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Recently, Singapore released a supplementary budget that helps businesses, workers, and households to get through the difficult times owing to the economic challenges being witnessed in the country and globally. The supplementary budget will affect generation Z and millennials in different ways. In a time when job losses have increased, and companies are not hiring, it makes sense to have such a budget put in place to help the citizens of the country. Here is how Singapore supplementary budget 2020 will help affect young adults and the aging population:
Cash Payout Tripled
The budget has seen the cash payouts being tripled from the previously announced figures. The people who were supposed to be given S$300 are now going to get S$900. Individuals who were getting S$200 are now going to pocket S$600. The persons who used to get S$100 are now going to have S$300. In these payouts, you find that those who earn less get more than those who earn more. Things are difficult for everyone, and maintaining livelihood has been a challenge for many individuals. When the Singaporean government goes ahead to increase the cash payouts, it is helping the people make ends meet. At least they can afford to have food on the table.
For parents who have children under the age of 20, they will get more payouts. For instance, parents who have children born in Singapore of 20 and below years as of 2020, are going to have an additional $300 in their pocket.
PAssion Card top-ups are going the cash way
All Singaporeans who are aged 50 and above as of 2020 will continue getting their S$100 top-ups on their PAssion Card. However, it has been announced that the top-ups are now going to be in cash form. The reason would be that the government doesn’t want people to start queuing in top-up stations. The aging population is one of the worst-hit by the current turmoil in the economy. These are people who may be struggling with health conditions because their bodies aren’t as strong and immune as those of the younger generation. They may also have special needs due to conditions they have been ailing from. With these kinds of top-ups, it makes sense because it helps meet their needs.
Jobs to be created
Singapore recently announced that it will work to create jobs after the crisis that has been going on. This is amid a massive job loss in sectors such as tourism, aviation, and food and beverage. The SGUnited Jobs initiative will work to see the creation of more than 10,000 jobs within the next year. Led by the public sector, the initiative is going to help those who have been laid off to be able to get jobs. The government will also work hand in hand with the Singapore Business Federation along with other Chambers and Trade Associations to help identify opportunities within the private sector.
Self Employed Get Cash for Nine Months
The country established the Self-Employed Person Income Relief Scheme (SIRS), and as part of this scheme, the government would pay the self-employed individuals a monthly cash amount of S$1000 for the next nine months. This would help these individuals to cope with the prevailing harsh business environment and keep the small businesses operating. The individuals will also have a deferment of their income tax payments for a period of about three months.
To help save further loss of jobs, the government will co-fund wages. Introducing a Jobs Support Scheme, the Singaporean government will ensure that it cofunds local workers’ salaries by 25 percent until the end of 2020. Companies that have suffered hugely like those in the tourism, transport, and food services, there would be increased co-funding of the wages to the tune of between 50 and 75 percent of the individuals’ wages.
The Resilient Budget 2020 that was introduced by the government in Singapore has a huge impact on the population. It will help people deal with the immediate challenges they are facing as they continue seeking solutions to the economic slowdown. Both the aging and the young adults, including students who have been paying their university and college loans, will see some respite on their financial burden.