Singapore
  • Hong Kong
  • UK
  1. Osome Blog Singapore
  2. Wage Support & Rental Relief for Businesses in Singapore’s Stabilisation Phase

Wage Support & Rental Relief for Businesses in Singapore’s Stabilisation Phase

Updated for 21 October 2021

Amid a surge in the number of COVID-19 cases in Singapore in recent weeks, tighter COVID-19 restrictions will be implemented from 27 September to 21 November 2021.

With the group size limit reduced to 2 vaccinated people for dining-in at food and beverage outlets and reduced cap on social gatherings, many businesses registered in Singapore – especially Small- and Medium-sized Enterprises (SMEs) – will be affected.

However, Singapore’s Finance Minister Lawrence Wong has announced additional support measures for these Singapore-registered companies.

To assist businesses such as retailers and food and beverage (F&B) outlets cope with the tightened COVID-19 restrictions, Lawrence Wong has announced that these businesses will receive approximately $650 million in rental waivers, wage subsidies and other forms of support. This amount will be funded from higher-than-expected revenues accumulated by the Government to date, with no additional draw on past reserves.

For more customised advice in getting your company’s finances in order, talk to our experienced accountants in Singapore. We also assist e-commerce companies with their accounting tasks. Otherwise, do read on to find out more about the extended support schemes.

  1. Enhanced Jobs Support Scheme

From 27 September to 21 November 2021, the JSS will be enhanced for sectors that are affected. This includes enhancing the Jobs Support Scheme (JSS) for sectors such as Food & Beverage businesses, fitness studios, gyms, arts education centres and performing arts organisations.

Additionally, this 25 per cent enhanced wage support is also applicable to tourist attractions, retail sector, art galleries, affected personal care services, museums, licensed hotels, cruise and regional ferry operators, cinema operators, travel agents, MICE (meetings, incentives, conferencing and exhibitions) organisers, as well as other family entertainment centres.

Affected Sectors Wage Support

Sectors that were closed or sectors with further safe management measures implemented, including:

Food & Beverage businesses, fitness studios, gyms, arts education centres and performing arts organisations.

Increased to 25%

Sectors that are significantly affected, including:

Tourist attractions, retail sector, art galleries, affected personal care services, museums, licensed hotels, cruise and regional ferry operators, cinema operators, travel agents, MICE (meetings, incentives, conferencing and exhibitions) organisers, as well as other family entertainment centres.

Increased to 25%

These businesses had previously received 10% of the Job Support Scheme support from 19 to 31 August 2021.

How Do I Apply For The Support?

Employers are not required to apply for the JSS. For eligible employers, the Inland Revenue Authority of Singapore (IRAS) will notify them by mail to inform them of the support tier and the JSS payout amount payable to them.

  1. Rental Relief

Under the Rental Support Scheme, government-owned commercial property tenants will receive rental waivers. This means government-owned commercial properties will have their rent offset for the entire duration of tightened COVID-19 measures from 27 September to 24 October 2021.

On the other hand, owner-occupiers and qualifying tenant-occupiers of privately-owned commercial properties will receive a two-week rental waiver under the Rental Support Scheme.

Update for Extended Stabilisation Phase in November:

There will be a half-month rental waiver in November given to the following businesses:

  • qualifying tenants of government-owned commercial properties
  • cooked food and market stallholders in food centres managed by the National Environment Agency (NEA) or NEA-appointed operators

Qualifying tenant-occupiers and owner-occupiers of privately owned commercial properties will also be given a half-month rental relief cash payout under the Rental Support Scheme (RSS).

How Do I Apply For The Support?

• Tenants: Check your eligibility here and submit an application

• Owner-occupiers: Check your eligibility here and submit an application

For tenants and owner-occupiers who had previously applied for the first payout, they do not need to apply for the second payout. These applicants will automatically receive the second payout should they be eligible.

  1. Emerge Stronger From The COVID-19 Crisis

Focus your energy on growing your business, so your company can emerge stronger. We know how tough this period can be, but hang tough for there is light at the end of the tunnel.

Stay focused on growing your business, so your company can emerge stronger. Leave your accounting pain points to us, because we know that preparing financial statements yourself is a chore.  

Tips

We do affordable online accounting for busy founders, with a human expert who has your back and works alongside you to ensure your business prospers while being compliant. Get in touch with us today!

Share this post:

Tips to run your business smarter.
Delivered to you monthly.

You'll receive a verification email you'll have to open and confirm the subscription.

You might like it

E-commerce

A Design Guide for E-commerce Websites

If you’re looking to improve your e-commerce page and improve sales, you might want to learn the fundamentals of how to design a good website.

Entrepreneur's Bootcamp

Best Practice Invoicing Tips for SMEs

This article will help Singapore-based SMEs get to grips with the best invoicing practices. Take a look at the tips and how-tos to guide you toward being more streamlined and savvy.

E-commerce

Which Is The Better Payment Gateway: Paypal or Stripe?

As an e-commerce business owner, you would have heard of payment gateways PayPal and Stripe. With these two big platforms being the most popular online payment gateways, you may face a dilemma when it comes to deciding which payment gateway to use.

E-commerce

Tips For Amazon Sellers To Manage Your Inventory Better

Brand owners and sellers of all scales struggle to seek a well-balanced supply chain. Additionally, Amazon has its own inventory management rules, which makes everything even tougher.

E-commerce

Top 10 Best E-commerce Hosting Services in 2021

When you are setting up your e-commerce shop, the right hosting provider can make all the difference. However, with a variety of options out there, choosing the best one can be confusing.

E-commerce

What You Need To Include In An Invoice for E-commerce

For business owners who own and run an online store, you probably already know that invoices must be sent to your customers for the services you provide or the goods you sell, as a form of purchase proof.

E-commerce

Guide to E-commerce Fulfillment & Shipping for Singapore E-commerce Sellers

E-commerce fulfilment and shipping for your Singapore-based business matters. This guide unpacks how the right strategy can influence your bottom line and help you find what’ll work best for you - whether it’s in-house fulfilment, dropshipping or a solid partnership with a 3PL.

E-commerce

E-commerce Tips: How To Use Packaging Inserts to Increase Revenue

Improving customer retention is one of the effective ways to create brand awareness. Additionally, placing your focus on existing customers also means that you do not have to splurge extra dollars on marketing.

Entrepreneur's Bootcamp

The Cost of Living as a Foreign Business Owner in Singapore

When choosing Singapore as a base to run your business is the cost of living, you need to consider the cost of living.

E-commerce

5 Most Lucrative E-Commerce Niches In 2021

If you’re just starting or looking to go in a new direction, finding a lucrative niche will make every part of running your e-commerce business easier. This article will look at the trending e-commerce niches to consider.

Entrepreneur's Bootcamp

How To Pick the Right Company Name

Choosing a business name is not that simple, and you may wreck your brains over choosing one, only to find out that ACRA did not approve its registration.

Running My Business

Should You Consider Using Cryptocurrency in Your Business Operations?

There are more than 4,000 cryptocurrencies that exist. Before you jump on the bandwagon, assess whether cryptocurrencies are suitable to be used in your business.

Tips to run your business smarter. Delivered to you monthly.

You'll receive a verification email you'll have to open and confirm the subscription.

We’re using cookies! What does it mean?