Singapore Budget 2020: Summary of Government Initiatives: Difference between revisions

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===Existing initiatives===
===Existing initiatives===
====Enhanced CPF Funds & Grants====
The Basic Retirement Sum for Central Provident Fund (CPF) members will increase by 3% per year for the next two cohorts of retirees.<ref>Lam, Fiona. “[https://www.businesstimes.com.sg/government-economy/singapore-budget-2020/budget-2020-basic-retirement-sum-set-at-s93000-for-those Budget 2020: Basic Retirement Sum set at S$93,000 for those turning 55 next year]”. ''The Business Times.'' February 18, 2020. Accessed on 20 February 2020. </ref> With the enhanced CPF Housing Grant, eligible first- time flat buyers can receive up to S$160,000 in housing grants.<ref>Yang, Calvin. “[https://www.straitstimes.com/singapore/singapore-budget-2020-more-help-to-ensure-every-singaporean-student-can-reach-potential Singapore Budget 2020: More help to ensure every Singaporean student can reach potential, regardless of family income]”. ''The Straits Times.'' February 18, 2020. Accessed on 20 February 2020. </ref>
====Silver Housing Bonus and Lease Buyback Scheme====
Individuals under this scheme will be provided with risk-free interest rates on their savings.<ref>“[https://sbr.com.sg/economy/news/singapore-budget-2020-full-coverage-cpf-housing-grant-be-enhanced-more-jobs-older-worke Singapore Budget 2020 Full Coverage: COVID-hit sectors to get $4b and GST hike moved to 2025]”. ''Singapore Business Review.'' February 18, 2020. Accessed on 20 February 2020.</ref>
==== Other schemes ====
The following schemes will receive more funding from the government.
The following schemes will receive more funding from the government.
{| class="wikitable"
{| class="wikitable"
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|<ref>Ang, Hwee Min. “[https://www.channelnewsasia.com/news/singapore/budget-2020-new-target-for-overseas-opportunities-for-students-12446204 Budget 2020: New target for overseas opportunities for students, with focus on SE Asia, China, India]”. ''Channel News Asia.'' February 18, 2020. Accessed on 20 February 2020. </ref>
|<ref>Ang, Hwee Min. “[https://www.channelnewsasia.com/news/singapore/budget-2020-new-target-for-overseas-opportunities-for-students-12446204 Budget 2020: New target for overseas opportunities for students, with focus on SE Asia, China, India]”. ''Channel News Asia.'' February 18, 2020. Accessed on 20 February 2020. </ref>
|}
|}
====Enhanced CPF Funds & Grants====
The Basic Retirement Sum for Central Provident Fund (CPF) members will increase by 3% per year for the next two cohorts of retirees.<ref>Lam, Fiona. “[https://www.businesstimes.com.sg/government-economy/singapore-budget-2020/budget-2020-basic-retirement-sum-set-at-s93000-for-those Budget 2020: Basic Retirement Sum set at S$93,000 for those turning 55 next year]”. ''The Business Times.'' February 18, 2020. Accessed on 20 February 2020. </ref> With the enhanced CPF Housing Grant, eligible first- time flat buyers can receive up to S$160,000 in housing grants.<ref>Yang, Calvin. “[https://www.straitstimes.com/singapore/singapore-budget-2020-more-help-to-ensure-every-singaporean-student-can-reach-potential Singapore Budget 2020: More help to ensure every Singaporean student can reach potential, regardless of family income]”. ''The Straits Times.'' February 18, 2020. Accessed on 20 February 2020. </ref>
====Silver Housing Bonus and Lease Buyback Scheme====
Individuals under this scheme will be provided with risk-free interest rates on their savings.<ref>“[https://sbr.com.sg/economy/news/singapore-budget-2020-full-coverage-cpf-housing-grant-be-enhanced-more-jobs-older-worke Singapore Budget 2020 Full Coverage: COVID-hit sectors to get $4b and GST hike moved to 2025]”. ''Singapore Business Review.'' February 18, 2020. Accessed on 20 February 2020.</ref>


==For companies & employees==
==For companies & employees==

Revision as of 18:29, 20 February 2020

Singapore's Central Business District (CBD) pictured in 2020. Photo from The Straits Times.

