The National Trades Union Congress (NTUC) plans to double financial aid to needy members because of rising inflation.
The NTUC Care and Share fund will likely be doubled from $5 million to $10 million this year, said secretary-general Lim Swee Say yesterday.
The fund, which is supported by the Singapore Labour Foundation, gives out vouchers for utility and transport rebates, among other things, to help lower-income members cope with the rising cost of living.
'As we go through this period of high inflation, it is NTUC's commitment to do something more for our members than we do in normal years,' Mr Lim told reporters at a National Day observance ceremony at New Town Primary School in Commonwealth.
Last month, the Monetary Authority of Singapore raised its forecast range for inflation this year to 6 per cent-7 per cent, from 5 per cent-6 per cent previously.
Mr Lim, who is also Minister in the Prime Minister's Office, added that NTUC had already taken steps to solicit for the additional funds.
It has about 500,000 members, but the fund will target about 29,000 low-wage members and their families.
One of the fund's key considerations this year is to help students with their schooling expenses, he said.
The bulk of last year's Care and Share fund, about $1.45 million, was used to offset utility bills. About $150,000 was set aside for public transport vouchers.
Mr Lim said NTUC would consider channelling more money for public transport vouchers this year should there be a fare hike.
Transport operators SBS Transit and SMRT submitted their applications for fare hikes last Friday. They are now waiting for the green light from the Public Transport Council (PTC).
The PTC, however, has said that although fare adjustments this year will be capped at 3 per cent, it aims to keep any rise below 1 per cent.
The rising cost of living continues to be a major concern for many Singaporeans, and MPs are taking note.
North West District Mayor Teo Ho Pin has seen a 30 per cent to 40 per cent increase in the number of residents asking for financial help.
Apart from government financial aid schemes, the North West Community Development Council has also roped in some 30 businessmen to help out. Each will contribute $100 monthly to help needy residents in the area.
