Budget 2024: S$1.9 billion more for Assurance Package, extra S$600 CDC vouchers for all Singaporean households
TO HELP residents cope with cost-of-living concerns and economic uncertainties, the government will inject an additional S$1.9 billion into enhancements for the Assurance Package (AP).
In his Budget speech on Friday (Feb 16), Finance Minister Lawrence Wong noted that the AP enhancements will support Singapore residents and households in four main areas.
First, the government will provide an additional S$600 in Community Development Council (CDC) vouchers to each Singaporean household.
The CDC vouchers will be disbursed in two equal tranches of S$300, with the first in end-June this year, and the second disbursed in January 2025.
Each tranche will be split equally for spending at participating merchants and hawkers, and supermarkets.
Second, eligible Singaporeans will receive a one-off cost-of-living special payment of between S$200 and S$400 in cash in September, Wong said.
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To qualify, Singaporeans must be aged 21 and above in 2024; reside in Singapore; not own more than one property; and have an assessable income of up to S$100,000 in Year of Assessment 2023.
Third, there will be additional one-off U-Save rebates for those living in Housing and Development Board (HDB) flats. This is on top of existing disbursements from other support packages.
The additional U-Save rebates will be disbursed in four tranches from April.
In total, eligible HDB households will receive 2.5 times the amount of regular U-Save rebates – or up to S$950 – in financial year 2024, Wong said. Households whose members own more than one property are not eligible for U-Save.
Finally, the government will provide a one-off rebate for Service and Conservancy Charges (S&CC) for HDB flats, to offset 0.5 months of S&CC in January 2025.
In total, eligible HDB households will receive up to four months of S&CC rebates in FY2024, Wong said.
In his speech, Wong reiterated the government’s commitment to permanently defray goods and services tax (GST) expenses for lower and middle-income households. To do so, the government will top up the existing GST Voucher fund by S$6 billion, he said.
“This delivers on our commitment to permanently defray GST expenses for lower- and middle-income households, through the GST Voucher scheme,” he added.
For more of BT’s Budget 2024 coverage, go to bt.sg/budget24
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