{"id":44519,"date":"2020-06-18T15:31:59","date_gmt":"2020-06-18T07:31:59","guid":{"rendered":"https:\/\/linksinternational.com\/?p=44519"},"modified":"2024-06-27T16:20:17","modified_gmt":"2024-06-27T08:20:17","slug":"singapores-fourth-stimulus-package-comparison-table","status":"publish","type":"post","link":"https:\/\/linksinternational.com\/en-sg\/blog\/singapores-fourth-stimulus-package-comparison-table\/","title":{"rendered":"Singapore\u2019s Fourth Stimulus Package + Comparison Table"},"content":{"rendered":"\n

Singapore during COVID-19<\/strong><\/h2>\n\n\n\n

At the beginning of the Coronavirus outbreak, Singapore was heralded as one of the safest places to be. After an outbreak among migrant workers in shared dormitories, their cases soared, and the economy took a hard blow. According to the Financial Times, without a vaccine in sight, the economy could shrink by up to 7% as a result of the pandemic.<\/strong><\/p>\n\n\n\n

Since February, the Singaporean government has announced several stimulus measures<\/a> to soften the blow on the economy and protect businesses and employees<\/strong>. A comparison of these stimulus packages is displayed in the table below. <\/p>\n\n\n\n
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Singapore\u2019s Fourth Stimulus Package <\/strong><\/h2>\n\n\n\n

On May 26th, 2020, Singapore announced the fourth of their stimulus packages<\/strong> which injected 33 billion SGD<\/strong> ($23.2 billion) into the economy (Source: CNBC). The purpose of this package, similar to the ones before it, is to support businesses and employees<\/strong> who were severely impacted by the pandemic.<\/p>\n\n\n\n

According to CNBC, this package will total Singapore\u2019s fiscal injection<\/strong> to nearly 100 billion SGD<\/strong>; that\u2019s 20% of the country\u2019s GDP! This money is derived from 52 billion SGD of fiscal reserves<\/strong> which are estimated to be worth over 1 trillion SGD. <\/p>\n\n\n\n

Singapore COVID-19 Stimulus Packages 2020<\/strong><\/h2>\n\n\n\n
<\/td>FEBRUARY 18:
UNITY BUDGET<\/strong><\/td>		MARCH 26: RESILIENCE BUDGET<\/strong><\/td>APRIL 6\/21: SOLIDARITY BUDGET<\/strong><\/td>MAY 26:
FORTITUDE BUDGET<\/strong><\/td><\/tr>
TOTAL AMOUNT<\/strong><\/td>S$6.4 billion<\/td>S$48.4 billion<\/td>April 6: S$5.1 billion
April 21: S$3.8 billion<\/td>		S$33 billion<\/td><\/tr>
AMOUNT DRAWN FROM RESERVES<\/strong><\/td>–<\/td>S$17 billion<\/td>S$4 billion of the S$5.1 billion<\/td>S$31 billion<\/td><\/tr>
HEALTHCARE SUPPORT<\/strong><\/td>S$800 million health care package<\/td>–<\/td>–<\/td>–<\/td><\/tr>
BUSINESS AND WORKER SUPPORT<\/strong><\/td>S$4 billion for businesses and workers, Job Support Scheme to subsidise S$3,600 of workers’ monthly wages<\/td>Job Support Scheme increased to 25% of the first S$4,600 of workers’ monthly wages for a 9 month period. Increased by 50% for food services and 75% for tourism sector<\/td>Job Support Scheme continues. Foreign worker levies waived. Covid-19 Support Grant given to those who lost their jobs due to pandemic<\/td>Job Support Scheme extended. Job creation of over 40,000 jobs. S$800 million to Covid-19 Support Grant<\/td><\/tr>
HOUSEHOLD SUPPORT<\/strong><\/td>S$1.6 billion for households including a cash-payout of S$100-S$300 for adults<\/td>Cash payout to adults raised to S$900<\/td>Additional S$300 handout to adults. Property owners pass on tax rebates to tenants<\/td>–<\/td><\/tr>
POLITICAL MEASURES<\/strong><\/td>Cabinet ministers and poltical office members take a 1 month wage reduction<\/td>Cabinet ministers and political office members increase pay cut to 3 months<\/td>–<\/td>S$13 billion in the Contingencies Funds so the govt. can respond quickly to developments arising from the pandemic<\/td><\/tr><\/tbody><\/table>\n\n\n\n

Singapore shows continuous support to their economy through multiple stimulus packages
Source: gov.sg, scmp.com<\/em><\/p>\n\n\n\n

<\/div>\n\n\n\n

As seen above, there are a series of measures that the government is putting in place to stabilize, stimulate, and support the economy throughout the pandemic. <\/strong><\/p>\n\n\n\n

Fourth Stimulus Package: Summary <\/em><\/strong><\/h2>\n\n\n\n

To elaborate on what is seen in the table, the fourth stimulus package specifically aims to support businesses and workers<\/strong>:<\/p>\n\n\n\n