Everything About DPM Heng’s Ministerial Statement In Parliament Today Besides No Ang Baos

When Singaporeans look at DPM Heng Swee Keat, some see a strapping man who has the best plans (especially for East Coast).

Others, however, see this:

But our Finance Minister does more than just hand us money, of course.

He’s our go-to guy for details about governmental schemes and budgets, which have been especially helpful during the Covid-19 pandemic.

Today (5 Oct), in his ministerial statement, DPM Heng talked about the country’s progress in its battle against Covid-19, and outlined the government’s proposed strategies to revive the economy and sustain its workers.

Here’s what he said:

Covid-19 Support Measures Will Prevent Economy From Further Contractions

As you know, the economy has taken a battering during the pandemic, with social distancing, lockdowns, and travel restrictions killing businesses and leaving employees jobless.

However, the good news is that the combined four earlier Budgets will prevent Singapore’s economy from contracting by a further 5.6% of GDP in 2020, and 4.8% in 2021, according to estimates from the Monetary Authority of Singapore (MAS).

These measures will also prevent unemployment from rising a further 1.7% this year, DPM Heng said.

Though there will still be myriad jobs lost, this could mean that about 155,000 jobs will be saved over these two years.

More Details on Roadmap to Phase 3 to be Released

Now I know every time you see “Phase 3” in an article, your fingers instinctively google cheap flights to Thailand, but this will likely remain a distant dream, even in the next phase.

DPM Heng said the government plans to release details on the roadmap to Phase 3 in the coming weeks, including the expected timeline.

As part of the last phase of Singapore’s safe reopening, changes will be made to the current size regulations of group gatherings, as well as that of participation at mass events.

In addition, the authorities are working to secure early access to safe and effective vaccines for residents here the moment they become available.

We have also increased our polymerase chain reaction (PCR) testing capacity, are we’re close to hitting our target of 40,000 laboratory tests a day.

Contrary to what Donald Trump says, the more tests, the better.

Additional Support For Newborns

There’s also good news for expectant parents: the government have announced a one-off additional support for newborns on Monday (5 Oct).

Parents will still get the Baby Bonus Cash Gift, which provides eligible parents up to $10,000 in benefits.

This is a response to feedback by aspiring parents who said they have put off having a baby due to the uncertainties brought about by the Covid-19 pandemic.

This one-off support will help parents with expenses during this tough period, DPM Heng said.

Some Sectors to Get Enhanced Course Fee Subsidies 

The government also plans to extend the the Enhanced Training Support Package (ETSP) for another six months till 30 June, 2021.

This will provide enhanced course fee subsidies for firms in sectors such as air transport, retail, and tourism, as well as the Marine and Offshore sector; all industries that have been hit hard by the coronavirus.

Additionally, the absentee payroll rates will be lowered 80% from January 2021, capped at $7.50 per hour.

The Temporary Bridging Loan Programme will also be extended for six months until September 2021, but at reduced levels.

New Five-year  Research, Innovation, and Enterprise Plan

In his ministerial statement, DPM Heng announced a new five-year Research, Innovation and Enterprise (RIE) plan as well.

As part of the plan, research in areas such as childhood development, lifelong learning, and old-age health, will be enhanced.

The transformation of our manufacturing, aviation, and maritime sectors will also be expanded, as well as our sustainability efforts.

Consequently, businesses will be more competitive, and employees will have better job prospects.

Government Dedicated Nearly $100 Billion to Support Singaporeans & Businesses

While many of us have felt the economic effects of Covid-19, we can’t deny that the government has been pretty generous during this tough time.

DPM Heng noted that the government has dedicated nearly $100 billion to support Singaporeans and businesses.

That is not an insignificant sum.

Still, even though financial measures have helped cushion the blow, Singapore’s revenue position is expected to be weak for a number of years.

To combat this economic downturn, the government aims to increase its spending to provide support for Singaporeans and businesses.

However, DPM Heng said that while support is important, the government must not spend in a way that “squanders what generations before us have painstakingly built up.”

“Our guiding principle is prudence, not austerity. We will continue to invest decisively in our national priorities, with a deep commitment to leave behind a better future for our children”, he said.

At the end of his ministerial statement, DPM Heng reiterated the government’s commitment to helping its citizens.

“Given the great uncertainty ahead, we have to remain vigilant, work in close partnership, and continue to adapt as we plan and move ahead,” he said.

A boyfriend appears to break up with his girlfriend after she has a scar on her face. But it turns out to be something else—watch their story to the end because it’s definitely related to you, whoever you are: