Announcing the details in his maiden Budget speech on Friday (Feb 18), Finance Minister Lawrence Wong stressed that lower-income households in particular will be well looked after, with significant financial support on a continuing basis.
"For them, the impact of the increase in GST will be neutralised," he said.
Under the Assurance Package - first announced by then Finance Minister Heng Swee Keat in 2020 - every adult Singaporean will get cash payouts ranging from $700 to $1,600. These will be spread over five years, with the first payout made in December.
In addition, about 850,000 lower-income seniors will now get GST Voucher cash payouts, ranging from $600 to $900 over the next three years.
Around 950,000 Singaporean households will also get additional GST U-Save rebates of $330 to $570 in the next four years to offset the cost of utilities.
On top of that, all Singaporean children and seniors will get a total of $450 in MediSave top-ups, benefitting about two million people.
Lastly, all Singaporean households will get another two rounds of Community Development Council (CDC) vouchers. The $200 in vouchers can be used at heartland stores as well as major supermarkets.
In addition, about 850,000 lower-income seniors will now get GST Voucher cash payouts, ranging from $600 to $900 over the next three years.
Around 950,000 Singaporean households will also get additional GST U-Save rebates of $330 to $570 in the next four years to offset the cost of utilities.
On top of that, all Singaporean children and seniors will get a total of $450 in MediSave top-ups, benefitting about two million people.
Lastly, all Singaporean households will get another two rounds of Community Development Council (CDC) vouchers. The $200 in vouchers can be used at heartland stores as well as major supermarkets.
Mr Wong reiterated his predecessor's promise that the $6.6 billion Assurance Package will offset at least five years of additional GST expenses for most Singaporean households.
For lower-income households, the offsets will amount to around 10 years of such expenses, while seniors will get even more support, he said.
For instance, an elderly couple living in a three-room HDB flat can receive about $6,800 over five years, or more than 30 times the additional GST they are likely to incur each year.
https://www.straitstimes.com/singap...t-voucher-scheme-beefed-up-to-offset-gst-hike
