• The Mandarin term “坚韧团结预算案” is a paraphrase of the English term “Resilience Budget”.
• Deputy Prime Minister and then Finance Minister Heng Swee Keat announced the S$48 billion Resilience Budget on 26 March 2020.
• This was the largest budgeted expenditure since Singapore’s independence, to the extent that S$17 billion of the national reserves were mobilised.
• This supplementary budget ensured that support was provided to people across all sectors, including the self-employed, low-wage employees, households, and individuals, to help them cope with the uncertain economic outlook. The specific assistance schemes were as follows:
  1. Protect Singaporeans’ livelihoods, such as enhancing the Jobs Support Scheme and Wage Credit Scheme, and launching the Self-Employed Persons Income Relief Scheme, SGUnited Jobs Initiative, and Temporary Relief Fund.
  2. Provide financial assistance for Singaporeans’ living expenses. The Government enhanced payouts in the existing Care and Support Package, with a higher one-off cash sum to Singaporeans aged 21 and above, as well as extra cash income for parents with children under the age of 21.
  3. Protect local businesses. Besides increasing real estate rebates and extending the deadline for tax payments, the Government also exempted shop-owners from paying rent for three months and enhanced financing plans. In addition, the Government allocated funds to provide additional assistance to industries such as the aviation industry, operators of taxis and private hire cars, and tourism.
  4. To secure Singaporeans’ future, the Government launched the SG Together Enhancing Enterprise Resilience (STEER) programme and a S$500 SkillsFuture Credit top-up.

To help Singaporeans cope with the impact of the COVID-19 pandemic, the Government will allocate S$48 billion for the Resilience Budget. This second economic assistance package in the supplementary budget, together with the S$4 billion Stabilisation and Support Package, the S$1.6 billion Care and Support Package, and the additional S$800 million to support frontline organisations to combat COVID-19 announced on the 18th of last month, will bring the total amount to S$55 billion. (Lianhe Zaobao, 27/3/2020)