Inflation has been a genuine concern for many people in the world, including those who live in Singapore. As things become more expensive, some of us would need to find ways to cope with the increase in our cost of living.
To help Singaporeans deal with the cost of living, the government has previously introduced the Assurance Package during the Singapore Budget 2020. Earlier this year, during the Singapore Budget 2023, the government also announced that it would be enhancing the Assurance Package by about $3 billion, bringing it to a total of $9.6 billion.
On 28 September 2023, the government announced a further $1.1 billion Cost-Of-Living Support Package to provide more relief for Singaporean households, especially lower-to-middle-income families. This includes a $0.8 billion enhancement to the Assurance Package, bringing the Assurance Package funding to over $10 billion.
How Much More Will You & Your Household Be Getting From The Cost-Of-Living Support Package
Firstly, we should remember that the $1.1 billion Cost-Of-Living Support announced in September should be seen as an enhancement to the existing Assurance Package, and not the only support that we receive. The support provided in this package is on top of what was previously announced.
Assurance Package (AP) Cash Special
An additional payment of up to $200 cash will be given to 2.5 million eligible adult Singaporeans. This one-off special payment will be disbursed in December 2023, together with the existing AP Cash component.
In total, eligible adult Singaporeans may receive up to $800 cash in December 2023.
CDC Vouchers
An additional $200 of CDC vouchers will be given to every Singaporean household in 2024. This will bring the total amount of CDC Vouchers to $500 for every Singaporean household in 2024.
Read Also: Step By Step Guide To Redeeming Your CDC Vouchers
Additional Service & Conservancy Charges (SACC) Rebate
For Singaporean households staying in HDB flats, there will be an additional one-off 0.5 months of S&CC rebate. This will be disbursed in January 2024, together with the regular S&CC rebates.
Additional U-Save Rebates to cushion the impact of the increase in carbon tax and water price
As water prices will be increasing in April 2024 and April 2025 along with carbon tax, an additional $20 per quarter of U-Save rebates from January 2024 to December 2025, or a total of $80 per year for 2 years, for 950,000 Singaporean HDB households. These rebates will be disbursed with the regular U-Save rebates and will cushion the impact of the increases in carbon tax and water prices in 2024 and 2025.
Public Transport Subsidies
Additional subsidies of about $300 million in 2024 will cover the deferred fare adjustment quantum of 15.6% that will be carried over to future fare review exercises as announced by the Public Transport Council on 18 September 2023
Public Transport Vouchers (PTVs)
PTVs worth $50 each for resident households with monthly household income per person of not more than $1,600
In total, all of these subsidies will cost the Singapore government $1.1 billion.
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