Government measures in key jurisdictions 3rd edition final - Flipbook - Page 103
Singapore
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 until August 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. As of 26 May 2020, Tier 1 also includes all businesses that are
unable to reopen on 2 June 2020, lasting until August 2020 or the date they can reopen, whichever is
earlier. Upon resuming operations, JSS payouts will revert to the base tier on a pro-rata basis. New
additions to Tier 1 also include: aerospace, airline fleet services, and operators providing pilot and crew
training; tourism event organisers; money changers; regional ferry operators; central refund agencies;
built environment contractors and consultants (for June to August 2020 wages).
- Tier 2 is the food services sector, which include licensed food shops and food stalls. As
of 26 May 2020, Tier 2 includes: retail; arts and entertainment; land transport; and
marine and offshore sectors.
- Tier 3 is all other sectors not falling within Tiers 1or 2.
- Businesses that could not reopen on 2 June 2020 will receive up to 2 months’ additional Foreign
Worker Levy waiver and rebate. For June 2020, this will be a 100% waiver and a $750 rebate – these will
be halved in July 2020 (i.e. 50% waiver and $375 rebate).
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 perintern.
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