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The programme allows those who just graduated or are graduating in 2020 from ITE, polytechnics, universities and other educational institutions to be equipped with relevant work experience and boost their employability, even during weaker hiring climate.
To ease cash flow of companies and self-employed persons, the Government will grant an automatic three-month deferment of their income tax payments. No application is required.
The government co-funding ratios for wage increases in 2019 and 2020 will be raised to 20% and 15% respectively. The qualifying gross wage ceiling will also be raised to $5,000 for both years. Qualifying employers benefitting from the enhancements for the 2019 wage increases will be notified by end Jun 2020, and will receive a supplementary payout thereafter.
Government will pay 75% of the first $4,600 of monthly wages paid in Apr 2020, for every local worker in employment
Wage support levels will be differentiated by sector for remaining qualifying months^
Higher support for sectors more affected by COVID-19, of up to 75%
Firms will receive the first payout in Apr 2020, including the enhanced payout for Apr wages
Freezing of all government fees and charges for one year, from 1 April 2020 to 31 March 2021. This will apply to all fees for government services.
You may apply to your insurer to pay in instalments your company’s general insurance premiums (e.g. property, trade credit, vehicles)
Eligible enterprises may borrow up to $5 million under the TBLP, with the interest rate capped at 5% p.a., from Participating Financial Institutions (PFIs). The Government will provide 90% risk-share on these loans for new applications initiated from 8 April until 31 March 2021.
Eligible enterprises under the TBLP may also apply for up to 1 year deferral of principal repayment to help manage their debt, subject to assessment by the PFIs.