SINGAPORE: Deputy Prime Minister and Finance Minister Heng Swee Keat delivered a ministerial statement on Thursday afternoon (Mar 26) on the Government’s additional support measures for businesses and households in response to the COVID-19 pandemic.
This second stimulus package, which Mr Heng called a "supplementary budget", comes after a slew of new measures and enhancements to existing schemes costing S$4 billion aimed at stabilising Singapore's economy amid the uncertainties caused by COVID-19.
The Government is dipping into past reserves to fund an additional S$48 billion worth of measures that include cash handouts, tax rebates and support for businesses.
Adult Singaporeans, who were to get a S$100 to S$300 cash payout, will now get up to S$900.
Industries that have been badly hit by the COVID-19 crisis, in particular aviation and tourism, will also get more support.
Mr Heng also said that political office holders will take another two months' pay cut, on top of a one-month deduction announced earlier.
Concluding, he asked all in Singapore to stand together to weather the "mighty storm" that is the COVID-19 outbreak.