The Singapore Budget for 2020 was delivered by Mr Heng Swee Keat on 18 February 2020 at 3 pm.[1] Mr Heng is the Deputy Prime Minister and Minister of Finance as of February 2020.[2] This budget covers the financial year of April 2020 to March 2021.[3] The government has set aside a S$106 billion budget to (i) Grow the Singapore economy (ii) Care for Singaporeans (iii) Sustain Singapore’s success (iv) Build Singapore as a community.[4][5][6]

General background

Heng Swee Keat delivering the Budget 2020 speech on 18 February 2020. Photo from Channel News Asia.

Weak economic growth

In 2019, Singapore’s economy grew by a modest 0.7%. This is the weakest growth since the 2008 Financial Crisis.[7] Two days before the release of the Budget, Singapore’s Ministry of Trade and Industry downgraded Singapore’s growth forecast from between 0.5 - 2.5% to between -0.5 - 1.5%.[8] This indicates a possible recession for Singapore.

COVID-19

Taking into account the spread of COVID-19 amidst increasing protectionism and nativism, a portion of the 2020 budget has been geared towards cushioning the impact from such uncertainties.[9] The government has set aside S$800 million from the 2020 national budget for frontline government agencies to cope with the virus.[10]

COVID-19: Stabilisation & Support Package (S$4 Billion)

In February 2020, Singapore Airlines announced that it plans to cancel flights globally until May 2020. The aviation sector is one of the beneficiaries of this package.

The government has set aside S$4 billion out of the S$106 billion budget to help sectors who have been financially hit by the virus.[11] The sectors that are predicted to be impacted by COVID-19 outbreak are listed below.

Point to point services

The government has given S$45 million to fund the Point-to-point Package. Taxi and private-car operators will fund the remaining S$32 million.[12] This package is meant to help taxi and private hire drivers who have reported lesser passengers daily due to the COVID-19 outbreak. Eligible drivers will be given S$20 per car, per day for the next three months to defray the lost income caused by lesser passengers.[13]

Tourism

Tourist venues like the Marina Bay Sands (pictured) will receive varying degrees of property tax rebates.

The government has given the following venues property tax rebates in light of the COVID-19 situation. Companies in the tourism industry will also qualify for a Temporary Bridging Loan Programme (starting March 2020). These firms are allowed to borrow up to S$1 million (with a 5% annual interest rate) if need be.[14]

Venues Property Tax Rebates (%) Refs.
Hotels & Service Apartments 30% [15]
Suntec Singapore Convention and Exhibition Centre (MICE)
Singapore Expo (MICE)
Changi Exhibition Centre (MICE)
Cruise & ferry terminals 15%
Integrated Resorts 10%

Food services & Retail

The government has implemented rental waivers to alleviate the costs borne by shop owners. Eligible commercial properties will also receive a 15% property tax rebate.[16]

Beneficiary Rental Waiver Government Agency Refs.
Hawkers & Market stallholders Full-month National Environment Agency (NEA) [17]
Commercial shop owners Half-month Housing Development Board (HDB)

Aviation

Changi Airport will receive a 15% property tax rebate. Additionally, there will be rebates for aircraft parking and landing charges.[18] Shops and cargo agents at Changi Airport will also receive rental rebates.[19]

For Singaporeans

The government announced new initiatives for Singaporeans, including the S$1.6 billion Care and Support Package, on top of enhancing their existing schemes.[20]

New initiatives

Care & Support Package (S$1.6 Billion)

This comprehensive package is meant to protect the welfare of Singaporeans in the coming year. The government has allocated S$10 million and S$20 million from the Care & Support Package to Self Help Groups and Community Development Councils respectively.[21] With this package, Singaporeans are eligible to receive the following payouts this year.

