With IFPAS being a NTUC U-Associate Member, we are please to share the following information about Self-Employed Person Income Relief Scheme (SIRS).
Self-Employed Person Income Relief Scheme (SIRS) was first announced by Deputy Prime Minister (DPM) Heng SweeKeat as part of the Resilience Budget on 26 March 2020.
It was later enhanced, under the Solidarity Budget announced by DPM Heng on 6 April 2020 to broaden support for SEPs affected by COVID-19 and to tide them through this period of economic uncertainty. About 100,000 SEPs are expected to automatically benefit from SIRS
SIRS ELIGIBILITY CRITERIA
Singaporean SEPs can apply for SIRS. The criteria is as follows:
- Started work as an SEP on or before 25 March 2020;
- Currently earn a Net Trade Income (NTI) of not more than $100,000;
- If SEP also has employment (i.e. dual status worker), the income earned as an employee must be not more than $2,300/month;
- Live in a property with an AV not more than $21,000; and
- Do not own two or more properties.
For married Singaporean SEPs, the following additional criteria apply:
- The individual and spouse together do not own two or more properties; and
- The Assessable Income of his/her spouse does not exceed $70,000.
SEPs who have marginally missed ONE of the eligibility criteria AND are facing difficult circumstances can also submit an application to NTUC for consideration.
Application processing time is 30 days.