Are you a self-employed person? There is support coming your way
Eligible self-Employed persons will be receiving direct cash support through the Self-Employed Person Income Relief Scheme. S$1000 a month will be provided for nine months.
This is part of a S$48 billion Resilience Budget to deal with what is likely to be the “worst economic contraction since independence”, said Mr Heng, and follows the S$4 billion Stabilisation and Support Package for workers and firms announced during Budget this year.
The scheme had since then been extended to include self-employed people who also earn a small income from employment as well as those who live in properties with an annual value of up to $21,000.
With these enhancements, about 100,000 self-employed people will be eligible for the scheme – up from 88,000 previously – and will receive three quarterly cash payouts of $3,000 in May, July and October this year.
Other criteria, such as the rule that the self-employed person and their spouse together must not own two or more properties, and that the spouse’s assessable income must not exceed $70,000, will not change.
The enormous budgets are pumped out to prevent an economic apocalypse, following extreme measures to contain the virus.
“Their income is now severely affected by the pandemic, and they still have to support multiple family members’ daily needs or medical bills,” said Mr. Heng.
“This is the first time that we are providing direct cash support to self-employed persons on such a large scale. They are a very diverse group, with different working hours and work arrangements.”