Budget 2021
Covid-19 has impacted all our lives in one way or another for the past year. Budget 2021 is a key event that many people have been looking forward to in the midst of a pandemic into what government initiatives will be introduced for Singapore to tide over the pandemic.
A $900 million Household Support package will provide rebates to low and middle-income Singaporeans and those with children. The Jobs Support System (JSS) will be continued in order to aid industries that are badly affected by the pandemic. The aviation industry will receive $870 million that will boost the survival of the industry. More local hires and training opportunities will be provided due to $5.4 billion being invested into the SGUnited Jobs and Skills Package. There will be salary increments for nurses and healthcare workers to recognize their hard work during Covid-19. There will be more incentives given to promote the use of electric vehicles. Initiatives such as the $60 million going towards a new Agri-Food Cluster Transformation Fund, government issuance of green bonds on public infrastructure projects, and the GreenGov.SG initiative show that the government pursuing green initiatives. The increase in GST to 9% is likely between 2022 and 2025. Lastly, GST will be imposed on low-value imported goods from 1 Jan 2023.