Government measures in key jurisdictions 2nd edition final pages - Flipbook - Page 77
Singapore
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The Self-Employed Person Income Relief Scheme provides quarterly cash payouts of
SGD3,000 in May, July and October 2020 to eligible self-employed persons (“SEP”), if
the SEP meets certain criteria.
Businesses
The Jobs Support Scheme (“JSS”) provide wage support to employers to assist them in
retaining their local employees.
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The Government will co-fund 75% of the first SGD4,600 of gross monthly wages paid to
each local employee for April and May 2020 across all sectors. This is to support firms
during the ‘circuit breaker’ period, which was extended till 1 June 2020.
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The Government will co-fund the first SGD4,600 of gross monthly wages paid to each
local employee for the months of May to December 2020. The level of co-funding
ranges from 75% for sectors classified as Tier 1, 50% for sectors classified as Tier 2 and
25% for sectors classified as Tier 3:
– Tier 1 is the aviation and tourism sector, which include airlines, airport ground
handlers, airport operators, qualifying licensed hotels, qualifying licensed travel agents,
qualifying gated tourist attractions, cruise lines and cruise terminal operators, venue
operators of purpose-built meetings, incentives, conferences and exhibitions.
– Tier 2 is the food services sector, which include licensed food shops and food stalls.
– Tier 3 is all other sectors not falling within Tiers 1 or 2.
The MAS Support Package was announced on 8 April 2020 and is a SGD$125 million
support package to sustain and strengthen capabilities in the financial services and FinTech
sectors.
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SGD$90 million has been allocated to supporting workforce training and manpower
costs, through the launch of a new Training Allowance Grant, enhanced course fee
subsidies and salary grants to Financial Institutions regulated by MAS of $2,000 per
month for eligible Singapore citizens hired under a structured talent development
programme.
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A new Digital Acceleration Grant has been set up to enable Singapore-based financial
institutions regulated by MAS and Singapore-based FinTech firms certified by the
Singapore FinTech Association (“SFA”) to adopt digital solutions as well as upgrade
systems to enable business continuity.
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On 13 May 2020, MAS and the SFA, AMTD Group and AMTD Foundation launched
a SGD$6 million MAS-SFA-AMTD FinTech Solidarity Grant to complement the MAS
Support Package. This includes the Business Sustenance Grant which allows eligible
Singapore-based FinTech firms to receive a one-time grant up to SGD$20,000 to
cover the wages of their local workers as well as office rental costs. It also includes
the Business Growth Grant. Eligible Singapore-based FinTech firms will also receive
100% internship funding for salaries of Singapore citizens and permanent resident
undergraduate interns, up to a cap of SGD$1,000 per month per intern.
Government measures in key jurisdictions
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