SINGAPORE, Feb 16 — To better support households with the cost of living, some 2.5 million Singaporeans age 21 and above will receive cash payouts of between S$200 and S$400 in September 2024.

Finance Minister Lawrence Wong said on Friday (Feb 16) that these payouts are part of a S$1.9 billion enhancement to the Assurance Package.

The package was first announced in 2020 as a S$6 billion raft of measures to cushion the impact of the Goods and Services Tax (GST) hike. It was topped up by S$640 million at Budget 2022, and S$3 billion in Budget 2023.

Beyond the Assurance Package, Mr Wong said the GST Voucher Fund will be raised by S$6 billion to “permanently defray GST expense for lower and middle-income households”.

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Why it matters

Mr Wong, who is also the Deputy Prime Minister, noted in his Budget 2024 speech that while inflation started to moderate last year, economic growth also slowed, resulting in declining real incomes.

“While we expect the situation to improve this year, there are uncertainties in the outlook,” he added.

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The Assurance Package is designed to ensure that lower-income families and larger households — particularly those with seniors and children — get more support, he said.

How Singaporeans will benefit

Cost-of-Living Special Payment

Singaporeans aged 21 and above this year will receive a one-off cash support of between S$200 and S$400 in September 2024.

To qualify, they must have an assessable income of not more than S$100,000, and not own more than one property.

Those who earn less than S$22,000 will receive S$400, while those who earn between S$22,000 and S$34,000 will earn S$300.

Singaporeans who earn between S$34,000 and S$100,000 will receive S$200.

About 2.5 million Singaporeans will receive the cash payment.

CDC vouchers

All Singaporean households will receive an additional S$600 in CDC vouchers, half of which will be disbursed in end-June, and the other half in January 2025.

The vouchers will be split equally for spending at participating merchants or hawkers, and at supermarkets.

This will benefit about 1.4 million Singaporean households.

U-Save rebates

Housing and Development Board (HDB) households will receive an additional U-Save rebate this year.

HDB households whose members do not own more than one property will receive two-and-a-half times the amount of regular GST voucher U-Save rebates in this financial year.

Depending on the HDB flat type, households will receive up to S$950 in U-Save rebates from the enhancements in this Budget, GST Voucher U-save and Assurance Package U-Save.

The rebates will be given out in April, July and October this year, and in January 2025.

About 950,000 Singaporean households are expected to receive these rebates.

S&CC rebates

An additional one-off Service and Conservancy Charges (S&CC) rebate will be given to eligible HDB households.

Households living in one- and two-room HDB flats will receive four months of such rebates, while those living in three- and four-room flats will receive three months of the rebates.

Those in larger flats will receive two to 2.5 months of S&CC rebates.

Similar to the U-Save rebates, the S&CC rebate will be given out in four tranches — April, July and October this year, and in January 2025. — TODAY