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Singapore announces $372 million jobs support package

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Office workers walk out for lunch break at Raffles Place financial business district in Singapore on January 4, 2022.
Roslan Rahman | AFP | Getty Images

Singapore’s Finance Minister Lawrence Wong announced a $500 million Singapore dollars ($372 million) package to support jobs and businesses as part of his budget proposals on Friday, adding that the government will extend separate targeted help for the struggling aviation sector.

Singapore’s government has committed close to SG$100 billion over the past two years to cushion its people, businesses and the economy from the impact of the Covid-19 pandemic.

Wong also said the government would set aside SG$560 million package to help Singaporeans deal with the rising cost of living.

He said the government was closely monitoring the risk of rising inflation and the cost of living, which has been driven by the recovery in global demand amid continuing supply chain disruptions and especially by the rise in energy prices.

Singapore has forecast its economy will expand 3-5% this year.

The Monetary Authority of Singapore tightened its policy settings in January in its first out-of-cycle move in seven years. It is widely expected to tighten again at its scheduled policy meeting in April.

The city-state’s 2022 core inflation is forecast at 2-3% and headline inflation at 2.5-3.5%.

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