Additional household assistance is on the way, Finance Minister Lawrence Wong said Parliament on Monday, citing the economic consequences of the Ukraine crisis (April 4).
He said that the conflict has exacerbated global inflation, while other reasons such as supply chain disruptions have also led to price increases.
As a result, Mr Wong stated that the $100 Community Development Council (CDC) vouchers for 2022 promised in this year's Budget will be distributed to every Singaporean home by the middle of May.
This follows the December disbursement of the first batch of $100 CDC vouchers to all Singaporean households to assist with everyday costs.
According to Mr. Wong, "I appreciate many households and companies' anxieties about the current state of affairs... I will expedite the implementation of our Budget initiatives to the extent practicable."
Additionally, additional financial assistance will be provided to lower-income households that may be disproportionately impacted by the period's increased prices.
Mr Wong stated that between April and September 2022, all new ComCare short- to medium-term assistance applicants will get at least six months of help from the Social Service Offices.
Households already receiving assistance under this program may also have their aid extended for an additional three months if they require more support.
Households with lower incomes will also receive additional assistance with public transportation charges.
Additionally, Mr Wong confirmed the availability of another batch of $30 public transportation coupons for nearly 30,000 ComCare recipients.
These vouchers were distributed in December to assist households in adjusting to the increase in public transportation fares.
This group will thus get a total of $60 in vouchers, which will cover the increased prices paid by a family of four this year as a result of the December rate increases.
All households with a monthly income of up to $1,600 per member are also eligible for these incentives. From now until October 31, 2022, applications will be accepted. Mr Wong said that eligible households that have previously received one voucher but want a second can also apply.
Mr Wong also said that, in order to assist companies, he will accelerate the payment of the Small Business Recovery Grant, which offers up to $10,000 to small- to medium-sized organizations that have been worst hit by Covid-19 limitations in the last year.
By June, he claimed, the majority of qualified firms will receive the award. Originally, qualifying firms would have been notified of their eligibility for the grant beginning in June 2022.
The finance minister was replying to a question from a member of Parliament on whether the Government will beef up the fiscal stimulus measures proposed in the Budget.
"We will need time for these actions to take effect and ripple through the economy before we can analyze their effects, review the overall situation, and then consider any additional steps that may be necessary," he added.
Mr Wong further mentioned that the Budget includes refunds for service and conservation charges (S&CC) and residential electricity bills.
The first tranche of S&CC and U-Save refunds will be distributed to eligible homes this month, with the remainder distributed over the next three quarters.
"This will address a critical component of the cost of living that was raised by numerous Members," he explained.
Additional initiatives include the Covid-19 Recovery Grant, which is available until the end of the year and assists people enduring job loss or continuous income loss, and the Taxi Subsidy Scheme, which assists low-income persons with disabilities who require point-to-point transportation.
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