DBS extends weekly hawker meal subsidies amid rising costs of living

DBS is extending its year-long 5 Million Hawker Meals initiative for another six months till Jul 26, 2024.

The bank will spend S$7.5 million to subsidise an additional 2.5 million hawker meals.

Singapore consumer price index data showed that while core inflation and hawker food inflation slowed in November 2023 compared with a year earlier, the latter remained sticky at 4.3 per cent year on year.

Han Kwee Juan, acting chief information officer and Singapore country head at DBS, said: “While we do see cautious signs of recovery on the horizon for 2024, we’re aware that ongoing economic uncertainties and inflation continue to be a concern for many.

“Our hope is that the subsidies will continue to provide some relief to those looking to better manage their everyday expenses and support our hawkers.” 

Elayne Ang, co-founder of Tian Kee Carrot Cake at Marine Parade Central Market and Food Centre, said the initiative has made an impact on hawkers such as herself, as well as on customers. “We’re seeing a 10 to 15 per cent jump in crowd traffic at the hawker centre every Friday, which has benefited our business.

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“It’s also nice to see how this initiative has indirectly encouraged more seniors to learn to use digital payments – we do see more seniors using the subsidy at our stall, which sometimes sparks others in the queue to want to learn how to redeem it too!”

The weekly hawker meal subsidies were first launched in February 2023 as part of the bank’s suite of support measures to help customers cope with rising everyday expenses.