SINGAPORE: President Halimah Yacob has given her in-principle support for Singapore to draw on its past reserves to fund a fourth support package in response to the COVID-19 pandemic.
Deputy Prime Minister Heng Swee Keat is due to deliver a deliver a ministerial statement in Parliament on Tuesday about further plans to help people and businesses.
AdvertisementAdvertisementIt would be the fourth Budget within two months into the new financial year, and the second time past reserves are tapped for the Government’s COVID-19 response.
In a Facebook post on Monday (May 25), Mdm Halimah said Mr Heng and his team of ministers had briefed her and the Council of Presidential Advisers (CPA) last week on the fourth support package.
"Having deliberated and considered the recommendation of the CPA, I am satisfied that the fourth support package is necessary to ensure a safe transition to this new normal for Singapore. I have therefore given my in-principle support for the proposed measures to draw on the Government’s past reserves," she said.
[h=3]READ: Retrenchments and withdrawn job offers: Singapore's labour market shows signs of COVID-19 strain[/h] AdvertisementAdvertisementCalling it an unprecedented crisis, Mdm Halimah said the economy will take "a while" to recover amid "significant uncertainties" in the global economy.
"We have to be realistic about the pace at which countries around the world make adjustments to the way trade and business are conducted. In the meantime, our Government has to help buffer businesses and people from the challenges, and save jobs," she said.
"It is critical that we reopen safely, so economic activities will remain slow even as we try to restart them."
JOBS, SUPPORT FOR SOCIAL SECTOR
Mr Heng, who is also Finance Minister, had previously announced support measures to help tide businesses, workers and households through the COVID-19 outbreak. Apart from the annual Budget speech in February, there was the Resilience Budget in March and the Solidarity Budget in April.
For the fourth support package, jobs will be a key part of the measures, said Mr Heng.
He noted that while the Jobs Support Scheme has helped many employers retain their workers, a number have lost their jobs and some are worried that they might be retrenched.
"Those in your 40s and 50s are more anxious. We will help you turn anxiety into action. We will support those in their jobs to learn and upskill. We will create new jobs for those who are seeking employment," he said in a Facebook post on Monday.
"We are also creating traineeships and other opportunities for those completing their post-secondary education this year."
Mr Heng added that the Government will provide additional support for social sector agencies so that they can continue to help the vulnerable amid the COVID-19 pandemic.
Even as Singapore prepares to ease some restrictions in phases after the end of the "circuit breaker" period, Mdm Halimah warned against complacency.
"The war against COVID-19 is far from over. As we prepare to transit in phases after the circuit breaker, we must not let our guard down. Many of the good practices like good personal hygiene must remain our way of life," she said.
"The fight against COVID-19 will be a long-drawn one. But I believe with tenacity and the support for one another, we can emerge stronger in this new world."
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