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Government of Singapore launches $5.5 billion relief package

Fidinam Singapore

The Government approved over $5.5 billion in emergency aid to the Jobs Support Scheme (JSS), an existing support programme in Singapore. Over 140,000 employers will receive payouts through this scheme, which is intended to subsidise wages of about 1.9 million local employees.
Financial support will compensate employers for wages that were paid during the summer period, based on employers’ support eligibility. The same measures were adopted in May of 2020, disbursing 75% of the jobs support program, in order to sustain businesses’ cashflow.
Different industries are entitled for different funding ratio, thus aviation and tourism will receive 75% of support; food service, retail will receive 50% support; other industries will receive 25% support.
MyTax Portal will serve as a medium for these purposes. PayNow Corporate or GIRO eligible employers will receive payouts as early as on 29th of October, while other employers will receive payments by cheques from November 4 2020. PayNow programme is currently in place and employers can sign up for it anytime.
According to the Ministry, the JSS program has been extended until March 2021, Resulting in a total of 17 consecutive months of support.
The Implementation of FJSS is protected by Section 420 of the Penal Code, which penalizes any abuse of the JSS. Malpractices may be sanctioned by a fine or imprisonment. The Inland Revenue Authority of Singapore requires employers to submit self-reviews and declarations that would substantiate their eligibility for this programme. Payout is going to be disbursed upon successful validation of the submitted documents.

Eager to learn more? Contact our Team at Fidinam Singapore today

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