The global Inflation is real. It can be seen everywhere, from the drinks at your local drink stall to the titbits that you buy from the supermarket.
And yes, the Singapore Government realises that too.
This is probably why a new $1.5 billion support package was announced by Deputy Prime Minister Lawrence Wong today to help Singaporean households with the surging prices of things such as basic amenities.
According to the press release, more aid will be going to lower to middle-income groups.
More than 2.5 Million Singaporeans are Eligible
This support package will see an estimate of about 2.5 million adult Singaporeans receiving up to $500 cash in December.
According to the Ministry of Finance, to be eligible for the support package, individuals should have an Assessable Income (AI) for Year of Assessment 2022 (YA2022) of $100,000 and below and should not own more than one property.
This means you’d probably get it unless your monthly salary is above $8,300, and that $500 is peanuts to you.
It is noted that the payment for this package will be tied together with the GST Assurance Package payout, which was announced during Budget 2022.
The GST Assurance Package is meant to help people with coping with the GST increment, which starts on 1 January 2023.
In addition to the $500, households will also receive an additional $100 worth of Community Development Council (CDC) vouchers in January 2023.
This $100 is added on top of the $200 CDC vouchers that were announced during Budget 2022, bringing the total amount given for CDC vouchers to $300.
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MOE to Increase Eligibility Threshold
To help Singaporeans even further, the Ministry of Education (MOE) has decided to increase the income eligibility thresholds for financial aid schemes to help offset the school expenses for more students starting from January 2023.
The ministry will also increase the bursary amount given to full-time Institute of Technical Education (ITE) students.
Public transportation will also see subsidies as the government has set aside about $200 million in 2023 to cover the 10.6%-point fare increase that will be carried over to future fare review exercises.
This is to help to cancel out the impact of the fare increase that was announced on 12 Oct.
In addition to the transport subsidy, households with an income per person of not more than $1,600 will receive transport vouchers that are worth $30, which can be used to top-up transport cards as well as purchase monthly travel concessions.
In other words, today, our future Prime Minister might still be wearing blue, but in our mind, he’s dressed like this:
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Featured Image: MOF
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