The government has announced a special payment as part of the 2024 budget to help people with living costs. This payment will be between $200 and $400. It will be given out in September 2024, and the amount you get will depend on your property.
This extra help in the 2024 budget will cost about $1.9 billion. It’s meant to help people in Singapore who are finding it hard because of the economy. If you live in an HDB Flat and don’t own more than one property, you might get a special one-time payment in April, July, October 2024, and January 2025.
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Singaporeans to Receive $200-$400 Cost of Living Support
To get the B2024 Cost-of-Living Special Payment, you need to meet these rules:
- You must be a citizen of Singapore.
- You must be at least 21 years old in 2024.
- You must not earn more than $1,00,000.
- You must not own more than one property.
Remember, the income limit for 2023 is based on how much you earned in 2022. But this might change if something big happens in your life. Always check the government’s official website for the latest information.
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Benefits of the $200-$400 Special Payment
The B2024 Cost of Living Special Payment has several benefits:
- B2024 COL Special Payment: About 2.5 million people in Singapore will get this cash payment. 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 S$300. And if you earn between S$34,000 and S$1,00,000, you’ll get S$200.
- CDC Vouchers: About 1.4 million people in Singapore will get these vouchers. You’ll get $600 in June and again in January 2025. You can spend this money at certain stores and supermarkets.
- U-Save Rebates: This year, families living in HDB flats will get extra U-Save Rebates. You could get up to S$950 from the extra budget. This money will be given to you four times a year.
- MediSave Bonus: People between 21 and 50 will get a one-time MediSave Bonus. Depending on when you were born, you could get up to S$300 or S$200.
On top of these benefits, the government is also giving out LifeSG credits, tax rebates, and S&CC rebates to help families with their finances. But remember, you need to meet the government’s rules to get these benefits.
What’s New with the $200-$400 Special Payment?
According to the 2024 budget, the government is adding S$1.9 billion to the assurance package to help people cope with tough economic times. This includes things like utility rebates and cash handouts. The government decided to increase the cost of living because of inflation and slow economic growth, reducing people’s incomes.
The assurance package is designed to address the country’s economic problems. It ensures that families who don’t earn enough money and households with older people and dependent children receive substantial financial help.
Wrapping Up
The Singapore Government started the Cost of Living Special Payment in September 2023 when they added more money to the assurance package. A family with two children who don’t earn enough money could get up to S$3,000. And a family with six people, including two children and two older people who don’t earn enough money, could get up to S$8,000.
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