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New $1.5 billion package to help Singaporeans cope with rising inflation

A woman shops for fruits at a supermarket in Singapore
A woman shops for fruits at a supermarket in Singapore. (PHOTO: Reuters/Edgar Su)

SINGAPORE — Singaporean households will be receiving a $1.5 billion support package to help cope with rising inflation, with more aid going to lower- to middle-income groups.

Deputy Prime Minister and Minister for Finance Lawrence Wong announced the package on Friday (14 October), saying in a media release that it will be funded from better-than-expected fiscal out-turn in the first half of Financial Year 2022.

"Omicron was milder than expected, and more sectors of the economy had opened up in tandem, boosting economic recovery. There will be no draw on past reserves for this support package," the Ministry of Finance (MOF) media release said.

The package builds on the support measures announced in Budget 2022, as well in separate announcements in April and June this year.

Since then, inflation has picked up further globally. While supply chain frictions have eased slightly, the ongoing conflict in Ukraine continues to put pressure on commodity prices.

"We have been on a bumpy ride, confronting COVID-19, rising food and energy prices, and a changing global order," said DPM Wong.

"As with all previous challenges, big or small, the Government will do our part to support Singaporeans through these challenging times."

Summary of measures in support package

In light of the continued challenging environment, the new support package seeks to provide further relief for all Singaporean households.

Here is a summary of the measures in the package:

  • Cost of Living (COL) Special Payment: Up to $500 cash for 2.5 million eligible adult Singaporeans, to be disbursed in December together with the Assurance Package for GST cash payout announced at Budget 2022.

  • CDC Vouchers: Additional $100 CDC Vouchers for every Singaporean household in January.

  • Public transport subsidies: Additional subsidy of about $200 million in 2023 to cover the 10.6%-point fare increase that will be carried over to future fare review exercises.

  • Public Transport Vouchers (PTVs): 600,000 PTVs worth $30 each for resident households with monthly household income per person of not more than $1,600.

  • Ministry of Education’s (MOE) financial assistance schemes: Increase in income eligibility thresholds and enhancement to bursary quanta for full-time Institute of Technical Education (ITE) students in AY2023.

INFOGRAPHIC: Ministry of Finance
INFOGRAPHIC: Ministry of Finance
INFOGRAPHIC: Ministry of Finance
INFOGRAPHIC: Ministry of Finance
INFOGRAPHIC: Ministry of Finance
INFOGRAPHIC: Ministry of Finance

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