Connect with us

Branded Content

Complete Guide To Household Support Measures From Budget 2024

Budget 2024 introduced new support measures for young seniors.


This article was written in collaboration with the Ministry of Finance (MOF). All views expressed in this article are the independent opinion of DollarsAndSense.sg based on our research. DollarsAndSense.sg is not liable for any financial losses that may arise from any transactions and readers are encouraged to do their own due diligence. You can view our full editorial policy here.

Against rising cost of living pressures and geopolitical uncertainty, the Government unveiled support measures amounting to $131.4 billion in Budget 2024. These include new measures and enhancements to existing schemes to provide additional relief for individuals and households.

Here’s a recap of the assistance given to Singaporean households and how much you can expect to receive in the coming months.

Read Also: Championing Lifelong Learning: How Budget 2024 Supports Singaporeans To Upskill And Develop Their Full Potential

#1 Support Measures For Individuals To Help With Cost-of-Living Expenses

The following four support measures were announced to help individuals:

Cost-of-Living (COL) Special Payment Of $200 to $400 For Adult Singaporeans

Eligible individuals will receive a one-time B2024 Cost-of-Living (COL) Special Payment of between $200 and $400 in cash. This is part of the $1.9 billion enhancement to the Assurance Package (AP), providing additional support for cost-of-living concerns.

This cash payment is on top of the enhanced permanent GST Voucher (GSTV) scheme that eligible Singaporeans will continue to receive beyond the transitional AP.

About 2.5 million adult Singaporeans will benefit from this COL Special Payment, which will be paid out in September 2024. To qualify, you must be aged 21 and above, and have an Assessable Income of no more than $100,000. You must also not own more than one property. The Assessable Income will be based on Year of Assessment (YA) 2023, or the income you earned in 2022.

Singaporeans Aged 21 and Above in 2024, and Own No More than One Property Assessable Income
Up to $22,000 More than $22,000 and up to $34,000 More than $34,000 and up to $100,000
B2024 COL Special Payment $400 $300 $200

Source: MOF

CPF MediSave Bonus Of $100 to $300 For Adults Between 21 And 50

About 1.4 million adult Singaporeans, aged between 21 and 50 (or born in 1974 – 2003), will receive a one-time MediSave Bonus of $100 to $300, credited to their CPF MediSave Account in December 2024. It can help to cover smaller medical bills and insurance premiums.

This bonus will be tiered based on your age, the annual value (AV) of your residence, and whether you own more than one property as at 31 December 2023.

Singaporeans born in Own not more than 1 property Own more than 1 property
AV of residence
Not more than $25,000 More than $25,000
1974 – 1983 $300 $200
1984 – 2003 $200 $100

Source: MOF

NS LifeSG Credits Of $200 For All National Servicemen

Eligible national servicemen (NSmen), including those who will be enlisting by 31 December 2024, will receive $200 in National Service (NS) LifeSG credits. These credits are given to recognise the contributions of past and present NSmen.

The LifeSG credits can be used at over 100,000 online or physical merchants accepting payments via PayNow UEN QR or NETS QR.

The NS LifeSG credits will be disbursed to around 1.2 million national servicemen in November 2024 and will be valid for one year from the date of issue.

Personal Income Tax Rebate of Up To $200 For All Tax Residents

All tax residents will be granted a Personal Income Tax (PIT) Rebate of 50% of the tax payable for YA2024. The PIT Rebate is capped at $200 so that the benefits go mostly to middle-income workers.

The PIT rebate for eligible taxpayers will automatically be reflected in their Notices of Assessment for YA2024.

#2 Support Measures For Young Seniors To Boost Their Retirement Savings

On top of the support measures for individuals, the government has also announced the $8.2 billion Majulah Package in Budget 2024. Aimed at boosting the retirement savings of seniors born in 1973 and earlier, the Majulah Package comprises the following:

MediSave Bonus Of $750 to $1,500 For All Seniors

All seniors will receive a one-time MediSave Bonus of between $750 and $1,500 to boost their retirement savings.

This bonus will be tiered based on age, the annual value of your residence, and whether you own more than one property. The MSB will be credited to your CPF MediSave Account in December 2024.

Singaporeans born in Own not more than 1 property Own more than 1 property
AV of residence
Not more than $25,000 More than $25,000
1959 or earlier $750 $750
1960 – 1973 $1,500 $750

Source: MOF

Retirement Savings Bonus Of $1,000 to $1,500 For Seniors Who Have Not Saved The 2023 Basic Retirement Sum

Singaporeans born in 1973 and earlier will receive a one-time Retirement Savings Bonus (RSB) of between $1,000 and $1,500. This bonus is meant to provide a boost to their retirement savings.

To qualify for the RSB, your retirement savings must be below the 2023 Basic Retirement Sum (BRS) of $99,400 as at 31 December 2022. You must also be living in a residence with an annual value of $25,000 and below and own not more than one property as at 31 December 2023. The RSB will be credited to your CPF Retirement Account (RA) or your Special Account (SA) (if you are under 55 years old) in December 2024.

CPF Retirement Savings(1) Bonus
Less than $60,000 $1,500
At least $60,000 but less than $99,400 (2023 BRS) $1,000

(1) Based on the sum of the RA and CPF LIFE balances, or the sum of Ordinary account and SA balances if RA has not yet been created.

Source: MOF

Earn And Save Bonus For Seniors Who Earn Between $500 And $6,000

Another component of the Majulah Package that seniors may benefit from is the Earn and Save Bonus (ESB), which provides an annual bonus of between $400 and $1,000. It is meant to provide additional support to lower- to middle-income workers.

