To catalyse investment into deep-tech start-ups, an additional $300 million will be set aside under the Startup SG Equity. Explore what Budget 2020 has in store for key sectors across Singapore, and how its initiatives can keep you moving forward. There is urgency to identify new business trends and opportunities, and to develop the right strategies.

The SGUnited Traineeships programme will provide 21,000 traineeships for local first-time job seekers. Find out about the latest tax changes with KPMG Singapore Budget 2020 Tax Fact Sheets here. Each enterprise will receive S$10,000 to “defray 90 per cent of out-of-pocket costs of business transformation, job redesign and skills training,” he added. A Senior Employment Credit will also provide wage offsets for firms hiring Singaporean workers aged 55 and above. Businesses will need to transform to a new way of working in the new environment. A bonus of $300 per month over 5 months will encourage the adoption of e-payments by stallholders in hawker centres, wet markets, coffee shops and industrial canteens. It follows the previously announced Unity Budget, Resilience Budget and Solidarity Budget. Supplementary Budget Summary Find out how the enhanced measures aim to save jobs and help enterprises overcome immediate challenges. (iv) Financial support for promising startups. The enhancements, amounting to S$1.1 billion, will go to about 90,000 enterprises, benefiting more than 700,000 local employees. This will be extended by up to 2 months for businesses that are not allowed to resume on-site operations after the circuit breaker. This amounts to a S$1.3 billion payout in total, which employers will receive by 31 July 2020. A one-off S$500 SkillsFuture top-up will be made available for every Singaporean aged 25 and above, as part of the Government’s efforts to support workers to develop new skills. Heng also reiterated his commitment to the permanent GST voucher scheme and said he will enhance it. Singapore’s economy grew by a modest 0.7% in 2019, its weakest growth since the financial crisis of 2008. For eligible workers under the age of 40, the incentive will be 20% of the monthly salary for 6 months, capped at $6,000 in total. Budget 2020 introduces new measures and initiatives to help businesses develop new capabilities, deal with short-term challenges and set the stage for long-term growth. Starting with food services and retail sectors, a payout of up to $5,000 will help businesses digitalise, with PayNow Corporate, e-invoicing, business process or e-commerce solutions. To support workers who intend or need to stay employed longer, employers who hire older workers will receive funding to offset the cost of their wages. The Government will be reducing the quota for skilled foreign workers in the construction, marine shipyard and process sectors over the next three years to encourage firms to hire more Singaporean skilled workers and technicians. This new scheme will be in effect for two years, from 1 January 2021 until the end of 2022. The total number of cases in Singapore stands at 57,915.

Find out how KPMG's expertise can help you and your company. While this extension demonstrates the Government’s commitment to retaining jobs, it also ensures that workers’ CPF contributions can continue to be built up during this crisis.

In the Ministry of Finance (MOF)’s Budget for 2020, a large amount of focus and resources go into helping businesses and industries overcome recent challenges. The rebate will benefit all tax-paying companies, and cost about S$400 million. Because growing your business is our business. $2 billion in cash grants will help SME tenants with rental costs. 15,000 jobs in the public sector; 11,000 jobs in the private sector. Find out more here. For more details on support for businesses, click, Support for charities and social services agencies, For more details on support for the community, click, Updates to safe-distancing measures for outdoor exercise classes, malls, and F&B - from 29 Aug onwards, Updates to border measures for low-risk countries/regions from 1 Sep, Cost of SHN stays, swab tests, and medical expenses when you travel, More support for workers and jobs through the Jobs Support Scheme and COVID-19 Support Grant, Phase Two: Easing of restrictions on key life events, Updates to border measures for travellers entering Singapore, Check on travel restrictions before you fly overseas during this COVID-19 period, Financial support to help Singaporeans affected by COVID-19, Hybrid events, virtual demonstrations - how Singapore’s MICE sector is adapting quickly to COVID-19, Clarification on Yeoh Lian Chuan’s post on Ministry of Finance Addendum to the President’s Address, I am supporting my family – Overcoming the Crisis. Deputy Prime Minister (DPM) and Minister for Finance Heng Swee Keat … A summary of the Fortitude Budget 2020 The Job Support Scheme will be enhanced and there will be a one-off $100 Solidarity Utilities Credit for households with at least one Singapore …

The top-up will be available for use from 1 October this year, and will remain valid for five years until 2025. Click here to download. In tourism, hotels, serviced apartments and event venues can expect property tax rebates of 30% on their accommodations and function rooms for the year 2020. Millions of Indonesian parents abandoned a measles vaccine in 2018 when it was declared haram. Company Registration No. Budget Process. There will be hiring incentive for employers which hire local workers who have completed eligible traineeship and training programmes. The expected budget deficit at S$10.9b is much larger than that we have seen in recent years. A 15 per cent Property Tax Rebate will also be granted for qualifying commercial properties.

