How will S'pore's $1.5b support package help residents, businesses cope with global inflation?
A $1.5 billion support package was announced on Tuesday (June 21) to help households and businesses in Singapore tackle the impending economic challenges resulting in higher global inflation.
Here are some of the key measures:
For individuals and households:
1. GST Voucher - Cash Special Payment
There will be an additional payout of up to $300 for GSTV-Cash recipients in August. This will benefit about 1.5 million Singaporeans.
2. Household Utilities Credit
Every Singaporean household will receive $100 in September to help offset utility bills.
3. Enhanced ComCare scheme
There will be permanent enhancements to ComCare Short- to Medium-Term Assistance (SMTA) and Long-Term Assistance (LTA).
A one-person household on ComCare LTA will receive higher cash assistance of $640 per month, an increase of $40 from the current rate of $600 per month. Households with more members will receive more.
Those who apply for ComCare SMTA or apply to renew their existing SMTA can also expect to receive higher cash aid and support for their utility expenses.
The amount will depend on the household's composition, needs and income.
4. Enhancement of Singapore Allowance and monthly pension ceiling
The Singapore Allowance and monthly pension ceiling for pensioners who draw lower pensions will be enhanced by $30 each, to $350 and $1,280 respectively.
For self-employed persons:
1. One-off relief for eligible taxi drivers and private-hire car drivers
There will be a $150 one-off relief for eligible taxi main hirers and private-hire car drivers in August.
2. Relief scheme
Under the NTUC U FSE Relief Scheme 2022, there will be a one-off cash relief of up to $300 for combi-buses, limousines and delivery drivers, and up to $150 for delivery motorcycle riders.
1. Progressive wage credit scheme
There will be an increase in the Government's co-funding for eligible wage increases this year to help lower-wage workers.
The co-funding will go up from 50 per cent to 75 per cent for wages up to $2,500, and from 30 per cent to 45 per cent for wages above $2,500 up to $3,000.
2. Extension of Jobs Growth Incentive
The Jobs Growth Incentive will be extended for another six months, to March 2023, to sustain support for employers of vulnerable workers. More details will be released in September.
1. Energy Efficient Grant
Local small and medium-sized enterprises in the food services, food manufacturing and retail sectors will be provided with up to 70 per cent in support to adopt energy-efficient equipment in pre-approved categories.
The grant will support such firms to improve their energy efficiency and alleviate increasing business costs due to increased energy prices.
2. Increased loan quantum for the Enterprise Financing Trade Loan
The maximum loan quantum will be raised to $10 million per borrower from July 1 this year to March 31, 2023, from $5 million previously.
3. Increased loan quantum for the Enterprise Financing Scheme - SME Working Capital Loan
The maximum loan quantum will be increased to $500,000 per borrower from Oct 1, 2022, to March 31, 2023, after the Temporary Bridging Loan Programme expires in September.
4. One-month foreign worker levy waiver for chicken slaughterhouses
One month of foreign worker levy waiver for Singapore's 11 chicken slaughterhouses will be provided. This will help preserve industry capabilities amid the export ban.