Financial Support Amid Inflation
In a bid to ease inflation and cost of living pressures, all adult Singaporeans are set to receive financial support ranging from S$200 to S$800 this December. This initiative is part of the Assurance Package announced by the Ministry of Finance (MOF) on Wednesday, Nov 15.
Assurance Package Details
Around 2.9 million Singaporeans will benefit from up to S$600 in Assurance Package Cash, while an additional 2.5 million will receive up to S$200 in Assurance Package Cash Special Payment. This package, initially unveiled during the Budget 2020, is designed to help offset the expenses incurred due to the increase in the goods and services tax (GST). It is set to be distributed over a five-year period, from 2022 to 2026.
Enhanced Support in Response to Rising Costs
In response to heightened inflation, Deputy Prime Minister and Minister for Finance Lawrence Wong announced at Budget 2023 the enhancement of the Assurance Package. This enhancement is a part of the S$1.1 billion Cost-of-Living (COL) Support Package introduced to provide immediate relief for households.
Additional Aid in Early 2024
Eligible Singaporeans can look forward to further assistance in the form of U-Save rebates, Community Development Council (CDC) vouchers, service and conservancy charges (S&CC) rebates, an Assurance Package Seniors’ Bonus, and MediSave top-ups in January and February 2024.
How to Access the Support
Eligibility for the cash payments can be checked on the official Assurance Package website using Singpass. The cash will be disbursed in a lump sum, with MOF urging Singaporeans to link their NRIC to PayNow by November 19 for early access starting from December 5. Alternatively, updates to bank account information can be made by November 27 for payments from December 13. For those using GovCash, withdrawals can be made at OCBC ATMs islandwide, regardless of whether they hold an OCBC bank account.
This financial support reflects the Singapore government’s commitment to alleviating the burden of the cost of living and helping citizens navigate through these economically challenging times.
Also learn about Youth Startup Support in Singapore.
