Discover Financial Assistances schemes in Singapore during Covid-19

Financial Assistance Schemes during Covid 19

The Covid-19 situation has truly transformed and changed the way how people are dealing with work and their lifestyles. There are untold number of people with their livelihoods affected with the pandemic and this is where various organisations rise up to the challenge with well placed financial assistance schemes rolled out in this tough times. Today, we will discuss financial assistance schemes rolled out by various organisations and how they can be made possible for the needy. It is not just our local government helping affected individuals, it is with the great support of corporations, schools, organisations pitching in to help everyone. 

Ngee Ann Kongsi Fund – Financial Assistance scheme for Teochews

Ngee Ann Kongsi as a welfare organisation has set aside half a million dollars to help local teochews who had been affected by Covid-19. This is to reach out to those who have lost their jobs, retrenchments or incomes affected by the pandemic. 

Only Singaporean Teochews who are above the age of 21 can apply for the financial assistance scheme. It comes as a one-time sum of  $500  monetary assistance, and applicants would need to display that they have experienced total loss of income for 3months. The financial aid is to help those affected to tide over some of their financial burden.

For more information on how to apply for the scheme, it can be found on the Teochew Federation website

SMU Resilience Fund for Students

It is not only working adults that get assistance, students need them too as it has hit them harder. The scheme is called the SMU Resilence Fund which aims to help students who are first directly affected by the pandemic. 

Under SMU Cares, it helps students who have family members livelihoods affected by Covid-19. This comes in the form of a one-off grant of $500 to help students and their families to tide over this difficult period. 

In addition, there’s a Global Exposure Contingency Fund which helps students defray their overseas placements costs. This is because overseas internships and placements have been cancelled, and the fund is to help students recover their costs made. It can be airline bookings, accommodation costs, visa costs. It is also to help students with their Stay-Home notice accommodation. 

On the SMU Gives platform, a fund set aside for student bursaries and for emergency cases is constantly being made. Fund raising efforts from the faculty and students help this fund to continuously grow to help the needy. 

On the SMU Helps platform, new and existing gifts from various resources in SMU are channel to this platform. This helps urgent financial needs put up by those who need it the most. The University continuously strives to support affected students with its various financial schemes which is a great move by the school. 

AIC new portal for Application of Financial Assistance Schemes

AIC reaches out to caregivers and seniors, and aims to integrate assistance and care for those in this category. It also strives to build a vibrant community for the silver age community and provide support and care for them. Its volunteer program helps those in need. 

AIC launched a new portal that allows easy application of various financial assistance schemes that fall under AIC program. This skips the hassle of paper submission and easier access to applications. The included schemes help to defray caregiver costs which can be hefty for families. 

Interested applicants can apply via this portal

Government Assistance Schemes 

There are various schemes being offered to individuals and businesses that have been affected by Covid-19. Our local government has continuously stressed the importance of being resilient in these tough times, and the financial assistance schemes being rolled out are targeted to help the industries and people who need it the most. 

The government recognises the efforts by our frontline and healthcare professionals, and have set up the courage fund to help those in this line of work to cope with the increased stress and workload they had to endure. Covid-19 had placed numerous stress factors and tasks for our frontline forces, in which many are grateful for.

The food and beverage industry has been badly affected too, with many closing down due to reduced human traffic flow and financial difficulties as the reduced traffic lead to a sharp decline in sales. The government has stepped in to provide digital resilience funds and various support schemes for F&B to tide through this tough period. 

Financial assistance schemes such as Job Support scheme, Waiver and rebate of foreign worker levy, some of which are being rolled out in the Fortitude Budget 

The End Game? Stay Safe!

With 2020 coming to an end, and Covid-19 situation not lifting up, we are in it for the long run. Wearing masks as a necessity will not be removed any time soon, and the travel situation has not been uplifted fully yet.In time to come, it will be harder for businesses to survive as many has been displaced in the current environment. 

As an individual, do plan your finances wisely. Be careful with your loans and always speak to proper loan officers regarding your loan situation. Adjust your living budget needs accordingly with what you can afford.