TODAY/CNA-Nov 15
All Singaporean adults will receive between S$200 and S$800 in December this year under the Assurance Package, which aims to help with inflation and cost of living concerns. About 2.9 million will receive up to S$600 in Assurance Package Cash, said the Ministry of Finance (MOF) on Wednesday (Nov 15). About 2.5 million will also receive up to S$200 in Assurance Package Cash Special Payment. All Singaporeans aged 21 and above in 2024 are eligible, regardless of the number of properties owned.
The package was first announced at Budget 2020 to help offset additional goods and services tax (GST) expenses. Payouts are disbursed over five years, from 2022 to 2026.
Deputy Prime Minister and Minister for Finance Lawrence Wong announced at Budget 2023 that the Government would enhance the Assurance Package to account for higher inflation and provide additional one-off support to Singaporeans to address immediate cost of living concerns. “This enhancement ensures that the Assurance Package will continue to offset additional GST expenses for the majority of Singaporean households for at least five years, with around ten years offset for lower-income households,” said MOF. Mr Wong also announced in September an additional S$1.1 billion Cost-of-Living (COL) Support Package to provide more relief for Singaporean households. Singaporeans can check their eligibility for both cash payments via the Assurance Package official website by logging in with their Singpass. The Assurance Package Cash and Cash Special Payment will be disbursed together in a lump sum, said MOF. Read more at: https://www.todayonline.com/singapore/all-adult-singaporeans-receive-s800-assurance-package-support-december-2305441
