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Solitary Budget Announced to Help Self-Employed

Posted by Michelle Fu on April 6, 2020
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Solitary Budget announced on Monday 6 April by Deputy Prime Minister Heng Swee Kiat. The government will expand the criteria of self-employed people eligible for cash support.

Previously, the Self-Employed Person Income Relief Scheme (SIRS) assists freelancers like real estate agents, sole proprietors, and taxi drivers.

These groups of people will receive a $1000 cash pay-out over a period of 9 months starting April.

Some self-employed people have voiced that this amount is too low and today Mr. Heng has announced extra measures to help this group of Self-Employed Singaporeans tide over the negative economic impact that COVID-19 pandemic has caused.

Firstly, the revised SIRS package will also include freelancers who earn a small income from employment work.

Next, the property annual value threshold has been raised from $13,000 to $21,000 and include some who are living in condominiums and other types of private property.

The rest of the criteria remains unchanged.  A self-employed assessable income should not exceed $70,000 and a trade income of no more than $100,000.

With these revised benchmarks, Mr. Heng mentioned that another 100,000 self-employed people will benefit from this scheme.

These groups of self-employed people will receive 3 pay-outs of $3,000 starting from May 2020.

Solitary Budget Not To Be Abused

“In these extraordinary times, many such self-employed persons are hard-hit. I hope that by our helping them, they too can help others in their networks, and their workers, and we keep the spirit of enterprise alive,” Mr. Heng said in his speech to Parliament.

Mr. Heng also added that those who do not need this financial assistance should not come forward “to appeal and abuse the support”.

You may also like to read Singapore Budget 2020 to Help Singaporeans Fight Covid-19

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