{"id":2676,"date":"2021-04-09T14:25:40","date_gmt":"2021-04-09T06:25:40","guid":{"rendered":"https:\/\/www.pacificprime.sg\/blog\/?p=2676"},"modified":"2023-05-11T14:53:09","modified_gmt":"2023-05-11T06:53:09","slug":"singapore-budget-2021","status":"publish","type":"post","link":"https:\/\/www.pacificprime.sg\/blog\/singapore-budget-2021\/","title":{"rendered":"Singapore\u2019s budget in 2021: To tackle the challenges ahead and emerge stronger together"},"content":{"rendered":"<p>Each year, Singapore releases a budget &#8211; allocating funds to key areas that will set the tone for the city-state in the coming year. <a href=\"https:\/\/www.pacificprime.sg\/blog\/singapores-budget-2020-faces-global-uncertainty-head-on\/\" target=\"_blank\" rel=\"noopener\">Last year\u2019s theme<\/a> was about meeting the economic challenges of COVID-19, and this year continues on a similar note as the island nation aims to \u201ctackle challenges ahead and emerge stronger together\u201d. Following the <a href=\"https:\/\/www.mof.gov.sg\/singaporebudget\/\" target=\"_blank\" rel=\"noopener\">budget statement<\/a> delivered by Heng Swee Keat, the Deputy Prime Minister and Finance Minister, on February 16th, this <a href=\"https:\/\/www.pacificprime.sg\/\" target=\"_blank\" rel=\"noopener\">Pacific Prime Singapore<\/a> article will summarize noteworthy points.<\/p>\n<div class='code-block code-block-1' style='margin: 8px 0; clear: both;'>\n<p><a href=\"https:\/\/www.pacificprime.sg\/plans\/individual-health-insurance\/?campSource=PPSG-Blog&utm_source=blog&utm_medium=content_banner&utm_campaign=banner&utm_content=single\" target=\"_blank\" rel=\"noopener\"><img loading=\"lazy\" decoding=\"async\" class=\"alignnone size-full wp-image-774\" src=\"https:\/\/www.pacificprime.sg\/blog\/wp-content\/uploads\/2022\/12\/WP-Banner-revamp-final-20221207_1.-Single-final.jpg\" alt=\"Individual health insurance blog\" width=\"1138\" height=\"493\" \/><\/a><\/p><\/div>\n\n<h2>Singapore Budget 2021 Highlights<\/h2>\n<p>Singapore\u2019s budget 2021 sets aside SGD $11 billion for the COVID-19 Resilience Package, which intends to provide relief as a result of pandemic-related economic fallout. In addition to this, Singapore has also allocated SGD $24 billion over the next three years for a package to build a vibrant business community, offer financial capital, and develop the city-state\u2019s workforce. What\u2019s more, Singapore will also prioritize affordable healthcare, robust education, home ownership, and issues of sustainability.<\/p>\n<h3>COVID-19 Resilience Package<\/h3>\n<p>Immediate support will be offered under the following categories.<\/p>\n<p><strong>To safeguard the health of Singaporeans:<\/strong><\/p>\n<ul>\n<li>Vaccinating residents<\/li>\n<li>Keeping up with precautionary measures<\/li>\n<\/ul>\n<p><strong>To continue to support workers and business:<\/strong><\/p>\n<ul>\n<li>Helping firms retain local workers in various sectors via the Job Support Scheme<\/li>\n<li>Facilitating workers moving to jobs in growth areas via schemes within SGUnited Jobs and Skills Package<\/li>\n<li>Funding businesses via loan and financing schemes<\/li>\n<li>Supporting workers who have either lost their jobs or experienced significant income loss<\/li>\n<\/ul>\n<p><strong>To provide more targeted support for the worst-hit sectors, including:<\/strong><\/p>\n<ul>\n<li>Aviation sector<\/li>\n<li>Land transport sector such as taxi, private hire car drivers, etc.<\/li>\n<li>Arts and culture sector<\/li>\n<li>Sports sector<\/li>\n<\/ul>\n<h3>Support over the next three years<\/h3>\n<p>Longer-term structural challenges will also be addressed under the following categories.<\/p>\n<p><strong>To grow a vibrant business community:<\/strong><\/p>\n<ul>\n<li>Deepening Singapore\u2019s position as a Global-Asia node, restoring physical connectivity\n<ul>\n<li>Investing in on-arrival testing and biosafety systems at Changi Airport<\/li>\n<\/ul>\n<\/li>\n<\/ul>\n<ul>\n<li>Expanding digital connectivity and the virtual economy\n<ul>\n<li>Transitioning from physical to digital modes of transactions across geographical borders<\/li>\n<li>Shifting from tangible to intangible assets in value creation<\/li>\n<\/ul>\n<\/li>\n<li>Accelerating innovation with partners around the world\n<ul>\n<li>Launching new innovative ventures through the Corporate Venture Launchpad &#8211; useful for larger businesses which want to rekindle a startup mindset.