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7 minutes ago
Saturday, 28 March 2020
About 88,000 to automatically benefit from Self-Employed Person Income Relief Scheme
Read? About 88,000 to automatically benefit from Self-Employed Person Income Relief Scheme
The Ministry of Manpower will introduce a Self-Employed Person (SEP) Income Relief Scheme (SIRS) to support eligible SEPs with less means, and tide them over this period of economic uncertainty.
2 Under the scheme, eligible SEPs will receive three quarterly cash payouts of $3,000 each in May, July and October 2020.
Eligibility Criteria
3 About 50,000 SEPs currently receive Workfare payouts annually, and will be eligible for SIRS. Due to the extraordinary circumstances brought about by the COVID-19 pandemic, we have broadened the eligibility criteria beyond Workfare to enable more SEPs to qualify for SIRS. As a result, SIRS is expected to automatically benefit about 88,000 SEPs.
CW8888: $9K is capital injection of $180K @ 5% dividend yield in this CONVID-19 bear market to get it.
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Uncle8888,
ReplyDeleteDon't forget ... Workfare Special Payment increased to $3K ... $1.5K in July & $1.5K in Oct.
Hence total $12K .... i.e. $1K per month "universal basic income" for lower-wage self-employed.
$12K == > $240K @ 5% yield.
Election ang bao lai liao! LOL!! 🤣
Ha ha. Now got cash flow from govt, I can afford to slow deployment of war chest
DeleteIt is very dangerous for Sg. LHL already came out to say this is a very grave situation.
ReplyDeleteThis package will drag our future generation.
It’s not going to help in the long term.
Singaporean’s mindset should change. When there is a crisis, we always look at the govt.
People should realize crisis is part and parcel looking at history. And wisdom tell us to be prepared for crisis and NOT ALWAYS ASSUMING ALL THINGS WILL BECOME BETTER!
It’s worrying for Sg and the world.
S$48B is not a small amount. And Sg must stop thinking that no problem lah.. govt have money.
ReplyDeleteLike temp said, we are not US or Europe. We do not have federal reserve or ECB to purchase bonds and pass on money to the banking to create money out of nothing.
We are drawing on past reserve! Sg already hit saturation in terms of growth. For the past many elections, we introduced too many billions of ang pow.
This war is still early, and like investing, it is DEFINITELY NOT WISE TO USE ALL THE WARCHEST SO EARLY.
Just hope they are right and Singaporeans really need to wake up and not over leverage or over spend and definitely dun think every day of FFF at 35 yo.
Election coming! PAP LL has to tap reserve and give away ang pow or else Oppositions stir shit and then game over for PAP. Oppositions can make all sort of promises to give away during election rallies.
DeleteRolf,
DeleteA freshing breath of clarity and foresight ;)
"Lau kok kok" don't care or bother as they won't be around to face the consequences.
I'm a citizen of the world manwhore so the damage can be mitigated since as a teochew, "where got shade, where I'll go"!
Nothing is "free".
Payback's a bitch!
Don't worry, this govt still pretty level headed & pragmatic. The bulk of the $55B goes to corporations. E.g. just the subsidising of 25%-75% of all Singaporean employees' salaries up to the median wage for the rest of this year is huge.
ReplyDeleteThe biggest single tax revenue source is still corporate income taxes, so there's incentive to ensure the retention of particularly the big and medium companies.
Having continued locals on payrolls also mean less social disorder and preventing residential property crash. Hoho!
Individual goodies like SIRS, $300 to $900 angpaos & doubling of U-save are a much smaller portion ... But makes for good marketing! LOL!
I won't be surprised if our reserves are in the region of 12 zeroes...
And finally, the last thing why not to worry is that they'll collect back whole chickens when the good times come back again. Lol!!
Spur,
DeleteI won't worry.
You younger than me.
I hope you'll stick around to pay back the whole chicken ;)
I personally will pay back small wings after 2022/X
Delete$9K payout from this Govt will take $450K personal expenses at GST 9% (i.e. additional 2% pay back). Small wings at a time.Timing and time in life at play. :-)
DeleteSmol,
DeleteLOL!! Hope I can grow many chickens, ducks, pigs, sheep, cows, goats at the same time! :)
Btw, me also (almost??!?) uncle status liao ... 1 or 2 years younger than you... :P
"Only" $5B out of this $55B is targeted at individuals / families. $50B is targeted at companies / industries. There is no free lunch or bailouts .... Quid pro quo is the catchphrase, and companies know it. :)
Anyway the cumulative freebies & concessions enjoyed by companies during the past 10 years have dwarfed the size of this $55B. The man in the street will be *shocked* at how much govt bends backwards for companies even when things are going great for them. Wink wink. Shhhh!
Ahhh ... but Singapore Inc have extracted total investments, employment & corporate taxes from all these companies (mainly MNCs, GLCs, & medium companies) many many times the amount of concessions they got. ;)
And the name of the game now is to ensure this game continues ... hence survive now ... and tekan later LOL!!