SG Budget 2024: Govt to issue S$200-S$400 cost-of-living aid to eligible S’poreans

SINGAPORE: Deputy Prime Minister and Finance Minister Lawrence Wong announced plans for the Singaporean government to distribute cost-of-living payments ranging from S$200 to S$400 in cash to adult citizens aged 21 and above this year.

These payments will be allocated to individuals residing in Singapore with incomes not surpassing S$100,000 and who own no more than one property.

This was announced during the Singapore’s 2024 Budget in Parliament on Friday, 16 February.

“I will provide a cost-of-living special payment of between S$200 and S$400 in cash.

“This will be extended to adult Singaporeans with accessible income of up to S$100,000, and who do not own more than one property,” remarked DPM Wong during the SG Budget 2024 proceedings.

The introduction of this initiative builds upon the initial announcement of the Cost-of-Living Support Package in September 2023.

This move aims to offer greater assistance to Singaporean households, particularly those belonging to lower-to-middle-income brackets, as they grapple with the challenges posed by heightened inflation and the rising cost of living.

Furthermore, to bolster support for households across the income spectrum, the Assurance Package will undergo enhancements.

Under this initiative, all Singaporean households will benefit from an additional S$600 in Community Development Council (CDC) vouchers.

Approximately 1.4 million Singaporean households stand to benefit from this allocation.

The disbursement of the CDC vouchers will occur in two installments. The initial S$300 will be distributed by the conclusion of June 2024, with the remaining S$300 slated for disbursement in January 2025.

These vouchers can be redeemed at participating merchants, hawkers, and supermarkets, thereby directly easing the financial strain on households.

Moreover, eligible Housing and Development Board (HDB) households will receive up to S$950 in one-time U-Save rebates, equivalent to approximately four months' worth of bills for occupants of three- and four-room flats.

Additionally, households meeting the eligibility criteria will receive four months of rebates alongside the regular rebates for service and conservancy charges.

The bolstered Assurance Package, aimed at aiding lower-income families and larger households, particularly those with seniors and children, is projected to cost S$1.9 billion.

In light of these measures, a middle-income household consisting of four members, comprising a couple and two children, stands to receive approximately S$3,000 in benefits. This includes cash assistance, MediSave top-ups, U-Save rebates, service and conservancy charge rebates, as well as CDC vouchers.

Conversely, a lower-income household of four is expected to benefit even more, receiving around S$5,500 in various forms of assistance.