IT IS the first adrenaline injection for cardiac arrest, and it is likely that Singapore will restart its heartbeat and blood flow for a while. We would expect more aid coming ahead. Everyone felt it this time, as this will be the worst recession in Singapore’s history.
The aim is for us to maintain status quo while braving through stormy weather. However, if the business is unable to hold on to their employees despite the schemes, unemployed workers will get grants of S$800 per month for three months to tide them over. Any eligible self-employed person will receive S$1,000 a month for nine months.
This is so tangible, unlike before.
Drawing on national reserves for the second time since the global financial crisis, this S$55 billion Resilience Budget has the full arsenal of fire power required to fight the COVID-19 outbreak.
Earth is sick. Our battle with contagious pathogens will never be done. This is an opportunity for Singapore to correct and align itself through this disaster. It is time to do a health check on our system. How do we rebuild and realign the values of Singapore? Will things remain the same after we cross this bridge? How many more adrenaline shots are we able to afford?
Generally, citizens are happy. By some divine intervention, if you are neither a hawker or a kid with a student loan, or own an HDB with a HDB loan, or self-employed, or fired personnel, but a tai tai …. you will get something regardless. That is an impressive package.
However, it is not enough to sustain an entrepreneur with overheads and expensive family needs. Time for all of us to cut fat and align our values and priorities.
Charlene Kang is a Director of Vault@268
Here are the links to all the Friday Focus articles on The Resilience Budget:
- Impressive…But Wait For The Details
- Unexpected Support
- Time To Prioritise
- Keep The Money Flowing
- A Generous Helping Hand
- Some Questions Unanswered
- What About The Hardworking Foreigners?
- Cash Is King
- Living Day To Day
- Mind The Gaps!