SINGAPORE: On Wednesday (15 Nov), the Ministry of Finance (MOF) in Singapore announced that all adult Singaporeans, regardless of property ownership, are set to receive a financial boost ranging from S$200 to S$800 (approximately US$594) in December through the Government’s Assurance Package.
This benefit is targeted towards Singaporeans aged 21 and above in 2024, and it encompasses approximately 2.9 million individuals.
Among this demographic, about 2.5 million people will receive an additional payment of up to S$200 based on their assessable income earned in 2021, which must not exceed S$100,000.
In a statement issued on Wednesday, MOF highlighted that the Assurance Package (AP) aims to “help Singaporeans tide through the period of higher inflation and cushion the impact of the GST rate increase”.
The package includes cash payments, rebates, Community Development Council (CDC) vouchers, and MediSave top-ups.
On 28 September, Deputy Prime Minister and Finance Minister Lawrence Wong announced an additional S$1.1 billion (US$800 million) Cost-of-Living Support Package to further aid Singaporean households, particularly those in the lower- to middle-income brackets.
This includes an S$800 million boost to the Assurance Package, bringing its total to over S$10 billion.