COVID-19: Additional Wage Support for Singapore Enterprises 2021

Posted by InCorp Global on July 16th, 2021

The Singapore Government will be enhancing its support measures for businesses and individuals during the pandemic as the Ministry of Finance (MOF) rolled out new Covid-19 support measures that amounted to S0 million.

The country has experienced the worst recession since its independence where the global battle against COVID-19 remains far from over.

Wage Subsidies for Affected Businesses

The Jobs Support Scheme’s (JSS) wage subsidies will be enhanced. Employers are eligible for the wage support scheme for the first S,600 in gross monthly salaries paid to each local worker under the program.

From May 16 to June 13, financial assistance is provided for businesses that have been required to suspend most operations. Wage support for food and beverage, performing arts and arts education, and sports sectors have been boosted to 50%, up from 0% or 10% between April 1 and May 15.

The wage support scheme will also be boosted to 30% for industries that are not required to cease operations but are adversely impacted. These include retailers, museums, art galleries, historical institutions, cinemas, indoor playgrounds and other family amusement centres.

This increased payout will be made in September 2021.

Rental Relief for SMEs and NPOs

Small and Medium-sized Enterprises (SMEs) and Non-profit Organisations in Singapore with yearly revenue of less than S0 million will receive half-month rental relief on commercial properties and 1-month relief on government-owned premises.

Separately, a 1-month rental waiver for hawker centres and coffee shops was announced earlier this year.

Temporary Relief Grant for Individuals

Under the Covid-19 Recovery Grant (Temporary), one-time cash assistance will be provided to both lower-to middle-income employees and self-employed individuals, who have been financially impacted by the new restrictions.

Employees placed on involuntary no-pay leave may be eligible for a payment of up to S0. Also, employees who have lost a considerable income (min. 50% loss), including self-employed individuals, may be eligible for compensation of up to S0. The application period will run from 3 June to 2 July 2021.

This scheme will run concurrently with the existing Covid-19 Recovery Grant program, which will continue to be available for individuals who were laid-off or those with earnings impacted for at least 3 months.

Check our infographic that has been originally uploaded at InCorp Global.