EY released its reactions to the Solidarity Budget announcement.
Mr. Max Loh, Managing Partner, Singapore and Brunei, Ernst & Young LLP:
“The Solidarity Budget is a swift, decisive and thoughtful response to the escalation of the COVID-19 outbreak and the institution of a workplace closure circuit breaker. It not only supports businesses, workers and individuals in addressing their financial challenges but also their socio-emotional wellbeing, which is vital to building our collective resilience and unity as a community and country.”
Ms. Soh Pui Ming, Singapore Head of Tax, Ernst & Young Solutions LLP:
“Singapore’s discipline and prudence in its fiscal practices in the past is now proving to be life-saving in the current volatile times. The scale and speed at which the Unity, Resilience and Solidarity Budgets were pushed through are unprecedented. Only by protecting its people and enterprises can Singapore come through this challenge together as a nation.”
Enhance protection for jobs and livelihoods
Mr. Samir Bedi, EY Asean Workforce Advisory Leader:
“The circuit breaker measures of workplace closures, excluding essential business, will be painful but the enhanced Jobs Support Scheme makes it a lot less burdensome on employers to retain local workers. Increasing subsidies across the board to cover up to 75% of monthly wages will help protect the jobs of more local employees. The earlier subsidy pay-out also allows for better cash flow for companies, to allow them to stay afloat and resume operations quickly after this period.”
Mr. Samir Bedi, EY Asean Workforce Advisory Leader:
“The removal of foreign worker levies will help to keep the enterprise workforce ready to start operations and recover once we win our fight against COVID-19.”
Strengthen support for firms and workers
Mr. Chai Wai Fook, Partner, Tax Services, Ernst & Young Solutions LLP:
“With the measures in the Solidarity Budget, as well as the Unity and Resilience Budgets, the government is pulling out all stops to help businesses, self-employed persons and workers to tide through this crisis. It comes as a timely response to enterprises that may face a sharp drop in income in April, with some more badly affected than others.”
Mr. Desmond Teo, EY Asia-Pacific Growth Markets Financial Services Tax Leader:
“Merely two days after the circuit breaker measures were announced, the government put out its bold and swift support for businesses, workers and households. The Unity, Resilience and Solidarity Budgets combined sends a clear and resounding message on the country’s resolve to overcome the pandemic and leave no one behind, as we dig deeper into past reserves to roll out broader-based relief measures for all sectors and workers hit by the circuit breaker measures.”
Provide more help to Singaporeans
Mr. Samir Bedi, EY Asean Workforce Advisory Leader:
“The Unity, Resilience and Solidarity Budgets have been built on similar principles of protecting our workers and keeping our enterprises afloat. The additional Solidarity Payment is practical and direct in helping households with cash flows. Let us do our best in following the circuit breaker measures, as every individual count in helping the nation emerge stronger from COVID-19.”
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Notes to Editors
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