Up to $500 cash to be given to 2.5 million Singaporeans to help with cost of living

About 2.5 million Singaporeans will receive a “special payment” of up to $500 to help them with the rising cost of living, announced the Ministry of Finance on Friday (Oct 14). 

Those with an assessable income in 2022 of not more than $22,000 will get $500, while those with an assessable income of $22,000 to $34,000 will receive $400. 

Those with an assessable income of $34,000 to $100,000 will receive $300, while those with an assessable income of more than $100,000 will receive $100. 

Only those who are aged 21 or above in 2023 and do not own more than one property will be eligible. Those who own more than one property will receive a payout capped at $100. 

The payment will be disbursed in December, along with the GST cash payout announced at Budget 2022. 

Aside from the special payment, an additional $100 CDC vouchers will be given to each Singaporean household in January 2023. Together with the $200 CDC Vouchers announced at Budget 2022, each household will receive $300 in vouchers. 

The special payout and the additional CDC vouchers will come under a $1.5 billion Support Package aimed at providing further relief for all Singaporean Households, said MOF in its press release. 

The package will not draw on past reserves, and will be funded from the better-than-expected fiscal out-turn in the first half of the 2022 financial year, said MOF. 

The measures in the support package also include the public transport subsidies and public transport vouchers that were announced by the Public Transport Council and Ministry of Transport (MOT) on Wednesday. 

It also includes the Ministry of Education’s financial assistance schemes. 

“This new S$1.5 billion support package, together with earlier rounds of support measures rolled out this year, will fully cover the increase in cost of living for lower-income households on average, and more than half of the increase in cost of living for middle-income households on average this year,” MOF said.