Beneficiary Payout (S$) Refs.
All Singaporeans $100 - $300 (depending on the individual's income) [22]
Singaporean parents with children below 21 years old + $100 [23]
Low-wage workers and self-employed individuals aged 35 years old & above + Min. $100 (Workfare Special Payment) [24]

Additionally, the yearly GST voucher for eligible households will also be doubled in amount.[25] Larger households (ie. 5 or more members) will receive additional GST vouchers. Service and Conservancy Charge Rebates will also be extended for a period between 1 ½ months and 3 ½ months.[26]


Low-income families will also receive grocery vouchers worth S$100 in 2020 and 2021.[27] All Singaporeans above 50 years old will receive a one-time top-up of S$100 to their PassionCard, which can be used to pay for daily necessities, transport and lifestyle activities.[28]

Assurance Package (S$6 Billion)

The government has set aside S$6 billion for an Assurance Package that will help Singaporeans cope with the GST hike that is scheduled for 2025.[29] That being said, Singaporeans will not be seeing the Goods and Services Tax (GST) increase in 2021.[30]


Under the package, most Singaporean households will receive offsets to cover minimally 5 years worth of expenses incurred as a result of the GST hike. Every adult Singaporean will also receive cash payouts ranging from S$700 - S,$1600 over 5 years from when the package is introduced.[31]

Existing initiatives

Enhanced CPF Funds & Grants

The Basic Retirement Sum for Central Provident Fund (CPF) members will increase by 3% per year for the next two cohorts of retirees.[32] With the enhanced CPF Housing Grant, eligible first- time flat buyers can receive up to S$160,000 in housing grants.[33]

Silver Housing Bonus and Lease Buyback Scheme

Individuals under this scheme will be provided with risk-free interest rates on their savings.[34]

Other schemes

The following schemes will receive more funding from the government.

Scheme Beneficiary New Incentives Refs.
SkillsFuture Credit Top Up Singaporeans + S$500 (per person) [35]
SkillsFuture MidCareer Support Package Employed Singaporeans, 40 - 50 years old + S$500 (per person) [36]
Silver Support Scheme Bottom 20% of Singaporeans, 65 years old & above + S$290 million [37]
MediFund Singaporeans unable to afford subsidised medical bills + S$200 million [38]
Eldercare Fund Elderly requiring healthcare + $750 million [39]
ComCare Fund Low-income individuals and families + $500 million [40]
MOE Financial Assistance Scheme (FAS) Singaporean students + S$9 million [41]
Global Talent Ready Programme Singaporean students Amount Undisclosed [42]

For companies & employees

The government has set aside S$8.3 billion to kickstart the transformation of enterprises and businesses in Singapore.[43] Certain new schemes such as the Jobs Support Scheme (JSS) are also meant to protect the interests of employees. The newly introduced initiatives in Budget 2020 targets a range of beneficiaries - from Small Medium Enterprises (SMEs) to Trade Associations and Chambers (TACs).

New initiatives

Jobs Support Scheme (JSS)

This temporary scheme aims to reduce the cost of employing Singapore Citizens and Singaporean Permanent Residents. As such, it will protect the jobs of employees. Employers can claim up to 8% of each local employee's monthly wages from October 2019 - December 2019 (capped at $3,600 per month).[44] Qualifying employers will receive the cash grant by the end of July 2020.

Corporate Income Tax Rebate

The government will offset 25% of the payable tax for eligible companies. The rebate is capped at S$15,000 per company.[45] This tax rebate is applicable for Year of Assessment 2020 and aims to increase the cash flow to companies.

StartupSG Equity (S$300 Million)

Early-stage tech start-ups will receive help from government funding. The government has allocated S$300 million to support this sector.[46]

Heartland Enterprise Upgrading Programme

This programme is part of a 4-year precinct rejuvenation plan. Certain heartland enterprises will be selected for up-skilling workers and improvements in infrastructure.[47]

Executive-in-Residence Programme

The government will provide funding for more than 10 Trade Associations and Chambers (TACs) to hire experienced executives who can advise the respective enterprises in each industry.[48]

Enterprise Transform Package

This package includes a programme that is meant to groom and train leaders of Small Medium Enterprises. The 3-year programme targets 900 companies and their respective business leaders.[49]

Existing initiatives

The following existing schemes will be enhanced.

Scheme Target Audience New Incentives Refs.
Wage Credit Scheme Employers 5% increase in government co-funding levels for employee wage increases. [50]
Singaporean Employees Workers earning up to S$5,000 will benefit from the Wage Credit Scheme. [51]
Enterprise Financing Scheme Companies Companies can get up to S$600,000 of the working capital loan - double the amount of 2019's maximum loan. [52]
The government's risk share will increase to 80%.
Enterprise Development Grant Small-Medium Enterprises About 3,000 SMEs will be supported by this grant in 2020. [53]

Climate change: Incentives, Funds & Programmes

The government has dedicated funds to address climate change in Singapore. The new big-ticket investments are the Coastal & Flood Protection Fund as well as a close to S$1 billion injection into research in sustainability and urban solutions.[54]

Coastal & Flood Protection Fund (S$5 Billion)

Photo from Yahoo! News.

