For the domestic construction sector, access to project loans will also be extended for another year, from April 1 this year to March 31 next year.
To better support smaller enterprises, a waiver of the Skills Development Levy requirement will be granted, for the qualifying period of Jan 1, 2021 to Dec 31, 2021.
Among other things, the Progressive Wage Model will be extended to the retail, food services and waste management sectors, as well as to cleaners, security officers, landscape workers, administrators and drivers across all sectors.
The co-funding rate will be set at 50 per cent for the first two years, for workers earning up to S$2,500.
Those who are unable to set aside the BRS will not be required to top up their CPF, but those who do when they turn 55 in 2027 will get payouts of close to S$1,000 a month when they turn 65.
The rate will go up from 7 per cent to 9 per cent in two phases.