# Singapore Introduces New Relief Package to Alleviate Cost of Living

- Link: https://www.thailand-business-news.com/tech/ecommerce/113701-singapore-introduces-new-relief-package-to-alleviate-cost-of-living
- Published: 2023-11-24T20:06:43+07:00
- Author: ASEAN Briefing

**Singapore’s Ministry of Finance approved a SG$1.1 billion cost-of-living support
package to aid lower- to middle-income households and businesses with cash payments,
vouchers, and subsidy schemes.**

## SG$1.1 Billion Support Package Approved by Singapore’s Ministry of Finance

Singapore’s Ministry of Finance (MOF) has approved a SG$1.1 billion (US$809 million)
cost-of-living support package to provide relief for Singaporean households and 
businesses, particularly those in lower- to middle-income brackets. Finance Minister
Lawrence Wong announced the approval of the package, which aims to alleviate the
financial burden on citizens amidst high rates of inflation.

ADVERTISEMENT

## Cost-of-Living Support Package: Cash Payments, Vouchers, and Subsidy Schemes

The support package will introduce various forms of assistance such as cash payments,
vouchers, and subsidy schemes for Singaporean citizens and households. These aids
are scheduled to be disbursed at the end of 2023 and in 2024, aiming to mitigate
the economic impact of inflation on the population.

### Related**Posts**

###  󠀁[What Would an ASEAN-Canada Free Trade Agreement Mean for Foreign Investors?](https://www.thailand-business-news.com/asean/331504-what-would-an-asean-canada-free-trade-agreement-mean-for-foreign-investors)󠁿

###  󠀁[Indonesia Representative Offices: What They Can and Cannot Do](https://www.thailand-business-news.com/asean/324537-indonesia-representative-offices-what-they-can-and-cannot-do)󠁿

###  󠀁[Digital Economy and E-Commerce: ASEAN’s $1 Trillion Growth Engine](https://www.thailand-business-news.com/asean/323792-digital-economy-and-e-commerce-aseans-1-trillion-growth-engine)󠁿

###  󠀁[Weekend Long Read: Why emerging economies in Asia face a tougher road to growth](https://www.thailand-business-news.com/economics/329802-weekend-long-read-why-emerging-economies-in-asia-face-a-tougher-road-to-growth)󠁿

## Impact of High Inflation and Support Scheme Implementation

High inflation rates have become a challenge in Singapore since the world emerged
from the COVID-19 pandemic. To address the impact of the upcoming goods and services
tax (GST) hike, the MOF introduced the Assurance Package (AP) support scheme in 
2020. It will provide eligible Singaporean citizens with annual cash payments ranging
from SG$700 (US$514.7) to SG$2,200 (US$1,617.6) over the years from 2022 to 2026,
based on their assessable income and property ownership.

**Read the original article :** [Singapore Unveils Latest Relief Package to Ease Cost of Living ](https://www.aseanbriefing.com/news/singapore-unveils-latest-relief-package-to-ease-cost-of-living/?rand=93901)

    ```wp-block-preformatted
    This article was first published by AseanBriefing which is produced by Dezan Shira & Associates. The firm assists foreign investors throughout Asia from offices across the world, including in in China, Hong Kong, Vietnam, Singapore, India, and Russia. Readers may write to info@dezshira.com.
    ```