The Straits Times announced that President Halimah Yacob has formally assented to the third Supplementary Supply and Budget Adjustments Bill that provides for an extra $8 billion in Covid-19 support.
The extra funds will help the Government in providing support in sectors most affected by the coronavirus, including assisting workers through the Jobs Support Scheme and Workfare Special Payment.
The Government approved a total of four budgets this year following the Covid-19 crisis, amounting to nearly $100 billion. The Monetary Authority of Singapore estimated that this sum will stop the economy from contracting by a further decrease of gross domestic product. Economic support measures will also cushion the rise in resident unemployment rate.
President Halimah acknowledged that the pandemic has stabilised in Singapore with the number of cases under control. However, she added that we are still battling the virus. With her assent to the bill, the Government will be able to continue its work on supporting people and businesses through these bad times.