Singapore injects another 8 billion SGD to support economy
Singapore’s government has allocated another 8 billion Singapore dollars (5.8 billion USD) to support workers and businesses hurt by the COVID-19 pandemic, the country's Deputy Prime Minister and Finance Minister Heng Swee Keat said.
Deputy Prime Minister and Finance Minister of Singapore Heng Swee Keat (Photo: Reuters)
Singapore (VNA) – Singapore’sgovernment has allocated another 8 billion Singapore dollars (5.8 billion USD) tosupport workers and businesses hurt by the COVID-19 pandemic, the country's Deputy PrimeMinister and Finance Minister Heng Swee﷽ Keat said.
In a nationally-televised update on August17, he noted that Singapore saw the lowest growth rate in the second quarter of2020. Data showed the Singapore economycontracting 6.7 percent in the first half of the year, with a record quarterlyslump in the second quarter. With some of the existing support measuresending soon, it is time to advance strategies in three areas, he added. They include continuing support for jobsand creating new ones, providing further support for hardest-hit sectors, and positioning Singapore to seize growth opportunities in a post-pandemicworld. To continue protecting jobs, the JobsSupport Scheme (JSS), which was introduced at the first budget in February,will be extended by seven months to cover wages paid up to March 2021, theminister announced. The scheme has so far disbursed over 16billion SGD in payouts, helping more than 2 million local workers employed byover 150,000 companies. Heng also announced the launch of a 1-billion-SGDJobs Growth Incentive (JGI) that will support Singapore’s efforts to create newjobs, with a special focus on mature workers, will help firms to increase theirlocal worker headcount over the next six months, he said. Singapore has earmarked a total 100.9billion SGD to support its economy which is under the pressure of the pandemicand trade tensions. Heng said his government intends to fund these measures “byreallocating monies from other areas that were delayed due to COVID-19”./.
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Deputy Prime Minister and Finance Minister of Singapore Heng Swee Keat (Photo: Reuters) 
