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Singapore’s Deputy Prime Minister and Finance Minister Heng Swee Keat has finished giving his annual budget speech to parliament and in his speech, he spoke on the challenges facing the country and how the Government was introducing two special packages worth a total of $5.6 billion to help support businesses and households amid an economic slowdown caused by trade uncertainties and the COVID-19 novel coronavirus.
$4 billion of the package will be used to help local workers stay employed and to support enterprises. The remaining $1.6 billion will go to a Care and Support Package to help households, with the less well-off getting more help.
1) KEEPING SINGAPOREANS EMPLOYED
Singapore’s Finance Minister Heng said that the country’s Government would continue to ensure that there were jobs for all Singaporeans.
Businesses, especially SMBs, will be receiving significant support in terms of staff retention and liquidity options to keep their businesses going
The Jobs Support Scheme (JSS) will help enterprises retain their local employees during this period of uncertainty.
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