Singapore to ‘redouble efforts’ to keep costs of living stable
Bloomberg
Fri, 9 August 2024 at 10:34 am SGT2-min read
With cost of living ranked as the top concern among Singaporeans, Prime Minister Lawrence Wong pledged to boost safety nets and a program to re-skill workers as part of a strategy to lift incomes and address wealth inequality. (Photo: Aparna Nori/Bloomberg) (Bloomberg)More
By Philip J. Heijmans and Faris Mokhtar
(Bloomberg) — Singapore Prime Minister Lawrence Wong pledged to “redouble efforts” to combat high living costs, including by strengthening social safety nets for the most vulnerable citizens.
As finance minister, Wong pitched a budget this year that included S$5 billion ($3.8 billion) for measures including cash payouts and tax breaks, a figure that will reach nearly S$40 billion by the end of the decade.
Wong Thursday outlined plans to help Singaporeans deal with “employment setbacks” and also enhance support for families. Details of the social safety measures will be announced later this month, he said, adding that the government will continue to cushion the impact of inflation with support measures including cash handouts.