In response to the rising cost of living and the impact of inflation and GST, the Singapore Government has escalated the Budget 2024 to provide more financial support to its citizens. This article provides an in-depth look at the Cost of Living Special Payment, a key component of Budget 2024.
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Cost of Living $200-$400 Approved 2024
The government is giving a special payment to help people with their living costs. This is part of the 2024 Budget. The payment will be between $200 and $400. It will be given out in September 2024. How much you get depends on what kind of property you own.
The government is spending about $1.9 billion on this. It’s to help people who are finding it hard because the economy is not doing well. If you live in a HDB Flat and don’t own more than one property, you might get a one-off payment in April, July, October 2024, and January 2025.
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Eligibility
To get the special payment, you need to:
- Be a Singapore citizen.
- Be at least 21 years old in 2024.
- Earn no more than $1,00,000.
- Not own more than one property.
Your income for 2023 is based on what you earned in 2022. But this might change if something big happens in your life. You should check the government website to stay updated.
Benefits of the Cost of Living Special Payment
Here are the benefits of the special payment:
- Special Payment: About 2.5 million people will get this. If you earn less than $22,000, you’ll get S$400. If you earn between S$22,000 and S$34,000, you’ll get up to S$300. If you earn between $34,000 and a maximum of S$1,00,000, you’ll get up to S$200.
- CDC Vouchers: About 1.4 million people will get these. You’ll get $600 at the end of June and in January 2025. You can spend this at shops and supermarkets.
- U-Save Rebates: This year, HDB families will get extra rebates. You’ll get up to S$950. This will be given out four times a year.
- MediSave Bonus: People aged between 21 and 50 will get a one-time bonus. You’ll get up to S$300 or S$200. How much you get depends on when you were born.
You can also get LifeSG credits, tax rebates, and S&CC rebates. These are to help you with your living costs. But you need to meet the government’s rules to get these.
Latest Developments in the Cost of Living
The government has introduced increased financial assistance to support individuals and families in coping with rising living expenses. This initiative comes in response to a challenging economic climate marked by escalating costs. The government aims to provide aid to low-income families, as well as households with elderly and dependent children, in recognition of their specific financial vulnerabilities.
Conclusion
Starting in September 2023, the government initiated a special payment program. Under this program, families with two children and a low income are eligible to receive up to S$3,000. For larger families consisting of six members, including two children and two elderly individuals with a low income, the total amount that can be received is up to S$8,000.
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