The Ministry of Finance of Singapore announced on November 15 that every Singaporean adult will receive S$200 to S$800 from the Assurance Package in December. This will apply to Singaporeans aged 21 and above in 2024.
“The Assurance Package 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,” MOF said in a press release.
When Singapore’s national Budget was rolled out for 2023, Deputy Prime Minister and Minister for Finance Lawrence Wong said that the Government would be enhancing the Assurance Package to address higher inflation levels, giving more support to Singaporeans to help with higher living costs.
For most Singaporean households, the enhancement will offset additional expenses due to the higher Goods and Services Tax (GST) for at least five years. For lower-income households, the enhancement will take effect for around 10 years.
The Singapore Deputy Prime Minister also announced on October 28 an additional $1.1 billion Cost-of-Living Support Package that will especially help lower- to middle-income households, bringing the total Assurance Package to over S$10 billion.