Gov’t Bares S$1.5B Aid as High Inflation Spooks Singaporeans

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Gov’t Announces S$1.5B Aid as High Inflation Spooks Singaporeans

The Singaporean government announced a S$1.5 billion relief package to help households deal with soaring prices of fuel and consumer goods.

Individuals and households will receive a goods and services tax voucher (GSTV) of up to S$300 on top of the regular GSTV-Cash to be received this year, according to a June 21 press release by the Ministry of Finance (MOF).

The government will also distribute a S$100 utilities credit to every household and revise the Singapore Allowance and monthly pension ceiling to benefit those who draw lower pensions. Eligible taxi main hirers and private hire car drivers will receive S$150 in August, while combi bus drivers, limousine drivers, delivery drivers, and delivery motorcycle riders will get S$300 in cash.

The government also set up a range of relief measures for businesses including an increase in its co-funding share for the wage credit scheme, foreign work levy for establishments affected by the chicken import ban, and various financing programmes.

The latest package comes as the MOF expects global inflation to “remain high for some time” and even rise further before it stablises.

“Likewise in Singapore, we must brace ourselves for higher prices over the next few months. In particular, energy prices are likely to continue remain elevated over the second half of the year.”

A better-than-expected outturn in fiscal year 2021 will fund the S$1.5 billion relief package, the MOF added.

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