The Government will freeze all authorities charges and expenses for one 12 months, ranging from subsequent month and ending March 31 subsequent 12 months.
It may even droop all loan reimbursement and curiosity expenses for graduates who’ve taken authorities loans for college and polytechnic research, ranging from June and ending May subsequent 12 months.
This is to assist graduates who’re frightened about having to repay student loans whereas discovering jobs on this financial local weather, stated Deputy Prime Minister Heng Swee Keat.
He added that late cost expenses on Housing Board (HDB) mortgage arrears will likely be suspended for 3 months to assist these battling mortgage funds.
“HDB will continue to exercise flexibility when providing assistance during this period through existing measures such as deferring payment of loan instalments for six months,” he stated.
In a separate assertion, the Education Ministry (MOE) stated all will increase for charges charged by ministries, organs of state and statutory boards will likely be placed on maintain for a 12 months.
This will apply to charges for citizen kids enrolled at MOE kindergartens, in addition to authorities and government-aided colleges.
It may even apply to tuition and miscellaneous charges for residents enrolled in government-subsidised programmes at polytechnics and Institutes of Technical Education. However, the deferment of charge will increase won’t apply to everlasting residents and worldwide students.
The suspension of loan repayments and curiosity expenses applies to the schooling charge loan, examine loan and abroad student programme loan. It will apply to graduates who’ve already began on their loan repayments, in addition to these with excellent authorities loans who will likely be graduating in the course of the suspension interval.
“Individuals who wish to continue repaying their loans can do so by informing their respective institutions and agent banks to make the necessary arrangements,” MOE stated.
Read Mr Heng’s full speech right here.