{"id":116683,"date":"2020-05-27T14:07:17","date_gmt":"2020-05-27T07:07:17","guid":{"rendered":"http:\/\/www.siamlandbank.com\/propertynews\/property-news\/fortitude-budget-eyes-to-support-workers-business\/"},"modified":"2020-05-27T15:02:44","modified_gmt":"2020-05-27T08:02:44","slug":"fortitude-budget-eyes-to-support-workers-business","status":"publish","type":"post","link":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/fortitude-budget-eyes-to-support-workers-business\/","title":{"rendered":"Fortitude Budget eyes to support workers, business"},"content":{"rendered":"


\nThe $33 billion budget will provide support for workers and businesses to transform, adapt and seize new opportunities.
\nDeputy Prime Minister and Minister for Finance Heng Swee Keat on Tuesday (26 May) unveiled this year\u2019s fourth budget, known as the \u201cFortitude\u201d Budget.
\nThe $33 billion budget will provide support for workers and businesses to transform, adapt and seize new opportunities.
\nIt also provides funding to frontline agencies as well as additional support for the community and households.
\nTo help workers, the government made three enhancements to the Job Support Scheme (JSS) \u2013 the first of which is the one-month extension of the JSS payouts for all firms.
\nCompanies that cannot resume operations immediately following the circuit breaker will continue to be provided with wage support, which stands at 75% until August this year or when they are allowed to reopen \u2013 whichever is earlier.
\nSupport for some affected sectors, such as retail, aerospace sector, marine and offshore, will also be increased from 25% previously to either 50% or 75%.
\nAn SGUnited Jobs & Skills Package will also be launched to create 40,000 jobs in the private and public sectors, 30,000 skills training opportunities and 25,000 traineeships.
\nIncentives for employers hiring local workers who completed eligible traineeship and training programmes will be expanded to include workers of all ages.
\nFor eligible workers under 40 years of age, the incentive stands at 20% of their monthly salary for six months, capped at $6,000 in total.
\nFor workers 40 and above, the incentive will cover 40% of their monthly salary for six months, capped at $12,000 in total.
\nThe government also set aside an additional $800 million for the Covid-19 support grant, which covers Singaporeans and PRs who lost their jobs, face significant reduction in salaries or are placed on no-pay leave.
\nEligible recipients will get up to $800 per month for a period of three months.
\nTo help businesses, the government extended the foreign worker levy waiver and rebate by up to two months for businesses which are allowed to resume operations on-site following the circuit breaker.
\nIn June, a 100% waiver and $750 rebate will be provided, while a 50% waiver and $375 rebate will be rolled-out in July.
\nMeanwhile, the government also decided to defer the higher CPF contribution rates for senior workers by one year, from 1 January 2021 to 1 January 2022.
\nThe government also provided a $2 billion cash grant to help SMEs with their rental costs.
\nAlong with the property tax rebate, the government will offset another two months of rent for qualifying SME tenants of commercial properties and one month of rent for qualifying tenants of office and industrial properties.
\nAn additional rental waivers will also be provided to commercial and other non-residential tenants of government properties \u2013 which include stall holders at hawker centres and markets, tenants of industrial, commercial and office buildings as well as agricultural tenants.
\nHeng revealed that a new bill will be introduced next week, which mandates landlords to contribute by granting a rental waiver to SME tenants within their properties.
\nThe government also set aside $285 million in additional financing support for startups.
\nTo encourage the adoption of e-payments, a monthly bonus of $300 over five months will be given to stallholders in hawker centres, coffee shops, wet markets and industrial canteens. A digital resilience bonus will also be offered to the food services and retail sectors, which comprise a $5,000 payout for those adopting PayNow and e-invoicing.
\nTo help households with expenses, a one-off $100 Solidarity Utilities Credit will be rolled out for every households with at least one Singapore citizen. To cover all property types, this will be credited in the households\u2019 July or August utilities bills.
\nTo help charities and social services agencies, the government announced an Enhanced Fund-Raising Programme that provide dollar-for-dollar matching on eligible donations that were raised from 1 April 2020 to 31 March next year, capped at $250,000 per charity.
\n\u201cThe Fortitude Budget has been anticipated to support the four-week extension of the \u201ccircuit breaker\u201d period as well as to wean companies back into the reopening of the economy,\u201d said Desmond Sim, Head of Research for Southeast Asia at CBRE.
\n\u201cWhile the extent of the pandemic remains unknown, the unprecedented fourth Budget announcement aims to cushion the economic impact on the private sector by dipping into public funds, especially for sectors adversely affected by this pandemic e.g. retail and construction.\u201d
\nAccording to him, CBRE expects property owners to actively engage with their tenants as well as utilise the support packages.
\nChristine Li, Head of Research for Singapore and Southeast Asia at Cushman & Wakefield, described the announcement on a new bill requiring landlords to contribute by granting rental waivers to SME tenants as a \u201cwelcome one\u201d.
\n\u201cThe expanded rental relief for SMEs is a welcome one, as SME tenants in commercial properties are also part of the ecosystem of the real estate sector,\u201d she said.
