Previously, the Singapore Budget 2020 announced that eligible Singaporeans, aged 21 and above, will receive a $100 to $300 payout, based on income.
Do note that it’s only valid for people who are aged 21 and above this year.
The money is supposed to help normal Singaporeans tide over this tough coronavirus period.
But since then, the situation has devolved drastically.
Reader Bao: Wait…what’s devolve?
Erm- the opposite of evolving? Becoming worse instead of getting better?
Reader Bao: …
As I was saying, the situation has gotten worse, which is why the government announced that they’re going to come up with another support package for Singaporeans.
The Resilience Package
The idea? To give Singaporeans resilience so that we can stay strong in this tough period. Not my words, is DPM Heng Swee Keat say one.
Previously, experts have said that they expect the package to be at least 2 times more than the $6.4 billion care & support package.
Well, they were right.
The Resilience Package will cost the government $48.4 billion, partly funded ($17 billion) by our national reserves.
The package is pretty comprehensive but I’m sure you’re only interested in one thing: what’s the amount of ang bao you can expect to get?
Well, It Has Tripled
That’s right. It has tripled.
So the people who were originally supposed to receive $100 will get $300 instead. And those who are supposed to get $300 will be getting a whopping $900.
In other words, JACKPOT.
Here’s how much you’ll get depending on your assessable income for the 2019 year of assessment:
- Less than $28,000 = You’ll get $900. In other words, students and unemployed people would get this amount as well
- $28,000 to $100,000 = $600
- More than $100,000 or own more than one property: $300
But Wait, There’s More:
Remember how the government is encouraging couples to have more babies
so they can get infected in PCF centres?
Previously, it was mentioned that families with children below 21 years old can get $100. This has also been tripled to $300 for each parent.
The Enhanced Workforce Special Payment previously gives 20 per cent of their Workfare Income Supplement payout to low wage workers. This has been changed to a $3,000 cash payout instead.
Grocery vouchers for low-income or needy Singaporeans will also be tripled in value.
And last, but not least, the $100 top-up in seniors’ (Singaporeans aged 55 and above) PAssion Cards.
Previously, it was mentioned that they’ll have to go to the top-up machine to insert the value into their PAssion Cards.
But now, they will receive it as a cash payout, directly transferred to their bank account.
Boosting Support Groups
Now, the government is already packed with trying to help Singaporeans, which is why they’re turning to the age-old art of delegation now.
They’ll be boosting funds given to support groups in Singapore.
- Self-help groups: Doubling of grants to $20 million over the next 2 years
- Community Development Councils: Increase additional grant to $75 million
- NTUC Care Fund: Up to $300 one-off relief to low-to-middle-income union members
Freezing of Government Charges, Relief For Loans
From 1 Apr 2020 to 31 Mar 2021, the government will freeze all government charges and fees.
For student loans from the government (for both polytechnic and university students), the government will suspend loan repayment and interest charges from 1 June 2020 to 31 May 2021.
Late payment charges for HDB mortgage arrears will be suspended for three months too.
HDB will also offer a six-month deferment of loan instalment payments as well.