S$500 million support package for Singapore’s struggling sectors

Singapore’s 2022 budget will include a S$500 million (US$372 million) support package to help workers and businesses “still struggling” to recover.
By: | February 21, 2022

The Jobs and Business Support Package, which will include payouts for certain companies, was announced by Finance Minister Lawrence Wong.

Small-and medium-sized enterprises (SMEs) that have been most affected by COVID-19 restrictions over the past year, such as those in F&B, retail, tourism and hospitality sectors, will be given one-off cash grants.

These SMEs will get a payout of S$1,000 (US$744) per local employee, up to a cap of S$10,000 (US$7,438) per firm, said Wong.

“Local sole proprietors and partnerships in eligible sectors, as well as (Singapore Food Agency-licensed) hawkers, market and coffeeshop stallholders, who do not hire local employees, will also get a S$1,000 (US$744) payout,” he added.

In addition, the Jobs Growth Incentive – which was due to expire in March – will now be extended for another six months to September this year, with “stepped-down support rates reflecting the improved labour market conditions”.

READ: Singapore managed to avoid higher unemployment in 2021

“This extension will cover those who face greater difficulty finding jobs, such as mature workers who have not been employed for six months or more, persons with disabilities, and ex-offenders,” Wong said. The scheme was introduced in 2020 to encourage employers to hire locals, by providing salary support to eligible firms and workers, according to Channel News Asia.