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2023 marked Singapore’s step-down to DORSCON green, signalling the end of the “acute phase” of our fight against COVID-19. Nevertheless, other challenges, such as a sustained high inflation environment and the rising cost of living, still affect most Singaporeans.
The Singapore Budget 2023, delivered by Deputy Prime Minister and Finance Minister Lawrence Wong, looked to address these concerns with the unveiling of various support measures to help Singaporeans tide through this period of higher inflation and the impact of the GST rate increase.
For All Singaporean Households:
#1 Every Singaporean Household To Receive $300 In CDC Vouchers In 2024
All Singaporean households will receive an additional $100 worth of CDC Vouchers next year as part of the Assurance Package (AP), totalling $300 in January 2024. This is on top of the $300 worth of CDC Vouchers that all Singaporean households would have received in January 2023.
The CDC Voucher scheme is meant to help households defray living expenses and can be used at participating hawkers, heartland merchants, and supermarkets.
#2 Eligible Singaporean Households To Get More U-Save Rebates
About 950,000 Singaporean households will receive double the amount of the regular GST Voucher (GSTV) – U-Save as part of the Cost-of-Living (COL) U-Save Special Payment in April, July, and October 2023.
Meant to help households offset their utility expenses, the COL U-Save, together with the regular GSTV – U-Save and the AP U-Save disbursed in January 2023, will provide eligible HDB households with total U-Save rebates of between $440 and $760 in 2023.
For Individuals:
#3 2.9 Million Singaporeans to get AP Cash of Between $700-$2,250 from 2022-2026
As part of the enhanced AP Cash announced in Budget 2023, eligible adult Singaporeans (aged 21 and above) will receive between $700 and $2,250 in total from 2022 to 2026, in December every year. This comprises an increase of between $300 and $650 for individuals with an assessable income of up to $100,000 and own not more than one property for 2023 to 2026.
This move is expected to benefit 2.9 million Singaporeans and delay the impact of the additional GST increase on majority of Singaporean households by at least five years.
#4 One-Off COL Special Payment Between $200 And $400 in June 2023
All eligible adult Singaporeans will receive a one-off Cost-of-Living (COL) Special Payment of between $200 and $400. This will be paid out in June 2023.
#5 COL Seniors’ Bonus Of Between $200 And $300 In June 2023
Eligible senior Singaporeans will receive an additional one-off Cost-of-Living (COL) Seniors’ Bonus of between $200 and $300, in June 2023 as depicted in the table below. This will benefit about 850,000 senior Singaporeans in 2023.
This is on top of the other support measures for seniors announced in the previous Budgets, which include the Assurance Package (AP Seniors’ Bonus and AP MediSave) and the GST Voucher (GSTV – Cash and GSTV – MediSave) that they may receive.
#6 Enhanced GSTV – Cash Of Up To $700 (in 2023) and $850 (from 2024) For Lower-Income Individuals
The permanent GSTV is meant to provide assistance to lower-to middle-income Singaporean households in defraying their GST expenses.
As highlighted in Budget 2023, the GSTV – Cash quantum will be further increased by up to $350, implemented over 2023 and 2024. This will benefit around 1.5 million eligible adult Singaporeans, who will receive up to $700 in 2023 and up to $850 in 2024.
#7 First-Timer Homebuyers To Receive Increased CPF Housing Grant When Buying Resale HDB Flats
The Government announced that the CPF Housing Grant for First-Timer homebuyers will increase from 14 February 2023, to assist with the purchase of resale HDB flats. With this change, eligible First-Timer families can receive $30,000 more under the CPF Housing Grant for the purchase of 2- to 4-room resale flats, and $10,000 more for the purchase of 5-room and larger resale flats. Eligible First-Timer singles can also receive $5,000 to $15,000 more under the CPF Housing Grant.
For example, First-Timer families can now receive up to $190,000 in housing grants for the purchase of a 2- to 4-room resale HDB flat. This includes a Proximity Housing Grant of up to $30,000, $80,000 from the CPF Housing Grant (not dependent on the buyer’s salary), and a further up to $80,000 from the Enhanced CPF Housing Grant (based on the buyer’s salary).
For Young Families:
#8 All Eligible Singaporean Children To Receive An Additional $3,000 in Baby Bonus Cash Gift (BBCG)
Eligible Singaporean children in all birth orders, born on or after 14 February 2023, will receive $3,000 more in Baby Bonus Cash Gift (BBCG). This means, the first and second child will receive $11,000, up from $8,000 currently, while the third and subsequent children will receive $13,000, up from $10,000 currently.
The increased BBCG will be disbursed on a regular basis (i.e. every six months), until the child turns six-and-a-half. This will be made available from early 2024.
#9 Increased Government Contributions To The Child Development Account
The Child Development Account (CDA) is a special savings account which can be used for child-raising expenditure, which the government contributes into through i) the CDA First Step Grant (FSG) and ii) a co-matching element.
The FSG will be increased by $2,000 for all eligible Singaporean children born on or after 14 February 2023, from $3,000 to $5,000. Additionally, the Government co-matching cap will also be increased by $1,000 for the first and second child, for a total cap of $4,000 and $7,000, respectively.
The enhancements to the CDA will be made available from early 2024.
#10 Children Under 20 To Receive One-Off Support Of Up To $400 In 2023
Families of Singaporean children under 20 will receive additional one-off support to help with their children’s expenses in 2023.
From September, children under 6 will receive an additional top-up of $400 to their CDA. For children between 7 and 16, and 17 and 20, they will receive a top-up of $300 in May to their Edusave account and Post-Secondary Education Account (PSEA), respectively.
#11 Government-Paid Paternity Leave (GPPL) To Double From Two Weeks To Four Weeks
To encourage fathers to be more involved in child-raising and bear more parental responsibilities, the Government-Paid Paternity Leave (GPPL) will be doubled from the current two weeks to up to four weeks on a voluntary basis.
This will apply to Singaporean children born on or after 1 Jan 2024. Employers who are able to grant the additional GPPL of up to 2 weeks will be reimbursed by the Government. Self-employed persons who have been engaged in a particular business, trade, profession, or vocation for a continuous period for at least three months before their Singaporean child is born are also eligible.
#12 Unpaid Infant Care Leave (UICL) Will Double To 12 Days Per Parent Per Year
Eligible working parents with Singaporean children aged under two from 1 January 2024 can take a total of 12 days of Unpaid Infant Care Leave (UICL) per parent per year, up from the current six days.
Find Out How Much You And Your Household Qualify For With The “Support For You Calculator”
The “Support For You Calculator” – developed by the Ministry of Finance and GovTech, helps Singaporeans and their households estimate the benefits that they may receive over the next few years from the various government schemes.
Editor’s Note: In case you’re worried about your increases in Annual Value this year, 2022’s Annual Value will be used to determine your eligibility for benefits in 2023. For benefits in 2023, all HDB flats will meet the Annual Value threshold of $13,000 or less.
Source: Support For You Calculator
So, check out the Support For You Calculator today to know what benefits you will be receiving this year.
