Budget 2020 Will Help Cushion Covid-19 Economic Impact, Says DPM Heng Swee Keat

With the announcement for Budget 2020 due on Tuesday (18 Feb), many are anticipating what the government has planned.

Their worries have probably multiplied after Prime Minister (PM) Lee Hsien Loong revealed on Friday (14 Feb) that Covid-19 will adversely affect Singapore’s economy.

To allay the public’s concerns, Deputy PM (DPM) Heng Swee Keat gave several hints of what to expect for this year’s budget.

Measures to support companies & help workers stay in their jobs

Fears of infection have kept many away from crowded locations, leaving places like shopping malls and airports noticeably emptier.

As a result, businesses and their workers suffer, a pattern the government has observed.

According to Channel NewsAsia (CNA), DPM Heng told reporters that Budget 2020 will introduce measures “to support viable companies and help workers stay in their jobs”.

The broad measures include:

  • Wage support for companies to keep local workers
  • Tax rebates
  • Rental waivers

Firms will also receive assistance in “restructuring, training and upgrading” so they can be ready when an economic upturn comes.

Most importantly, sectors such as retail as well as food and beverage which are suffering the most from the Covid-19 outbreak will get extra support.

Support with costs of living for households

Not forgetting families, CNA quoted DPM Heng’s promise to help households who may worry about their expenses.

Budget 2020 will include a package especially for them, though details are unclear.

All will surely be out on Tuesday (18 Feb), so stay tuned for that.

Singapore will survive Covid-19 with the help of Budget 2020

While economic measures may not seem like much in terms of fighting a health crisis, it’s still a very important aspect.

Source

A lot of money goes into this ‘battle’, and a lot is compromised, especially for those affected by Covid-19.

Let’s hope Budget 2020 will truly live up to what DPM Heng promises, and help Singapore through this health crisis.

Featured image adapted from FinanceAsia.