Deputy Prime Minister and Minister for Finance, Mr Heng Swee Keat, recently delivered the Budget
2021 speech on Tuesday, 16 February. The COVID-19 pandemic has effected the worst recession since Singapore’s independence with an overall budget deficit of $64.9 billion for Financial Year 2020.
As the battle against the pandemic continues, the government has set aside an $11 billion COVID-19 Resilience Package focusing on 3 main areas:
- First, to address immediate needs to safeguard public health and re-open safely;
- Second, to support workers and businesses where needed; and
- Third, to target support for sectors that are still under stress
What does this entail for your business? Find out in the summary presented below.