Singapore’s Deputy Prime Minister for Finance announced that the government will extend the Job Support Scheme to help those most affected by the pandemic.
The Singaporean government allocated about $ 5.8 billion to support companies and workers affected by the covid-19 pandemic.
So was told by the country’s Deputy Prime Minister of Finance, Heng Swee Keat, who also pointed out that the city-state registered the lowest growth rate in the second quarter of the year.
The government representative stated that with some of the existing support measures ending soon, it is time to move on to other strategies.
Continuous support to those most affected
Tasks outlined include continued support for jobs and the creation of new ones, providing further support to the most affected sectors and positioning Singapore to take advantage of growth opportunities in the post-pandemic period.
The deputy prime minister announced that the Job Support Scheme that was approved in February will be extended for a further seven months to cover salaries until March 2021.
Keat also reported the launch of a job growth incentive valued at nearly $ 800 million that will support Singapore’s efforts to create new jobs and increase the number of local workers over the next six months.
Support for the economy
Since the start of the pandemic, the government has allocated more than 80 billion dollars to support the economy amid trade tensions and the global economic crisis. Official data indicate that the national economy contracted 6.7 percent in the first half of the year, with a record drop in the Q2.