Fourth Singapore package to mitigate COVID-19 lifts stimulus to SGD100 billion
SINGAPORE -- Seven weeks after the introduction of a third stimulus package to mitigate economic shock brought about by the COVID-19 pandemic, the Singapore Government has unveiled a fourth fiscal package worth SGD 33 billion.
Termed the "Fortitude Budget", the support measures include targetted relief for saving jobs - a central focus for the Government as the country prepares to embrace deepening economic contraction.
In a Client Alert, lawyers Baker McKenzie say companies can harness extended wage subsidies and a Foreign Worker Levy waiver. Hiring incentives, as well as enhanced rental support measures -- introduced by the Fortitude Budget to alleviate costs and cash flow difficulties - are also available.
BM says that, with the Fortitude Budget, the Singapore Government has, in total, dedicated close to SGD 100 billion in relief measures to buoy a deeply-impacted economy.