In a fourth instalment of the national budget this year, Finance Minister Heng Swee Keat has highlighted a central focus on jobs.
The Jobs Support Scheme (JSS), which was first announced in the Unity Budget and later extended in the Resilience and Solidarity Budgets, will now be enhanced in three ways.
Firstly, businesses that are able to safely reopen after the circuit breaker ends on 1 June will receive an additional one month of wage support.
The payout amount they receive will be computed based on the wages paid in August 2020, and stay at the same level of support as during the circuit breaker period. They will receive it in October 2020.
Second, firms that are not allowed to reopen yet will receive wage support at 75 per cent until August 2020, or when they can reopen, whichever happens sooner.
This is set to help businesses including retail outlets, gyms, and cinemas which will remain closed.
Finally, wage support for firms that are more severely impacted will be adjusted to higher levels.
Companies in the built environment sector and aerospace sector including maintenance, repair, and operations firms, will now get 75 per cent wage support.
Retail, marine and offshore businesses will receive 50 per cent support.
Eligible firms will receive a back-payment to top up their previous JSS payouts to the higher level of support. This retrospective payment will be made by July.
In total, the three enhancements will cost $2.9 billion.
Featured Image Credit: Redwire Times
