above in 2020.
- Cash grant of $800 a month for 3 months for lower and middle-income Singaporeans who lose their jobs due to COVID-19.
- Cash payment of $3,000 for Singaporeans who received Workfare payments in 2019.
- Freezing of government fees and charges for 1 year from 1 April 2020 to 31 March 2021.
- 1-year suspension of student loan repayments and interest charges for Government loan schemes.
- All late payment charges on HDB mortgage arrears will be suspended for 3 months.
- One-off relief up to $300 for low to middle-income union members.
- For employers: Government will pay 25% on first $4,600 of monthly salaries (9-month period)
See below images for more details on the schemes or view the full supplementary budget booklet here.