Summary of the Fortitude Budget and how it will affect your Human Resource policies June 8, 2020

Deputy Prime Minister Heng Swee Keat unveiling the details of the Fortitude Budget in Parliament on May 26, 2020.PHOTO: GOV.SG

Complimenting Budget Support for Human Resource adjustments

Singapore’s latest Fortitude Budget was introduced by Deputy Prime Minister and Finance Minister Heng Swee Keat in Parliament on Tue, 26 May 2020.

Infographic summary of Fortitude Budget 2020 taken from mom.gov.sg

What It Means –

Work costs:

The Foreign Worker Levy waiver and discount will be reached out by 2 months for organizations who can’t continue nearby activities. The Government will likewise concede higher CPF commitment rates for senior employees by one year to 1 January 2022, to assist organizations with overseeing costs in these difficult occasions.

Income support:

The Jobs Support Scheme will be improved. All organizations will get an extra month of help. Firms that continue nearby tasks after the electrical switch will keep on getting wage support at 75% until August 2020, or when they are permitted to revive. Higher compensation support at 50-75% will be given to aviation, retail, fabricated condition, marine and seaward segments.

Jobs creation and upskilling:

The Government has set aside S$2bn for the new SGUnited Jobs and Skills Package, which aims to create close to 100,000 opportunities in jobs, traineeships, and skills training. 

Digitalization:

Working from home should be default mode

In supporting businesses, especially the less digitally savvy that have been hit hard during the Circuit Breaker, the Government will allocate an additional $S500mn in supporting their digital transformation.

Too much information with too little clarity on how to utilize the allocated relief as soon as possible?

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Our Consultants are PMC certified to further be able to help local SMEs improve and optimise their HR operational efficiency through Singapore Grants. enable is about offering affordable, high value adding solutions to improve business performance; while at the same time nurturing and inspiring a fair and respectful working environment. But above all, enable is about enabling you.

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