Resilience Budget: About 88,000 self-employed persons to benefit from income relief scheme, with first payment in May
SINGAPORE — About 88,000 people will benefit from the Self-Employed Person (SEP) Income Relief Scheme (SIRS) offering S$1,000 a month for nine months, which was announced in the Resilience Budget on Thursday (March 26), the Ministry of Manpower (MOM) said on Friday.
SINGAPORE — About 88,000 people will benefit from the Self-Employed Person (SEP) Income Relief Scheme (Sirs) offering S$1,000 a month for nine months, which was announced in the Resilience Budget on Thursday (March 26), the Ministry of Manpower (MOM) said on Friday.
Eligible SEPs — which include freelancers in the gig economy such as taxi drivers and real estate agents — will receive three cash payouts of S$3,000 each on a quarterly basis in May, July and October, said MOM.
Until this change, about 50,000 SEPs have been receiving Workfare payouts annually, and will be eligible for the scheme. The eligibility criteria have since been broadened to benefit about 88,000 people in total owing to the “extraordinary circumstances brought about by the Covid-19 pandemic”, said MOM.
Singaporean self-employed persons who meet the criteria for the scheme include those who:
Started work as a self-employed person on or before March 25 this year
Do not earn income as an employee
Earn a net trade income of no more than S$100,000. This refers to gross income less allowable expenses and trade losses
Live in property with an annual value of no more than S$13,000. This refers to the rental income a property could fetch
Do not own two or more properties
For married Singaporean SEPs, additional criteria apply. The individual and spouse cannot own more than two properties, and the assessable annual income of his or her spouse cannot exceed S$70,000.
SEPs aged 37 and over this year who declared positive SEP income to the Inland Revenue Authority of Singapore or the Central Provident Fund Board for the work year 2018 do not need to apply, and will be automatically notified of their eligibility via letter and SMS. They will receive their first payout from the scheme automatically in May.
Other eligible SEPs may apply for Sirs. More details on Sirs and the application process will be released at a later date, MOM said.