SG Budget 2024: DPM Wong announces S$1.9B enhancements to Assurance Package
DPM Wong revealed S$1.9B enhancements to Singapore's 2024 Budget, featuring extra S$600 CDC vouchers, cost-of-living cash payments, and U-Save and S&CC rebates, aiming to bolster the Assurance Package for household support.
SINGAPORE: On Friday (16 February), Deputy Prime Minister and Finance Minister Lawrence Wong unveiled enhancements to the Assurance Package, totalling S$1.9 billion.
This includes additional S$600 CDC vouchers, cost-of-living cash payments, U-Save rebates, and S&CC rebates.
During the announcement of Singapore's 2024 Budget in Parliament at 3:30 pm, DPM Wong emphasized the government's commitment to provide increased support to households through the enhanced Assurance Package.
“We have designed the Assurance Package so that lower-income families get more support,” said Mr Wong.
“We have also ensured that larger households, particularly those with seniors and children, get more support.”
All Singaporean households will receive an extra $600 in Community Development Council (CDC) vouchers, with the initial $300 disbursed by the end of June 2024.
Certain Singaporeans will be eligible for a cost-of-living special payment ranging from S$200 to S$400.
This payment is intended for citizens aged 21 and above in 2024, residing in Singapore, owning no more than one property, and having an assessable income of up to S$100,000.
DPM Wong also introduced one-off U-Save rebates to assist HDB households facing utility bill increases. These rebates will be distributed in April, July, October, and January.
Eligible HDB households stand to receive 2.5 times the regular GSTV-U Save rebates, amounting to a maximum of S$950 in the 2024 financial year.
Mr Wong noted that this would cover approximately four months of utility bills for residents in three- and four-room flats.
For Service and Conservancy Charges (S&CC), eligible Singaporean households in HDB flats will receive a one-off rebate in January 2025, offsetting 0.5 months of S&CC.
When combined with regular S&CC rebates, eligible households will enjoy up to four months of such rebates in FY2024.
DPM Wong during Budget 2023, announced the enhancement of the Assurance Package to address higher inflation and immediate cost-of-living concerns.
In September 2023, an additional S$1.1 billion Cost-of-Living (COL) Support Package was introduced, with a S$0.8 billion enhancement to the Assurance Package, bringing it to over S$10 billion.
Acknowledging the challenges of the past year, marked by a troubled international environment and a subdued global economy, Mr Wong empathized with households grappling with higher living costs.
“I know that many households are feeling the pressure of higher living costs,” he said.
Despite these challenges, he said unexpected revenue from Singapore’s strong post-COVID-19 rebound allowed the government to bolster its assistance measures.However, Mr Wong highlighted the mixed outlook for 2024, citing geopolitical risks such as conflicts in Europe and the Middle East, which could escalate dangerously.
Despite these challenges, he said unexpected revenue from Singapore’s strong post-COVID-19 rebound allowed the government to bolster its assistance measures.However, Mr Wong highlighted the mixed outlook for 2024, citing geopolitical risks such as conflicts in Europe and the Middle East, which could escalate dangerously.
As Singapore's ninth Finance Minister, Mr Wong was announced as the leader of the People's Action Party's (PAP) fourth-generation team, approximately two months after delivering his first Budget speech in 2022. This positioned him favorably for the role of Prime Minister.
Mr Wong entered politics by being elected as a Member of Parliament in May 2011 as part of a West Coast GRC team. He later contested and won in the new Marsiling-Yew Tee GRC during the 2015 General Election and was re-elected in 2020.
Throughout his political career, Mr Wong has held various roles in key ministries, including the Ministry of Defence, the Ministry of Communications and Information, the Ministry of Culture, Community and Youth, the Ministry of National Development, and the Ministry of Education.
