For eligible Singaporeans, cash payments under the Assurance Package will increase by between S$300 and S$650 to account for rising inflation.
During his 2023 Budget Statement on February 14, Finance Minister and Deputy Prime Minister Lawerence Wong announced various changes to the Assurance Package to assist Singaporeans cope with the increase in Goods and Services Taxes (GST).
On January 1, 2023, the GST rate climbed to eight percent, and on January 1, 2024, the rate increased from eight to nine percent.
Wong stated that these Assurance Package additions will assist most Singaporean households balance extra GST charges for at least five years, and for ten years for those with lower incomes.
Wong stated that for those with lower incomes, the upgrades will entirely offset the cost increases caused by the rise in the GST and inflation. The expenditures of middle-income households will be considerably covered.
The new additions will cost S$3 billion, boosting the Assurance Package's overall cost from S$6.6 billion to S$9.6 billion.
Increased cash payout
Adult Singaporeans who qualify will get between S$300 and S$650 in extra cash during the remaining years of the package.
These cash awards will be distributed annually in December until December 2027.
This will raise the total Assurance Package cash payout received by Singaporean adults over five years to between S$700 and S$2,250.
These cash payouts will assist around 2,9 million Singaporean adults over the age of 21, according to Wong.
Enhancement of CDC vouchers
Wong also proposed an increase of S$100 for CDC Vouchers in 2024.
This implies that Singaporean households will receive extra $300 in CDC vouchers in January 2024.
CDC Vouchers are redeemable at participating shops, hawkers, and supermarkets in the heartland.
Wong also announced additional one-time assistance measures under the Assurance Package to address Singaporeans' concerns on the rise in the cost of living.
In June 2023, there will be a Cost-of-Living Special Payment of between S$200 and S$400 for each adult Singaporean who qualifies.
This unique payout will benefit about 2.5 million Singaporean adults.
Seniors will also get assistance in the form of a Cost-of-Living Seniors' Bonus. In June 2023, about 850,000 Singaporeans over the age of 55 will receive between S$200 and S$300.
In 2023, eligible households can also anticipate receiving up to S$760 in U-Save Rebates.
The U-Save Rebates will be distributed to households over the course of three payments this year: in April, July, and October.
The U-Save Rebates will assist about 950,000 HDB residents in Singapore with their utility costs.
To assist support homes with children, S$400 will be added to the Kid Development Account of each child under the age of six.
Children between the ages of seven and twenty will get a $300 Edusave or Post-Secondary Education Account top-up.
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