Good evening! Here are the key highlights from Finance Minister Heng Swee Keat's Budget statement in Parliament on Tuesday (Feb 18).
$6.4b set aside to support firms, families and front-line agencies affected by coronavirus outbreak
Households will get additional help with cost of living from a special $1.6 billion Care and Support Package, with those less well-off receiving more.
10 things to know, from cash payout for Singaporeans to GST not going up in 2021
A slew of measures to deal with short-term challenges such as the coronavirus outbreak and long-term economic development were introduced.
All adult Singaporeans to get one-off cash payout ranging from $100 to $300
Parents with at least one Singaporean child aged 20 and younger this year will each receive an additional $100 in cash.
GST hike will not take place in 2021
The Government has set aside $6 billion this year to help cushion the impact when the increase does take effect. Under the new Assurance Package, all adult Singaporeans will get cash payouts of between $700 and $1,600 over five years.
Highest projected deficit of $10.9 billion in decade to cushion coronavirus fallout
Coming in at 2.1 per cent of gross domestic product, it exceeds the projected deficit of $8.7 billion in 2009 during the global financial crisis.
Live Blog: Budget 2020 as it happened
Here's a recap of the Budget speech and key measures.
$4b to help businesses hit by coronavirus outbreak; sectors like tourism, aviation to get tax rebates
Help is on the way for those impacted by the global coronavirus outbreak.
Rental waivers for hawkers, market stallholders
Rental waivers will be given to eligible stallholders of hawker centres and markets, as well as commercial tenants.
Dollar-for-dollar matching for seniors with less CPF savings
About 435,000 lower- to middle-income Singaporeans aged 55 to 70 who have not been able to set aside the prevailing Basic Retirement Sum will be eligible for the scheme.
$1,000 SkillsFuture Credit top-up for mid-career workers
This will help this group of locals stay employable and move to new jobs or new roles.