The Singapore government has set aside S$5 billion out of the S$106 billion budget for this fund.[55] This initiative is meant to keep Singapore safe from the threat of rising sea levels.[56]

EV Early Adoption Incentive

Individuals who buy electric vehicles (EV) will receive a 45% rebate on the additional registration fee. This incentive is effective from January 2021 and the rebate is capped at S$20,000.[57] This incentive is part of the government's goal to eradicate Internal Combustion Engine (ICE) vehicles by 2040.[58] Additionally, the government aims to have 28,000 EV charging ports islandwide by 2030. This is 17.5 times more than what Singapore has in 2020.[59]

Commercial Vehicle Emissions Scheme

There will also be a Commercial Vehicle Emissions Scheme. This scheme builds on the success of 2018's Vehicular Emissions Scheme (VES) where car-buyers and taxi operators are given a S$20,000 - $30,0000 rebate for choosing cleaner car models.[60]

HDB Green Towns Programme

The HDB Green Towns Programme will ensure that greenery and tree cover will make up 45 - 60% of new HDB developments.[61] In general, the programme has three goals, to (i) Cool down HDB estates, (ii) Recycle rainwater and (iii) Reduce energy consumption.

References / Citations

  1. ↑ “Budget 2020 to be delivered next Tuesday”. Channel News Asia. February 10, 2020. Accessed on 19 February 2020.
  2. ↑ “Mr HENG Swee Keat”. Prime Minister’s Office Singapore. Accessed 19 February 2020.
  3. ↑ Lee, Yen Nee.“$4 billion to help businesses and households amid coronavirus outbreak”. CNBC. February 18, 2020. Accessed 19 February 2020.
  4. ↑ “Budget 2020: Advancing as One Singapore”. Ministry of Finance Singapore. February 18, 2020. Accessed on 19 February 2020.
  5. ↑ "Responding to challenges in a new decade". The Straits Times. February 18, 2020. Accessed on 20 February 2020.
  6. ↑ Cheng, Kenneth. "Budget 2020: A cheat sheet". Today Online. February 18, 2020. Accessed on 20 February 2020.
  7. ↑ “Economic Survey of Singapore 2019 - Press Release”. Ministry of Trade and Industry Singapore. February 17, 2019. Accessed on 19 February 2020.
  8. ↑ Subhani, Ovais. “Singapore downgrades 2020 economic growth forecast to between -0.5 and 1.5% on coronavirus impact”. The Straits Times. February 17, 2020. Accessed on 19 February 2020.
  9. ↑ Sim, Royston. “Singapore Budget 2020: $6.4b to deal with virus crisis, economic uncertainties”. The Straits Times. February 19, 2020. Accessed on 19 February 2020.
  10. ↑ Ang Hwee Min. "S$77 million package to help taxi, private-hire drivers affected by COVID-19 outbreak". Channel News Asia. February 13, 2020. Accessed on 20 February 2020.
  11. ↑ Lam, Fiona. "Budget 2020: More help for 5 sectors directly hit by Covid-19". The Business Times. February 18, 2020. Accessed on 20 February 2020.
  12. ↑ Ang Hwee Min. "S$77 million package to help taxi, private-hire drivers affected by COVID-19 outbreak". Channel News Asia. February 13, 2020. Accessed on 20 February 2020.
  13. ↑ Ang Hwee Min. "S$77 million package to help taxi, private-hire drivers affected by COVID-19 outbreak". Channel News Asia. February 13, 2020. Accessed on 20 February 2020.
  14. ↑ Tang See Kit. "Budget 2020: S$4 billion support package for workers, firms amid COVID-19 outbreak". Channel News Asia. February 18, 2020. Accessed on 20 February 2020.
  15. ↑ Tang See Kit. "Budget 2020: S$4 billion support package for workers, firms amid COVID-19 outbreak". Channel News Asia. February 18, 2020. Accessed on 20 February 2020.
  16. ↑ Lam, Fiona. "Budget 2020: More help for 5 sectors directly hit by Covid-19". The Business Times. February 18, 2020. Accessed on 20 February 2020.
