Singaporeans To Receive US$300 in Cost-Of-Living, Check Post For More Details

Eligible adult Singaporeans will get a one-time cash payment of up to S$300 along with their regular GST vouchers this year. This is part of a S$1.5 billion support package to help vulnerable groups with the rising cost of living.

Singaporeans To Receive US$300 in Cost-Of-Living

Finance Minister Lawrence Wong announced on June 21 that about 1.5 million Singaporeans will benefit from this payment. This initiative aims to provide immediate financial relief to those who are most affected by the rising costs.

Who is Eligible

To qualify for this payment, Singaporeans must:

• Be 21 years or older in 2022
• Have an income of S$34,000 or less for the 2021 assessment year
• Live in homes with an annual value of S$21,000 or less
• Not own multiple properties

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• CDC Voucher 2024
• Retirement Age Singapore
• $1300 Government Payout for August
• $900 Senior Bonus 2024

Purpose of the Package

Immediate Relief

The Ministry of Finance (MOF) said this package aims to provide quick and focused relief to lower-income and vulnerable groups due to high inflation. The rising cost of living has put a strain on many households, and this package is designed to alleviate some of that pressure.

Support for Different Groups

The package also supports:

• Families
• Businesses
• Workers
• Self-employed individuals

This comprehensive approach ensures that various segments of society receive the assistance they need to cope with the economic challenges.

Funding Source

The package is funded by better-than-expected financial results from 2021 and does not use past reserves. This prudent financial management allows the government to provide support without compromising future fiscal stability.

Careful Planning

Minister Wong emphasized that the support measures are designed to avoid increasing inflation. The package is carefully structured to prevent adding more inflationary pressure. By targeting the assistance to those who need it most, the government aims to minimize any potential negative impact on the economy.

Focus on Vulnerable Groups

The measures are mainly aimed at lower-income and vulnerable groups who are more affected by inflation. These groups often face the greatest challenges in managing rising costs, and the targeted support is intended to provide them with the necessary relief.

Cash Vouchers and Utility Rebates

• S$300 Special Payment: About 1.5 million Singaporeans will be eligible, with notifications sent in August. This payment will provide immediate financial assistance to help with daily expenses.
• S$100 Utility Credit: Every Singaporean household will receive a S$100 credit for utility bills by September. This credit will help households manage their rising utility costs due to increased energy prices.

Enhancements to ComCare

• Long Term Assistance: A one-person household will get S$640, an increase of S$40. This increase in assistance will help individuals who rely on long-term support to meet their basic needs.
• Short-to-Medium Term Assistance: Enhanced cash and utility support, based on household income, needs, and composition. This flexible approach ensures that households receive the appropriate level of support based on their specific circumstances.

Support for Lower-Wage Workers and Self-Employed Individuals

• Increased Co-Funding: Government co-funding for wage increases will rise to 75% (up from 50%) for employees with monthly wages up to S$2,500. This increase in co-funding will encourage employers to raise wages for lower-income workers.
• Additional Co-Funding: Co-funding will increase from 30% to 35% for employees with monthly wages between S$2,500 and S$3,000. This additional support will help more workers benefit from wage increases.

Jobs Growth Incentive Scheme

• Extension: The scheme, which supports employers hiring vulnerable groups, will be extended to March 2023. This extension will provide continued support for job creation and help more individuals find employment.

Targeted Assistance for Self-Employed Individuals

• Taxi and Private-Hire Vehicle Drivers: Main hirers will get a one-time relief of S$150. This relief will help drivers manage the increased costs of fuel and other expenses.
• Combi-Bus and Limousine Drivers, Delivery Drivers, and Riders: Eligible for the NTUC U FSE Relief Scheme, with potential cash relief of up to S$300. This targeted assistance will provide financial support to self-employed individuals who are facing economic challenges.

Support for Businesses

• Grant Coverage: Up to 70% of qualifying costs, capped at S$30,000 per company, to help small- and medium-sized enterprises in the food manufacturing, food services, or retail sectors with rising energy costs. This grant will help businesses invest in energy-efficient solutions and reduce their operating costs.

Enterprise Financing Scheme – Trade Loan

• Increased Loan Quantum: Maximum loan quantum doubled to S$10 million (up from S$5 million) from July 1, 2022, to March 31, 2023. This increase in loan quantum will provide businesses with greater access to financing to support their operations.
• Risk Share: The government will continue to provide a 70% risk share during this period. This risk-sharing arrangement will help businesses secure the necessary funding to navigate the economic challenges.

Prime Minister’s Statement

Prime Minister Lee Hsien Loong reaffirmed the government’s commitment to supporting lower-income and vulnerable groups as they face rising inflation, promising continued assistance throughout this challenging period. He emphasized that the government will stand by its citizens and provide the necessary support to help them overcome the difficulties.

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Elizabeth

I am a dedicated lifestyle and fashion enthusiast, always looking for the latest trends and timeless styles. With a flair for creativity and a passion for self-expression, I provide fresh insights and tips on elevating everyday living and personal style.