The government will be taking out a 33 billion dollar budget to :
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- protect livelihoods and transform businesses.
- Support households and community.
- support front line agencies in fight against pandemic.
The total output would be close to 100 billion dollars and this current budget is labeled as the Fortitude Budget. Stated below are the areas on which the budget would affect:
- Employer’s wage support of 75 percent will be extended till August 2020.
- Foreign worker levy and rebate to extend by 2 months.
- Defer increase in CPF contributions rate for senior works till January 2021.
- 2 billion in cash grant to offset rental costs of SME tenant to be disbursed through property owners.
- Financing support for promising startups
- 500 million dollars for digitalization of businesses
- Increasing of job opportunities in the private and public sectors
- $100 Solidarity Utilities credit for all households