Eligibility for the ESB will be assessed annually based on the preceding YA (employment and trade income) as well as AV and property ownership in the preceding year.

To qualify for the ESB, you must work and have an average monthly income of between $500 and $6,000. You must also be living in a residence with an AV of $25,000 and below and not own more than one property. The first annual ESB will be credited to your CPF Retirement Account, or Special Account if you are under 55 years old, in March 2025.

Average Monthly Income Annual Bonus
$500 to $2,500 $1,000
Above $2,500 to $3,500 $700
Above $3,500 to $6,000 $400

Source: MOF

Read Also: Guide To The Majulah Package: Earn & Save, Retirement Savings Bonus, And Medisave Bonus

#3 Support Measures For Households To Cope With Living Expenses

To help Singaporean households cope with living expenses from utility and food costs, support through the following schemes was extended:

Additional $600 Community Development Council (CDC) Vouchers for all Singaporean Households

All Singaporean households will receive an additional $600 CDC Vouchers as part of the enhanced AP.

The first $300 CDC Vouchers will be disbursed in end-June 2024 and will be valid till end-December 2024. The remaining $300 will be disbursed in January 2025 and will be valid till end-December 2025.

Each tranche of CDC Vouchers will be split equally for spending at participating merchants/hawkers and supermarkets.

                                                Disbursement Month CDC Vouchers per Singaporean Household
June 2024 $300
January 2025 $300
Total $600

Source: MOF

Read Also: Step By Step Guide To Redeeming Your CDC Vouchers

B2024 Cost-of-Living (COL) U-Save

Eligible Singaporean households living in HDB flats and whose household members do not own more than one property will receive a one-off B2024 COL U-Save. This is in addition to the GSTV – U-Save and the AP U-Save that households will receive to offset their utility expenses.

The B2024 COL U-Save will be disbursed over four quarters in April 2024, July 2024, October 2024, and January 2025. With the additional B2024 COL U-Save rebate, more than 950,000 eligible Singaporean households will receive 2.5 times the amount of regular GSTV – U-Save, or up to $950 in FY2024.

HDB Flat Type and Disbursement Month 1- and

2-room

3-room 4-room 5-room Executive/Multi-generation
April 2024 GSTV – U-Save $95 $85 $75 $65 $55
B2024 COL U-Save $95 $85 $75 $65 $55
July 2024 GSTV – U-Save $95 $85 $75 $65 $55
AP U-Save $95 $85 $75 $65 $55
B2024 COL U-Save $95 $85 $75 $65 $55
October 2024 GSTV – U-Save $95 $85 $75 $65 $55
B2024 COL U-Save $95 $85 $75 $65 $55
January 2025 GSTV – U-Save $95 $85 $75 $65 $55
AP U-Save $95 $85 $75 $65 $55
B2024 COL U-Save $95 $85 $75 $65 $55
Total $950 $850 $750 $650 $550

Source: MOF

B2024 Cost-of-Living (COL) Service And Conservancy Charges (S&CC) Rebate

Eligible Singaporean households living in HDB flats will receive a one-off B2024 COL S&CC Rebate to offset 0.5 months of S&CC. This rebate will be disbursed in January 2025.

Number of Months of S&CC Rebate
HDB Flat Type and Disbursement Month 1- and 2-room 3- and 4-room 5-room Executive/ Multi-generation
April 2024 1.0 1.0 0.5 0.5
July 2024 1.0 0.5 0.5 0.5
October 2024 1.0 0.5 0.5 0.5
January 2025 0.5+0.5 0.5+0.5 0.5+0.5 0.5+0.5
Total 4.0 3.0 2.5 2.0

Source: MOF

#4 Support Measures To Help Families With Children Lower Child-Raising Costs

The Government has also announced the following support measures to help families with children:

One Year Parenthood Provisional Housing Scheme (Open Market) Voucher Worth $300 Per Month

Families seeking a temporary housing option while waiting for their new BTO flats can apply for the Parenthood Provisional Housing Scheme (PPHS) (Open Market) from July 2024. Eligible families will receive a rental voucher of $300 per month during the scheme’s one-year period.

Full-Day Childcare Fee Caps In Government-Supported Preschools to Be Lowered In 2025

The government will lower the fee caps for Singapore Citizen children at preschools under the Anchor Operator (AOP) and Partner Operator (POP) schemes by $40 a month in 2025. It will be further lowered in 2026, with details to be announced at a later date.

This will lower the fees at an AOP centre and POP centre to $640 and $680, respectively. With the fee cap reductions in 2025, families can enjoy savings of up to $564 per year for full-care childcare at an AOP centre. The following tables show what families might pay for full-day childcare in 2025, after accounting for the lowered fee caps and means-tested subsidies.

Source: MSF – Full-Day Childcare Expenses at an AOP centre

Source: MSF – Full-Day Childcare Expenses at an POP centre

Read Also: Complete Singapore Parents’ Guide To Childcare Subsidies For Their Little One(s)

Find Out More About What Subsidies You Are Eligible For With The “Support For You Calculator”

With varying eligibility requirements for the different schemes, it may not be easy to know which schemes you qualify for or remember the disbursement dates for these schemes.

Fortunately, with the Support For You Calculator, you can easily find out these details in under a minute. Developed by the Ministry of Finance and GovTech, it helps Singaporeans and their households estimate the benefits that they may receive from the various government schemes.

Check out the Support For You Calculator to find out the estimated benefits you may be receiving in the coming months or visit the Budget 2024 website for more details.