S$16b in Covid-19 support given out so far: Indranee

FROM March to May, firms and individuals have received S$16 billion in government assistance to weather the Covid-19 crisis so far, as "circuit-breaker" measures cross the halfway mark, Second Minister for Finance Indranee Rajah said in a Facebook post on Wednesday.

This support was given in Budget 2020 and the two supplementary Budgets that followed. It includes S$7 billion under the Jobs Support Scheme, which offsets wages for local employees. Another S$4 billion will be paid out under the scheme in May.

More than S$2.5 billion has been given out in the form of property tax and corporate income tax rebates, as well as waivers and rebates of foreign work levies. This is on top of deferred income tax collection for companies and self-employed persons, to aid with cashflow.

Individuals and households have received S$2 billion, including the Solidarity Payment of S$600 to all adult citizens, as well as the GST Voucher U-Save and S&CC (service and conservancy charges) rebates for eligible households.

Under the Temporary Relief Fund, which was only available in April, S$200 million was disbursed in one-off cash assistance of S$500 to some 450,000 people. There is now the Covid-19 Support Grant, which provides up to S$800 per month for three months for those who have lost their jobs, are on compulsory no-pay leave, or have suffered a significant salary cut for at least three consecutive months.

The Self-Employed Person Income Relief Scheme payments will begin in May, with S$300 million to be paid out in the first tranche to over 100,000 self-employed persons.

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Ms Indranee added that these are on top of existing schemes such as the Ministry of Education's Financial Assistance Scheme and ComCare, which have also been enhanced during this period and are expected to benefit around 45,000 students and 40,000 households respectively.

"Disbursing S$16 billion in the space of less than three months is unprecedented but necessary in these extraordinary times to help cushion the impact from Covid-19," she said.

"This has been possible due to prudent management of public finances and the strength of our reserves which have been judiciously and painstakingly built up over the years for a time such as this."