Highlights of Singapore’s Ministerial Statement on 17 August 2020
The Government extends schemes and new initiatives to provide continued support for businesses and jobs impacted by the COVID-19 pandemic.
In a Ministerial Statement on 17 August 2020, Deputy Prime Minister and Minister for Finance, Mr. Heng Swee Keat, announced extensions of current support schemes as well as new initiatives to provide continued support for businesses and jobs that have been impacted by the COVID-19 pandemic.
With Singapore experiencing its worst quarterly performance on record with a 13.2% contraction year-on-year in the second quarter of 2020, the latest round of extended support focuses on helping Singapore companies and the workforce tide over the continuing pandemic while also preparing them for growth opportunities in the post COVID-19 world.
The S$8 billion support includes the extension of the Jobs Support Scheme (JSS) till March 2021. The Government has also launched the Jobs Growth Incentive (JGI), a S$1 billion programme that supports job creation efforts, especially for mature workers. There will also be continued support for sectors that have been hardest-hit such as aerospace, aviation and tourism.
This news alert summarises the key measures announced in the Ministerial Statement.
