SINGAPORE - Households will receive more help through vouchers and rebates to cope with higher prices from rising inflation globally, said Finance Minister Lawrence Wong during his Budget speech on Friday (Feb 18).
A $560 million Household Support Package will help Singaporean families manage cost of living pressures, by providing support for daily essentials through utilities rebates, top-ups for children's education and vouchers they can use at heartland shops.
Mr Wong said that while the overall economic outlook is positive, some segments of the economy are still struggling.
"I recognise the immediate concerns of businesses and households and will provide significant additional support in this Budget to help them tide over the current period of higher prices," he said.
All eligible Housing Board (HDB) households will receive double their regular GST Voucher (GSTV) - U-Save in April, July and October this year under the package.
This means eligible HDB households will receive double their regular GSTV - U-Save rebates this year, when combined with the additional GSTV- U-Save rebates that will be given next January under the Assurance Package for the Goods and Services Tax.
For example, a household living in a three-room flat will get an additional $85 in those three months, in addition to their regular U-Save rebates and Assurance Package rebate of $85. This takes their total GSTV U-Save rebate for FY2022 to $680, up from $425 previously.
About 950,000 Singaporean households will get the additional rebates.
Children below 21 will also get a top-up of $200 each in their Child Development Account, Edusave Account or Post-Secondary Education Account. This is on top of the annual Edusave top-ups they already receive.
Around 790,000 children will receive the top-ups, which will be made in May to their Edusave or Post-Secondary Education Account, or from September to their Child Development Account.
All Singaporean households will also get another $100 Community Development Council (CDC) voucher, which they can use at participating heartland shops and hawker stalls, this year.
More details will be announced by the CDCs.
This article was first published in The Straits Times. Permission required for reproduction.