DPM Heng to give update on Covid-19 fight, fiscal position

Deputy Prime Minister Heng Swee Keat will give a speech outlining the progress Singapore has made in combating the coronavirus and its effects, as well as on the country's fiscal position and its strategies to emerge stronger from the crisis when Parliament sits on Monday.

He said in a Facebook post yesterday that the Government will also table a Supplementary Supply Bill - its third this year - on Monday to reallocate resources for the measures he announced on Aug 17 to extend support for businesses and workers.

Parliament will debate the Bill as well as these measures, which amount to some $8 billion.

Mr Heng, who is also Coordinating Minister for Economic Policies and Minister for Finance, said his ministerial statement next week is meant to provide context for the debate.

"In the face of the profound uncertainty ahead, we will continue to adapt and chart a steady course forward," he added.

In his post, he said Singapore has been battling Covid-19 on all fronts over the past nine months, and close to $100 billion - over four Budgets and a further round of support in August - has been committed to support businesses, workers and households.

"Our collective efforts as a nation have paid off so far. We are now seeing low community transmission, but we must remain vigilant.

"We are progressively reopening our economy in a safe manner. But there is much uncertainty ahead and many people are understandably anxious about their jobs," he said, adding that the announcement of the additional measures had provided much needed certainty to businesses and workers.

Among the key measures announced were adjustments to the Jobs Support Scheme, which helps employers fund up to 75 per cent of the first $4,600 of gross monthly wages paid to each local employee, for 10 months up to August this year.

The measures extend wage support till March next year, tiered based on how quickly each sector is expected to recover.

HARDEST-HIT SECTORS

Companies in the hardest-hit aerospace, aviation and tourism sectors, which were getting 75 per cent wage support, get 50 per cent wage support for seven more months.

The built environment sector will get 50 per cent support for two more months, before it is lowered to 30 per cent of wages paid up to March next year, in line with the phased resumption of construction activities.

Most other sectors will get 10 per cent support for seven more months. However, sectors that are doing well, such as biomedical sciences, financial services and infocommunications and technology, will get this amount of support up to December.

Mr Heng will deliver his ministerial statement in Parliament at 1.30pm on Monday, the Ministry of Finance said.

The statement will be published on the Singapore Budget website singaporebudget.gov.sg after delivery.

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