{"id":118281,"date":"2020-08-18T13:08:22","date_gmt":"2020-08-18T06:08:22","guid":{"rendered":"http:\/\/www.siamlandbank.com\/propertynews\/property-news\/govt-extends-jobs-support-scheme-by-seven-months\/"},"modified":"2020-08-18T14:05:19","modified_gmt":"2020-08-18T07:05:19","slug":"govt-extends-jobs-support-scheme-by-seven-months","status":"publish","type":"post","link":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/govt-extends-jobs-support-scheme-by-seven-months\/","title":{"rendered":"Gov\u2019t extends Jobs Support Scheme by seven months"},"content":{"rendered":"


\nHowever, the scheme will be adjusted according to the projected recovery of various sectors, as the programme draws heavily on the country\u2019s reserve.\u00a0
\nDeputy 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 of 2021.
\nHowever, the Job Support Scheme (JSS) scheme\u2019s coverage will be reduced and adjusted according to the projected recovery of various sectors.
\nThis comes as Singapore cannot sustain the programme at its current levels, given that it draws heavily on the country\u2019s reserves, explained Heng, who also serves as Coordinating Minister for Economic Policies and Finance Minister.
\n\u201cIt draws heavily on our reserves and risks trapping our workers in unviable businesses. Some sectors are also recovering faster than others. I will therefore adjust support based on the projected recovery of the different sectors,\u201d he said as quoted by TODAY.
\nWith the adjustments, companies in the aerospace aviation and tourism sectors, which currently receive 75% JSS support, will get 50% in wage support in the next seven months, reported TODAY.
\nFirms in the built environment sector, which are receiving 75% JSS support for wages from June to August, will receive 50% wage support for two more months. Thereafter, the support will be reduced to 30% till March, which is in line with the phased resumption of construction activities.
\nThe 50% wage support received by companies in the food services, arts and entertainment, retail, land transport as well as marine and offshore sectors, will be lowered to 30% during the extension period.
\nThe 25% wage support by the large majority of the remaining sectors, on the other hand, will reduced to 10%.
\nSectors that are managing well, like those in the financial services, biomedical sciences, information and communication technology and media, electronics, precision engineering and online retail supermarkets, will get 10% wage support till the end of 2020 and will no longer be eligible for the JSS scheme from January.
\nHeng urged businesses to \u201cmake full use\u201d of the additional support to upskill and retain workers, while transforming their operations for the post-COVID-19 world.
\nFor companies that are coping well, he encouraged them to donate or return their JSS payouts. In fact, nearly 600 companies have already done so.
\nAside from the enhanced wage support, Heng also unveiled a $1 billion programme to subsidise the new local hires\u2019 salaries for a year.
\nAn extra $187 million will also be set aside for the aviation industry, while $320 million will be allocated for domestic tourism vouchers, which can be used by Singaporeans to support the tourism industry.
\nHeng revealed that this round of new measures will cost the government a total of $8 billion. However, the amount will not be drawn on past reserves. Instead, they will be financed by reallocating monies from other areas like development expenditures delayed due to COVID-19, he said.
\nDesmond Sim, Head of Research for Southeast Asia at CBRE, said the measures are \u201ctimely and more equitable as they provide a forward-looking reassurance\u201d.
\n\u201cAs recovery is uneven across sectors, a more sector-specific approach to provide varying degrees of targeted relief measures may be more appropriate than continuing with massive broad-based support,\u201d he said.
\n\u201cFor example, support was scaled back more for sectors showing a strong rebound, such as retail or food and beverage. On the other hand, it was boosted for weaker sectors such as aerospace, aviation and tourism.\u201d
\nHe noted that while the government is tapering off support, it did not entirely cut them off as it could stall the economic growth momentum.
\n\u201cOverall, this set of measures will help to set expectations, as well as prepare businesses and people to deal with a post-COVID-19 environment with more targeted support,\u201d he 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
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However, the scheme will be adjusted according to the projected recovery of various sectors, as...<\/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-118281","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-uLL","jetpack-related-posts":[{"id":115796,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/75-wage-subsidy-under-job-support-scheme-to-be-extended\/","url_meta":{"origin":118281,"position":0},"title":"75% wage subsidy under Job Support Scheme to be extended","date":"April 22, 2020","format":false,"excerpt":"\r Apart from that, employers will receive a levy rebate payout of $750 for each foreign worker in employment. With the \u201ccircuit breaker\u201d measures extended by four weeks, Deputy Prime Minister Heng Swee Keat announced on Tuesday (21 April) that the 75% wage subsidy for companies across all sectors will\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":114377,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/budget-2020-government-unveils-measures-to-fight-climate-change-support-sectors-affected-by-outbreak\/","url_meta":{"origin":118281,"position":1},"title":"Budget 2020: Government unveils measures to fight climate change, support sectors affected by outbreak","date":"February 19, 2020","format":false,"excerpt":"\r HDB will also roll out a new Green Towns Programme to recycle rainwater, reduce energy consumption and cool the towns. The Singapore government introduced a slew of measures in one of its most expansionary budgets. 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