Top stories from Finance Minister Heng Swee Keat's Budget statement

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



A $4 billion package will be rolled out to keep workers in jobs, help companies with their cash flow and provide additional support for sectors directly affected by the coronavirus outbreak. ST PHOTO: JASON QUAH

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.

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10 things to know, from cash payout for Singaporeans to GST not going up in 2021



Deputy Prime Minister and Finance Minister Heng Swee Keat arriving at Parliament House to deliver the Budget speech on Feb 18, 2020. ST PHOTO: KUA CHEE SIONG

A slew of measures to deal with short-term challenges such as the coronavirus outbreak and long-term economic development were introduced.

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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. PHOTO: ST FILE

Parents with at least one Singaporean child aged 20 and younger this year will each receive an additional $100 in cash.

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GST hike will not take place in 2021



The planned GST hike from 7 per cent to 9 per cent was first announced in 2018. PHOTO: LIANHE ZAOBAO

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.

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Highest projected deficit of $10.9 billion in decade to cushion coronavirus fallout



The Budget 2020 statement is a sharp climb from the $1.7 billion deficit chalked up in 2019, revised from the initial $3.5 billion deficit forecast a year ago. PHOTO: ST FILE

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. 

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Live Blog: Budget 2020 as it happened


ST PHOTO: KUA CHEE SIONG

Here's a recap of the Budget speech and key measures. 

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$4b to help businesses hit by coronavirus outbreak; sectors like tourism, aviation to get tax rebates



Tourists at Merlion Park on Jan 28, 2020. Additional relief will be provided to the hard-hit tourism and transport sectors, Finance Minister Heng Swee Keat announced in his Budget speech on Feb 18, 2020. PHOTO: ST FILE

Help is on the way for those impacted by the global coronavirus outbreak.

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Rental waivers for hawkers, market stallholders



Deputy PM Heng Swee Keat said that stallholders at hawker centres and markets managed by the National Environment Agency will be given one month's worth of rental waivers, with a minimum waiver of $200. ST PHOTO: JASON QUAH

Rental waivers will be given to eligible stallholders of hawker centres and markets, as well as commercial tenants.

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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. PHOTO: ST FILE

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.

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$1,000 SkillsFuture Credit top-up for mid-career workers



The additional SkillsFuture Credit can be used from Oct 1 this year and will expire on Dec 31, 2025, to encourage people to take early action. ST PHOTO: KUA CHEE SIONG

This will help this group of locals stay employable and move to new jobs or new roles.

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