\nHowever, Li noted that the reality has changed for asset owners and commercial real estate operators.
\n\u201cMany asset owners and operators are faced with drastically reduced operating income, arising from concessions and rebates they have to dish out to save struggling tenants. Assets that thrive on the intensification of real estate and human interactions could also experience a much longer-term fundamental drop in the future demand. By subjecting them to the mandatory rental waiver for their tenants, it could create a bigger problem down the road when these asset owners are unable to re-position their properties in time to tide through the difficult period.\u201d
\nShe explained that the additional burden of having to support SME tenants may lead to financial difficulties for landlords, particularly smaller landlords with a bigger proportion of SME tenants within their properties.
\n\u201cThe new bill should not make things too onerous for commercial landlords, as some could have been hit hard themselves due to their tenants not being able to operate and pay rental during the extended circuit breaker period,\u201d she added.
\nLooking for a property in Singapore? Visit\u00a0PropertyGuru\u2019s\u00a0Listings,\u00a0Project Reviews\u00a0and\u00a0Guides.
\nVictor Kang, Digital Content Specialist at PropertyGuru, edited this story. To contact him about this or other stories, email\u00a0victorkang@propertyguru.com.sg
\n
\nSource : proppertyguru.com.sg\/Property Market
\nRead more…Fortitude Budget eyes to support workers, business<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

The $33 billion budget will provide support for workers and businesses to transform, adapt and...<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"false","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"spay_email":"","footnotes":"","jetpack_publicize_message":"","jetpack_is_tweetstorm":false,"jetpack_publicize_feature_enabled":true},"categories":[1],"tags":[],"class_list":["post-116683","post","type-post","status-publish","format-standard","hentry","category-property-news"],"jetpack_featured_media_url":"","jetpack_publicize_connections":[],"jetpack_sharing_enabled":true,"jetpack_shortlink":"https:\/\/wp.me\/p75ss1-ulZ","jetpack-related-posts":[{"id":118281,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/govt-extends-jobs-support-scheme-by-seven-months\/","url_meta":{"origin":116683,"position":0},"title":"Gov\u2019t extends Jobs Support Scheme by seven months","date":"August 18, 2020","format":false,"excerpt":"\r However, the scheme will be adjusted according to the projected recovery of various sectors, as the programme draws heavily on the country\u2019s reserve.\u00a0 Deputy Prime Minister Heng Swee Keat on Monday announced that the government will continue supporting workers by extending the wage subsidy scheme till the first quarter\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":116531,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/dpm-heng-to-announce-fourth-round-of-measure-to-help-people-businesses-on-26-may\/","url_meta":{"origin":116683,"position":1},"title":"DPM Heng to announce fourth round of measure to help people, businesses on 26 May","date":"May 20, 2020","format":false,"excerpt":"\r According to the release, the statement would set out the plans of the government to \u201chelp businesses and individuals adapt and build resilience, in our continuing fight against the Covid-19 pandemic\u201d. Photo:\u00a0facebook.com\/hengsweekeat Deputy Prime Minister Heng Swee Keat is set to deliver this year\u2019s fourth ministerial statement on the\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":117020,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/government-to-help-construction-industry-get-through-difficult-patch-wong\/","url_meta":{"origin":116683,"position":2},"title":"Government to help construction industry get through \u2018difficult patch\u2019, Wong","date":"June 10, 2020","format":false,"excerpt":"\r Despite the various challenges faced by the construction industry, National Development Minister Lawrence Wong says that the government will work closely with the industry during this challenging period.\u00a0 In order to stem the tide of Covid-19, the government is placing additional measures for the construction industry, which has been\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":118012,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/extend-waiver-on-foreign-worker-levies-say-subcontractors\/","url_meta":{"origin":116683,"position":3},"title":"Extend waiver on foreign worker levies, say subcontractors","date":"July 29, 2020","format":false,"excerpt":"\r Construction industry subcontractors have urged the government to extend the waiver of foreign worker levies as they face uncertainties over workers and payments. Construction industry subcontractors have urged the government to extend the waiver of foreign worker levies as they cannot afford to resume paying the levies this month\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":115132,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/covid-19-second-stimulus-package-might-require-a-bigger-draw-down-on-reserves-than-in-2009\/","url_meta":{"origin":116683,"position":4},"title":"COVID-19: Second stimulus package might require a bigger draw down on reserves than in 2009","date":"March 25, 2020","format":false,"excerpt":"\r The second stimulus package may even exceed\u00a0the record $20.5 billion package introduced during the 2009 global financial crisis, economists say.\u00a0 Ahead of the government\u2019s second stimulus package announcement, which will be unveiled on Thursday, 26 March, economists expect it to surpass the special packages rolled out in Budget 2020\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":115448,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/singapore-unveils-5-1bil-third-support-package-known-as-the-solidarity-budget\/","url_meta":{"origin":116683,"position":5},"title":"Singapore unveils $5.1bil third support package, known as the Solidarity Budget","date":"April 7, 2020","format":false,"excerpt":"\r In total, the government is set to commit $59.9 billion, or about 12% of Singapore\u2019s GDP in a battle against the Covid-19 pandemic. 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