SMEs In Affected Sectors To Get $1,000 Per Local Staff As Part Of Budget 2022
Though Singapore is now in a better position to deal with the Covid-19 pandemic, some firms remain disproportionately affected by the restrictions.
In the Budget 2022 speech, Finance Minister Lawrence Wong announced that SMEs in affected sectors will receive a payout of $1,000 per local staff, up to a cap of $10,000 per firm.
These include firms in sectors like tourism, F&B, and retail.
SMEs in affected sectors like retail & tourism to get aid
On Friday (18 Feb), Minister Lawrence Wong announced the Jobs and Business Support Package worth $500 million.
The initiative aims to provide targeted support to workers and businesses in sectors that are still badly affected by the pandemic.
Part of the package will go towards the Small Business Recovery Grant, providing aid for SMEs most severely affected by restrictions over the past year.
These include firms in sectors like:
- F&B
- Retail
- Tourism
- Hospitality
Through this package, affected firms will receive a payout of $1,000 per local employee. The maximum payout will be $10,000 per firm.
Sole proprietors and partnerships in the affected sectors that do not hire local employees will similarly receive a one-off $1,000 grant.
This will also apply to SFA-licensed hawkers, markets, and coffee shop stallholders.
Meanwhile, the Job Growth Incentive will be extended by 6 months to Sep 2022, though it will be “stepped down“.
This will aid those who are having difficulties finding jobs, such as mature workers who have been unemployed for 6 months or more, persons with disabilities, and ex-offenders.
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Featured image by MS News.
