On top of enhancements to the GST Voucher (GSTV) scheme, DPM Lawrence Wong announced today (Feb 14) that he will increase the cash payouts by between S$300 and S$650 for eligible Singaporeans over the remaining years of the Assurance Package (AP), which runs from 2022 to 2026.
This will bring the total AP cash payments to adult Singaporeans to between S$700 and S$2,250 over five years.
DPM Wong also said that he will increase the Community Development Council (CDC) Voucher amount by S$100 in 2024. All Singaporean households can look forward to another S$300 worth of CDC Vouchers in January 2024.
DPM Wong said these enhancements will help the majority of Singaporean households to offset additional GST expenses for at least five years, and for about 10 years for lower-income households.
In addition, the government will provide a one-off cost-of-living special payment of between S$200 and S$400 for each eligible adult Singaporean.
Eligible Singaporean seniors aged 55 and above will receive additional support, with a cost-of-living bonus of between S$200 and S$300.
Last but not least, there will be double U-Save rebates provided to households. This year, eligible households can expect up to S$760 in rebates.
For households with children, each child up to six years old will get a S$400 top-up to his Child Development Account. Children older than six will get a S$300 top-up to their Edusave or Post-Secondary Education Account.
Enhancements to the Assurance Package will cost $3 billion, raising the cost of the package from S$6.6 billion to S$9.6 billion.
DPM Wong said a lower-income family with two young children will receive about S$5,500 in benefits. This includes cash, CDC vouchers and government top-ups to the Child Development Account.
Featured Image Credit: Bloomberg
