Budget 2022: $500m support package for workers, businesses most affected by COVID
Staff Writer, Singapore
·Editorial Team
Fri, 18 February 2022, 4:06 pm
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Singapore Budget 2022
Office workers walk out for lunch break at Raffles Place financial business district in Singapore on January 4, 2022. (Photo by Roslan RAHMAN / AFP) (Photo by ROSLAN RAHMAN/AFP via Getty Images)
SINGAPORE – The government will provide a Jobs and Business Support Package to the tune of $500 million for local workers and businesses who have been most affected by COVID-19.
Announcing this in the Budget statement in Parliament on Friday (18 February), Finance Minister Lawrence Wong said that as part of the package, there will be a Small Business Recovery Grant for affected small and medium enterprises (SMEs) in sectors like F&B, retail, tourism and hospitality.
SMEs in the eligible sectors will receive a payout of $1,000 per local employee, up to a cap of $10,000 per firm. Local sole proprietors and partnerships in eligible sectors, as well as Singapore Food Agency licensed hawkers, market and coffeeshop stallholders, who do not hire local employees, will also receive a $1,000 payout.
Additionally, workers who continue to face income loss due to COVID-19 can apply for the COVID-19 Recovery Grant, which has been extended to the end of 2022.
The Jobs Growth Incentive scheme will also be extended by six months to September, "with stepped-down support rates reflecting the improved labour market conditions".
Wong added that aside from the package, targeted assistance for the aviation sector will also be extended. "This includes measures to ensure public health and safety at the airport, as well as to preserve core capabilities. We must preserve and enhance our status as an international aviation hub," he said.