<\/li>\n<li>Other platforms include the Open Innovation Platform (OIP) and the Global Innovation Alliance (GIA)<\/li>\n<\/ul>\n<\/li>\n<li>Promoting the integration of ASEAN markets<\/li>\n<\/ul>\n<p><strong>To catalyze a wide range of capital:<\/strong><\/p>\n<ul>\n<li>Providing high-growth enterprises like startups with financial capital by extending and enhancing the Enterprise Financing Scheme &#8211; Venture Debt program<\/li>\n<li>Co-funding mature enterprises\u2019 (all sizes) adoption of digital solutions and new technologies through the Emerging Technology program<\/li>\n<li>Helping firms hire a core digital team, and in developing and implementing digital transformation roadmaps through the new Digital Leaders program<\/li>\n<\/ul>\n<p><strong>To create opportunities and redesigning jobs:<\/strong><\/p>\n<ul>\n<li>Enhancing salaries of nurses and other healthcare workers such as care support staff<\/li>\n<li>Limiting Singapore\u2019s reliance on foreign workers where possible\n<ul>\n<li>Support foreign-to-local skills transfer via the Capability Transfer program<\/li>\n<\/ul>\n<\/li>\n<li>Supporting businesses in redesigning jobs by enhancing the Productivity Solutions Grant &#8211; Job Redesign<\/li>\n<li>Helping Singaporeans develop skills, creativity, and talents via SGUnited Jobs and Skills Package\n<ul>\n<li>Helping workers who need additional support before landing a job by extending the support for the SGUnited Skills, SGUnited Traineeships, and the SGUnited Mid-Career Pathways Programs<\/li>\n<\/ul>\n<\/li>\n<li>Transforming the economy to grow opportunities for Singaporeans\n<ul>\n<li>Supporting about 500 Fellowships under the new Innovation and Enterprise Fellowship Programme over the next five years to meet needs in areas such as cybersecurity, artificial intelligence and health tech<\/li>\n<\/ul>\n<\/li>\n<\/ul>\n<h3>Other noteworthy areas<\/h3>\n<p>Beyond economic opportunity, the Singapore government also pledges to subsidize healthcare facility, invest in education, and promote home ownership. In addition to this, Singapore will also embrace sustainability and build a sustainable home for generations to come. This includes treating climate change as a serious, existential threat. As such, Singapore will continue to support international and regional efforts towards climate action.<\/p>\n<h2>Get in touch with Pacific Prime Singapore today!<\/h2>\n<p><a href=\"https:\/\/www.pacificprime.sg\/\" target=\"_blank\" rel=\"noopener\">Pacific Prime Singapore<\/a> is a global health insurance broker and employee benefits provider with over two decades of experience. We partner with top insurers including, but not limited to <a href=\"https:\/\/www.pacificprime.sg\/insurers\/aetna\/\" target=\"_blank\" rel=\"noopener\">Aetna<\/a>, <a href=\"https:\/\/www.pacificprime.sg\/insurers\/allianz\/\" target=\"_blank\" rel=\"noopener\">Allianz<\/a>, <a href=\"https:\/\/www.pacificprime.sg\/insurers\/axa\/\" target=\"_blank\" rel=\"noopener\">AXA<\/a>, <a href=\"https:\/\/www.pacificprime.sg\/insurers\/cigna\/\" target=\"_blank\" rel=\"noopener\">Cigna<\/a>, and <a href=\"https:\/\/www.pacificprime.sg\/insurers\/rhi-bupa\/\" target=\"_blank\" rel=\"noopener\">RHI &amp; Bupa Global<\/a>. Whether you\u2019re an <a href=\"https:\/\/www.pacificprime.sg\/plans\/individual-health-insurance\/\" target=\"_blank\" rel=\"noopener\">individual<\/a> or a <a href=\"https:\/\/www.pacificprime.sg\/plans\/business-insurance\/\" target=\"_blank\" rel=\"noopener\">business in Singapore<\/a>, we can help you find tailored insurance solutions that meet your exact requirements. <a href=\"https:\/\/www.pacificprime.sg\/contact-us\/\" target=\"_blank\" rel=\"noopener\">Get in touch with us today<\/a> to learn more about what we can do for you!<\/p>\n<div class='code-block code-block-6' style='margin: 8px 0; clear: both;'>\n<p><a href=\"https:\/\/www.pacificprime.sg\/compare-quotes\/step-one\/?campSource=PPSG-Blog&utm_source=blog&utm_medium=cta_banner&utm_campaign=banner&utm_content=quote\" target=\"_blank\" rel=\"noopener\"><img loading=\"lazy\" decoding=\"async\" class=\"alignnone size-full wp-image-781\" src=\"https:\/\/www.pacificprime.sg\/blog\/wp-content\/uploads\/2019\/06\/PPSG_Gen_02.jpg\" alt=\"Get an Insurance quote banner\" width=\"1138\" height=\"493\" \/><\/a><\/p><\/div>\n\n","protected":false},"excerpt":{"rendered":"<p>Each year, Singapore releases a budget &#8211; allocating funds to key areas that will set the tone for the city-state in the coming year. Last year\u2019s theme was about meeting the economic challenges of COVID-19, and this year continues on a similar note as the island nation aims to \u201ctackle challenges ahead and emerge stronger &#8230;<\/p>\n","protected":false},"author":21,"featured_media":2698,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_exactmetrics_skip_tracking":false,"_exactmetrics_sitenote_active":false,"_exactmetrics_sitenote_note":"","_exactmetrics_sitenote_category":0,"footnotes":"","_links_to":"","_links_to_target":""},"categories":[2],"tags":[767,385,768,630,38,2143,2144],"class_list":["post-2676","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-insurance","tag-ban_sin","tag-business-insurance","tag-cta_gen","tag-employee-benefits","tag-health-insurance","tag-singapore-budget","tag-singapore-budget-2021"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v23.4 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Singapore\u2019s Budget in 2021: To Tackle the Challenges Ahead and Emerge Stronger Together<\/title>\n<meta name=\"description\" content=\"COVID-19\u2019s impact is far from over. 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