  17. ↑ Tang See Kit. "Budget 2020: S$4 billion support package for workers, firms amid COVID-19 outbreak". Channel News Asia. February 18, 2020. Accessed on 20 February 2020.
  18. ↑ Tang See Kit. "Budget 2020: S$4 billion support package for workers, firms amid COVID-19 outbreak". Channel News Asia. February 18, 2020. Accessed on 20 February 2020.
  19. ↑ Tang See Kit. "Budget 2020: S$4 billion support package for workers, firms amid COVID-19 outbreak". Channel News Asia. February 18, 2020. Accessed on 20 February 2020.
  20. ↑ “Care And Support Package”. Budget 2020. February 18, 2020. Accessed on 20 February 2020.
  21. ↑ Lam, Fiona. “Budget 2020: Self-help groups to get S$10m grant to support needy families amid virus outbreak”. The Business Times. February 18, 2020. Accessed on 20 February 2020.
  22. ↑ Co, Cindy. “Budget 2020: S$1.6 billion Care and Support Package to help Singaporeans with household expenses”. Channel News Asia. February 18, 2020. Accessed on 20 February 2020.
  23. ↑ Yee, Jonathan. “S’poreans To Receive One-Off Payouts Up To $300 Under Budget 2020 Care & Support Package”. MustShare News. February 18, 2020. Accessed on 20 February 2020.
  24. ↑ “Care And Support Package”. Singapore Budget. Accessed on 20 February 2020.
  25. ↑ “Care And Support Package”. Singapore Budget. Accessed on 20 February 2020.
  26. ↑ Cheng, Kenneth. “Budget 2020: S$100-S$300 cash for S’poreans aged 21 and older to ride out economic slowdown, Covid-19 crisis”. Today. February 18, 2020. Accessed on 20 February 2020.
  27. ↑ Tan, Theresa. “Singapore Budget 2020: Low-income families to get grocery voucher worth $100 a year”. The Straits Times. February 18, 2020. Accessed on 20 February 2020.
  28. ↑ Tan, Theresa. “Singapore Budget 2020: All adult Singaporeans to get one-off cash payout ranging from $100 to $300”. The Straits Times. February 18, 2020. Accessed on 20 February 2020.
  29. ↑ Lai, Linette. “Singapore Budget 2020: GST hike will not take place in 2021; $6b Assurance Package to cushion impact of hike”. The Straits Times. February 18, 2020. Accessed on 20 February 2020.
  30. ↑ Abdullah, Zhaki. “Budget 2020: GST to remain at 7% in 2021; S$6b package when it rises”. Channel News Asia. February 19, 2020. Accessed on 20 February 2020.  
  31. ↑ Abdullah, Zhaki. “Budget 2020: GST to remain at 7% in 2021; S$6b package when it rises”. Channel News Asia. February 19, 2020. Accessed on 20 February 2020.  
  32. ↑ Lam, Fiona. “Budget 2020: Basic Retirement Sum set at S$93,000 for those turning 55 next year”. The Business Times. February 18, 2020. Accessed on 20 February 2020.
  33. ↑ Yang, Calvin. “Singapore Budget 2020: More help to ensure every Singaporean student can reach potential, regardless of family income”. The Straits Times. February 18, 2020. Accessed on 20 February 2020.
  34. ↑ “Singapore Budget 2020 Full Coverage: COVID-hit sectors to get $4b and GST hike moved to 2025”. Singapore Business Review. February 18, 2020. Accessed on 20 February 2020.
  35. ↑ “SKILLSFUTURE CREDIT”. SkillsFuture. Accessed on 20 February 2020.
  36. ↑ See, Sharon. “Budget 2020: New SkillsFuture Mid-Career Support Package for workers in 40s and 50s”. The Business Times. February 18, 2020. Accessed on 20 February 2020.
  37. ↑ Abu Baker, Jalelah. “Budget 2020: New scheme to help those with less CPF savings to save more”. Channel News Asia. February 18, 2020. Accessed on 20 February 2020.
  38. ↑ Abu Baker, Jalelah. “Budget 2020: Up to S$350m for social service agencies to tap on through new trust”. Channel News Asia. February 18, 2020. Accessed on 20 February 2020.
