Budget 2020 Will Help Firms & Households Tide Over The Covid-19 Outbreak

By
Boon Hun
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On 18 Feb 2020, Singapore will reveal budget 2020.

And for those who are worried about surviving the Covid-19 outbreak, not just physically, but economically, there’s some good news for you.

DPM Heng Swee Keat gave Singaporeans a sneak peek at what’s coming up.

Help For Firms

With the economic slowdown in Singapore due to Covid-19, businesses are looking at a bleak few months ahead.

Drivers report a drastic drop in daily earnings.

And workers are worried about losing their jobs.

The government is prepared to help “viable companies” stay afloat by:

  • Giving wage support for companies to “preserve jobs for local workers”
  • Tax rebates
  • Rental waivers

They will also assist companies in restructuring, upgrading and training their staff.

So that when the economy eventually recovers, they will be ready.

Of course, industries heavily hit by the Covid-19 virus will receive more focus from them.

Help For Individuals

DPM Heng Swee Keat added there will be a package to help households tide over the next few months.

However, he didn’t mention many details about the “package”, only giving assurances that the government will help everyone to rebound from this difficult time.

Don’t Worry, We Will Rebound From This

A key point is a promise that as long as Singaporeans work together with one another, we will all survive.

He pointed out that over the past three decades (coupled with a learning experience from SARS), Singapore’s medical technology is more than ready to tackle the challenge head-on.

He added that researchers have developed a test kit for Covid-19 and is sending 20,000 of them to China.

As long as Singaporeans:

We can rebound from this.

So stay tuned for the upcoming Budget 2020 which will be revealed on 18 Feb 2020.

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Boon Hun
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