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Resilience Budget: Gov't To Co-Fund Up To 75% Of Wages To Keep S'poreans Employed

The Jobs Support Scheme was first introduced in the 2020 Budget in February, to help Singapore employers offset 8 per cent of wages, up to a monthly wage cap of $3,600 for three months.

In light of difficult times due to the Covid-19 pandemic, Minister Heng announced today an additional $15.1 billion package to greatly enhance the scheme.

The Government will increase its co-funding to 25 per cent of wages for all local workers.

Sectors that are harder hit by the outbreak will receive stronger support, with 50 per cent of co-funding for all wages in food services, and 75 per cent for the aviation and tourism industries.

The qualifying wage ceiling will also be raised from $3,600 to $4,600, and the scheme will be extended for another two quarters to last till the end of 2020.

“The best way to support our people is by helping them stay employed,” said Minister Heng.

He also said an additional $500 million of credits in the Wage Credit Scheme, which co-funds wage increases, will be brought forward from end-June to September.

By October 2020, businesses will receive a total of $16.2 billion through the Jobs Support Scheme and Wage Credit Scheme.

Featured Image Credit: Redwire

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