  39. ↑ Goh, Yan Han. “Singapore Budget 2020: $350m to support social service agencies and build giving culture; wage offsets for hiring those with disabilities”. The Straits Times. February 18, 2020. Accessed on 20 February 2020.
  40. ↑ Goh, Yan Han. “Singapore Budget 2020: $350m leg-up for social service agencies”. The Straits Times. February 19, 2020. Accessed on 20 February 2020.
  41. ↑ Yang, Calvin. “Singapore Budget 2020: More help to ensure every Singaporean student can reach potential, regardless of family income”. The Straits Times. February 18, 2020. Accessed on 20 February 2020.
  42. ↑ Ang, Hwee Min. “Budget 2020: New target for overseas opportunities for students, with focus on SE Asia, China, India”. Channel News Asia. February 18, 2020. Accessed on 20 February 2020.
  43. ↑ Tan, Sue-Ann. "Singapore Budget 2020: $8.3b to be allocated for economic transformation and growth". The Straits Times. February 18, 2020. Accessed on 20 February 2020.
  44. ↑ “Jobs Support Scheme (JSS)”. Inland Revenue Authority of Singapore. February 19, 2020. Accessed on 19 February 2020.
  45. ↑ See, Sharon. “Budget 2020: Corporates to enjoy 25% income tax rebate, enhanced tax treatments”. The Business Times. February 18, 2020. Accessed on 19 February 2020.
  46. ↑ Tan, Sue-Ann. "Singapore Budget 2020: $8.3b to be allocated for economic transformation and growth". The Straits Times. February 18, 2020. Accessed on 20 February 2020.
  47. ↑ Tan, Sue-Ann. "Singapore Budget 2020: $8.3b to be allocated for economic transformation and growth". The Straits Times. February 18, 2020. Accessed on 20 February 2020.
  48. ↑ Tan, Sue-Ann. "Singapore Budget 2020: $8.3b to be allocated for economic transformation and growth". The Straits Times. February 18, 2020. Accessed on 20 February 2020.
  49. ↑ Tan, Sue-Ann. "Singapore Budget 2020: $8.3b to be allocated for economic transformation and growth". The Straits Times. February 18, 2020. Accessed on 20 February 2020.
  50. ↑ “Wage Credit Scheme (WCS)”. Inland Revenue Authority of Singapore. Accessed on 19 February 2020.  
  51. ↑ Tjendro, Johannes. "Budget 2020: 5 things to know about plans to help workers and businesses amid COVID-19 challenges". Channel News Asia. February 18, 2020. Accessed on 20 February 2020.
  52. ↑ Tjendro, Johannes. "Budget 2020: 5 things to know about plans to help workers and businesses amid COVID-19 challenges". Channel News Asia. February 18, 2020. Accessed on 20 February 2020.
  53. ↑ Tan, Sue-Ann. "Singapore Budget 2020: $8.3b to be allocated for economic transformation and growth". The Straits Times. February 18, 2020. Accessed on 20 February 2020.
  54. ↑ "D. Sustaining Singapore’s Success For Our Future Generations". Singapore Budget 2020. Accessed on 20 February 2020.
  55. ↑ "Responding to challenges in a new decade". The Straits Times. February 18, 2020. Accessed on 20 February 2020.
  56. ↑ Tan, Audrey. "Singapore Budget 2020: New coastal and flood protection fund to protect Singapore against rising sea levels".The Straits Times. February 18, 2020. Accessed on 20 February 2020.
  57. ↑ Cheng, Kenneth. "Budget 2020: A cheat sheet". Today Online. February 18, 2020. Accessed on 20 February 2020.
  58. ↑ Cheng, Kenneth. "Budget 2020: A cheat sheet". Today Online. February 18, 2020. Accessed on 20 February 2020.
  59. ↑ "D. Sustaining Singapore’s Success For Our Future Generations". Singapore Budget 2020. Accessed on 20 February 2020.
  60. ↑ "D. Sustaining Singapore’s Success For Our Future Generations". Singapore Budget 2020. Accessed on 20 February 2020.
  61. ↑ Ng, Michelle. "Singapore Budget 2020: New programme to ensure sustainable living in HDB estates". The Straits Times. February 18, 2020. Accessed on 20 February 2020.
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