Singapore’s Ministry of Finance approved a cost-of-living assistance package worth S$1. 1 billion for low- and middle-income families and businesses through cash payments, vouchers, and grant programs.
Singapore’s Ministry of Finance (MOF) has approved a S$1. 1 billion (US$809 million) cost-of-living package to provide relief to Singaporean families and businesses, i. e. those in the lowest income brackets. Low to medium source of income. Finance Minister Lawrence Wong announced the approval of the package, which aims to ease the monetary burden on citizens amid peak inflation.
The aid program will introduce various assistance bureaucracy such as cash payments, vouchers and subsidy schemes for Singaporean citizens and households. This aid is expected to be distributed at the end of 2023 and in 2024, with the aim of mitigating the economic impact of inflation on the population.
High inflation rates have become a challenge in Singapore since the world emerged from the COVID-19 pandemic. To deal with the effect of the upcoming increase in the Goods and Services Tax (GST), the Department of Finance introduced the Guarantee Package (PA). It will provide eligible Singapore citizens with annual monetary bills ranging from S$700 (US$514. 7) to S$2,200 (US$1,617. 6) for the years 2022 to 2026, depending on their taxable income source and land ownership.
Read the original article: Singapore unveils new life-refueling assistance program
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