Singapore Chinese New Year is the most important date of the traditional Singapore Chinese holidays. It is sometimes also called the Lunar New Year in Singapore. The festival traditionally begins on the first day of the first lunar month in the Chinese calendar and ends on the 15th; this day is called Lantern Festival. Chinese New Year’s Eve is known as Chúx?. It literally means "Year-pass Eve".
In Singapore, it is a public holiday, and held with varying degrees of celebration by Chinese ethnic. Celebrations are also marked by visits to kin, relatives and friends, a practice known as "new-year visits".
Minister for Finance, Mr. Tharman Shanmugaratnam unveiled a Resilience Package totaling $20.5 billion this year, to help Singapore see through a period of exceptional difficulty. The Package aims to save jobs to the maximum extent possible in the recession, and to help viable companies stay afloat. It also prepares Singapore to emerge with strength when the global economy recovers, and enhances our capabilities and competitiveness for the long term.
The Resilience Package has five components consisting of:
Jobs for Singaporeans
To help Singaporeans stay employed, Government will spend $5.1 billion by:
Introducing the Jobs Credit Scheme
Enhancing the Skills Programme for Upgrading and Resilience (SPUR)
Providing the Workfare Income Supplement (WIS) Special Payment
Expanding recruitment across the public sector
Stimulating Bank Lending
To ensure that viable companies continue to have access to credit to sustain their operations and keep jobs, government will spend $5.8 billion to stimulate bank lending by:
Enhancing existing bank lending schemes
Introducing the Special Risk-Sharing Initiative (SRI) comprising a new Bridging Loan Programme and risk-sharing schemes for trade financing
Enhancing Business Cash-flow and Competitiveness
Government will spend $2.6 billion to support business cash-flow and strengthen Singapore’s competitiveness through:
Tax concessions and measures
Easing cash-flow and sharpening Singapore’s competitiveness
$2.6 billion will be spent to provide additional support for families and communities during this downturn through:
Direct assistance for Singaporean households
Increased targeted help for vulnerable groups
Additional support for Charitable Giving and the Community
Building A Home for the Future
Government will spend $4.4 billion to develop Singapore as a global-city and best-home for Singaporeans by: