Will eligible Singaporeans receive additional support in January and February 2024??
Reportedly Singapore's Ministry of Finance has made a very important announcement in a statement issued yesterday, Wednesday, november 15. This is being implemented in view of rising inflation and cost of living in the country. All Singaporean adults will receive cash assistance between S$200 (Rs 12,000) and S$800 (Rs 49,000) under an "assurance package" in december this year, according to information released by Singapore's Ministry of Finance. This is aimed at helping with inflation and cost of living concerns, the ministry said. All Singaporeans aged 21 and above in 2024 will be eligible to receive this amount. The package was first announced in Budget 2020 to help offset the additional Goods and services Tax (GST) expenditure incurred by individuals, regardless of the number of assets they own.
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The payouts are currently being paid for the last five years from 2022 to 2026 under that announcement. Deputy prime minister and Finance minister Lawrence Wong announced that in this 2023 Budget, the government will enhance the guarantee package to account for high inflation and provide additional one-time support to Singaporeans to address immediate cost-of-living concerns.
"This development ensures that the assurance package will cover the additional GST costs for the majority of Singaporean households for at least five years, compared to around ten years for low-income households," MOF said. The cost-of-living support package includes a S$0.8 billion enhancement in the assurance package, bringing the assurance package to over S$10 billion. In addition to the assurance package support in december, eligible Singaporeans will receive additional support in january and february 2024.