The information herein is not to be construed as an offer or a solicitation of an offer to buy or sell any securities, futures, options or other financial instruments or to provide any investment advice or services.

| For families taking care of children and elderly parents:Â.

The overall DRC, which refers to the overall foreign work quota across all classes of work pass, remains the same at 87.5% for the construction and process sectors, and 77.8% for the marine shipyard sector. The bulk of the amount, which is on top of the "substantial resources already committed each year to public health", will go to the Ministry of Health (MOH).

Learn about the additional measures introduced to help businesses cope with immediate COVID-19 challenges, and press on with enterprise and workforce transformation for long-term growth. Rental rebates will also be rolled out for shops at Changi Airport, while the airport itself gets a 15% property tax rebate. According to Mr Heng, this is meant to encourage employers to embark on the transformation of their workforce and enterprise in tandem. He added that they will "put in every effort to slow down the spread of the virus". On 26 May 2020, Deputy Prime Minister and Minister for Finance Heng Swee Keat announced the “Fortitude” Budget. The Group & its associates, their directors, officers and/or employees may have positions or other interests in, & may effect transactions in securities mentioned herein & may also perform or seek to perform broking, investment banking & other banking or finan­cial services for these companies.

There will be an accelerated timeline for all secondary school students to own a digital learning device. Policymakers are expected to address short-term concerns and yet setting aside enough to cope with future challenges.

09.03.1.64.96422. Budget Quiz.

Business leaders — Get insights on how Budget 2020 can transform your business. And how businesses across Singapore can leverage it to move ahead stronger, faster and more resilient. |

For more on the Fortitude Budget, click here. It is the responsibility of the user to determine the accuracy, currency, reliability, and correctness of external websites and platforms. We Are Hiring A one-off $100 Solidarity Utilities Credit for each household with at least one Singapore Citizen will be credited in households’ July or August 2020 utilities bills with SP Group. Budget 2020 will be characterised by an expansionary stance, There will be a series of measures to address both near and longer-term issues, Alleviating the rise in business costs and supporting SMEs will be some of the key thrusts, This is the first of a three-part series on the upcoming Singapore Budget 2020, Singapore Budget 2020: Supporting companies. Vulcan Post creates content to make smarter consumers and inspired entrepreneurs.

The Budget also devoted a significant amount to environmental efforts, including the fight against climate change. However, Heng said that the hike will still be needed by 2025. Supporting enterprises with cashflow, costs and credit, (i) Foreign Worker Levy and Waiver Rebate. Web development by Ripplewerkz. Not being slapped with a GST hike for now probably means consumers could be more willing to spend and support businesses. So while the JSS extension is effective and helpful for the survival of businesses, it is not sufficient for transformation in the post COVID-19 economy. Did You Know? Tel: 62-21-2988-4000. 201431998C. However, many companies in other non-growing sectors are currently struggling with transformation and preparing themselves for the new world. COVID-19 will likely be a long-term challenge, and we must continue to look for long-term solutions especially in the area of digital transformation, to protect and preserve businesses and jobs. All Singaporeans aged 21 and above in 2020 will be given a one-off cash payout of S$300, S$200 or S$100, depending on their income. In addition, the Fortitude budget provides funding to frontline agencies, to boost the clinical management of cases and swabbing and testing capabilities. Contact us There will be an additional payout of $5,000 for businesses that use advanced solutions. This S’pore Startup Helps Match Homeowners To Interior Design Firms, SEA Will Adopt Digital Banking Quickly, But Here’s What Needs To Be Addressed First. There will be more help with household expenses.

Kayla Wong Singaporeans aged 40 to 60 will receive a special S$500 SkillsFuture Credit top-up. Just as the global economy was beginning to recover, the COVID-19 outbreak hit unexpectedly last month, said Finance Minister Heng Swee Keat, bringing “new uncertainties”. Since the last time you logged in our privacy statement has been updated. Find out more here. NOTE: 1.5 CPE hours will be awarded to eligible first-time attendees who register and complete this session.



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