Ahead of the third Supplementary Supply Bill, Deputy Prime Minister, Heng Swee Keat shares Government’s plan in supporting jobs and financial crisis brought by the pandemic.
In his speech, Heng also updated the status of the existing economic support measures rolled out in the wake of crisis. He shared these measures could save around 155,000 jobs over this year and the next, preventing the rise in the resident unemployment rate by about 1.7 percentage points this year,.
He further shared, “More than half of the jobs saved are due to the Jobs Support Scheme alone.” However, he also added that there will still be job losses.
The Monetary Authority of Singapore has also estimated that the four combined Budgets will prevent the economy from contracting by a further 5.6 per cent of Singapore's gross domestic product this year, and 4.8 percent next year, he added.
Addressing Parliament ahead of a third Supplementary Supply Bill, Mr Heng said Singapore's plan is not simply to get through the pandemic. The objective at this "critical juncture" is to gain ground that will pave the way for the country's next lap of economic growth over the next five to 10 years, he said.
Laying out the Government's plans for growth, Mr Heng, who is also Coordinating Minister for Economic Policies and Finance Minister, added: "Let me stress that everything this Government does to protect, reopen and grow our economy - we do, not for the economy's sake, but for our people.
In August, Mr Heng announced that another $8 BN would be spent to save jobs, create new ones and seize new growth opportunities.
On top of this, several support schemes will be further enhanced to help firms in hard-hit sectors, as well as those, which are growing amid the coronavirus pandemic.