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All you need to know about MOF’s S$1.1B Covid-19 support package



The Ministry of Finance (MOF) introduced in the present day (July 23) a S$1.1 billion assist bundle to assist companies and employees cushion the affect of the brand new Covid-19 restrictions following the emergence of recent clusters.

Singapore has reverted to part two (heightened alert) since yesterday, with tighter measures in place till August 18 to curb the worsening virus outbreak.

In keeping with MOF, the bundle will likely be funded by reallocation arising from one-off underutilisation as a result of Covid-19, and financial assets put aside earlier within the occasion of extension of assist measures.

Help consists of enhanced wage subsidies underneath the Jobs Help Scheme (JSS) and rental aid, extra assist for drivers of taxis and private-hire autos, and a brand new aid fund for market and hawker centre stallholders.

“In placing collectively this assist bundle, the Authorities took under consideration suggestions from employees and companies, and engaged enterprise and commerce affiliation leaders to grasp their issues,” mentioned the ministry in a press release.

1. Enhanced JSS assist

JSS assist will likely be bumped as much as 60 per cent for the hardest-hit sectors comparable to meals and beverage, gyms, performing arts organisations and humanities schooling centres, from July 22 to August 18.

In the meantime, assist will likely be elevated to 40 per cent for sectors which might be considerably affected by the restrictions.

These embody the retail sector, affected private care companies, vacationer sights, licensed accommodations, cruise and regional ferry operators, MICE organisers, journey brokers, museums, artwork galleries, cinema operators and different household leisure centres.

JSS assist for these sectors will taper to 10 per cent from August 19 to 31.

2. Rental aid for industrial properties

Tenants of government-owned industrial properties will get an extra four-week rental waiver, and qualifying tenant-occupiers and owner-occupiers of privately-owned industrial properties will get an extra two-week rental aid money payout underneath the Rental Help Scheme.

This may offset lease for the complete length of Part 2(HA) for government-owned industrial properties and for half the length of heightened measures for privately-owned industrial properties.

Extra particulars will likely be obtainable on the Inland Income Authority Singapore (IRAS) web site.

Noting that many tenants have mentioned not all landlords have been forthcoming with rental assist, MOF mentioned it’s taking a look at methods to require rental obligations to be shared pretty between the federal government, landlords and qualifying tenants.

3. Enhanced Covid-19 Driver Aid Fund

To assist taxi and personal rent automobile drivers, the federal government will improve the Covid-19 Driver Aid Fund (CDRF) from July 22 to end-September.

At present, the fund supplies eligible drivers with S$10 per automobile per day for 60 days from July, and S$5 per automobile per day for the following 30 days.

Beneath this newest enhancement, eligible drivers will get an extra S$10 per automobile per day from July 22 to August 31, and an extra S$5 per automobile per day in September.

4. Help for hawker and market stallholders

A brand new Market and Hawker Centre Aid Fund will give a one-off S$500 in money to all particular person stallholders of cooked meals and market stalls in centres managed by the Nationwide Surroundings Company (NEA) or NEA-appointed operators .

This follows the announcement earlier this month of an extra one month of subsidies for charges for table-cleaning and centralised dishwashing companies, and one month of rental waivers for these stallholders.

5. Help for different affected employees

To assist different employees affected by the tightened measures, the federal government will even make the short-term Covid-19 Restoration Grant obtainable till August 31.

It supplies a payout of as much as S$700 for many who have been positioned on involuntary no-pay go away, and as much as S$500 for many who misplaced no less than half of their revenue for no less than one month, as a result of tightened protected administration measures since Might 16.

In keeping with MOF, present grant recipients who proceed to want assist can apply for a second assist payout.

6. Extension of meals supply, e-commerce booster packages

Given the affect of tighter measures on the meals and beverage sector, Enterprise Singapore (ESG) will reintroduce the Meals Supply Booster Bundle to defray a part of meals supply prices by way of meals supply platforms and third-party logistics companions, for transactions created from July 22 to August 18.

For using meals supply platforms, ESG will fund 5 per cent of the fee price charged. ESG will fund 20 per cent of the supply prices for meals supply orders via third-party logistics companions.

Grant assist will even be given to native retailers to get on-board native e-commerce platforms via the extension of the E-commerce Booster Bundle, which can now be obtainable till November 16.

Retailers get a one-time 80 per cent assist on qualifying prices for service charges charged by platforms comparable to Lazada, Qoo10 and Shopee, capped at S$8,000.

Extra particulars might be discovered on the ESG web site.

Featured Picture Credit score: Getty Photographs





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