The package comes amid a pick-up in global inflation; the Monetary Authority of Singapore (MAS) said that it expects inflation to remain high in most of Singapore’s key trading partners in the near-term on the morning of Oct 14. The central bank adds that the factors that drove the increase in prices from July to August is expected to persist.
Deputy prime minister (DPM) and minister for finance Lawrence Wong, on Oct 14, announced that the government will be giving out a support package worth $1.5 billion to all Singaporean households. This includes a cost-of-living (COL) special payment of up to $500 cash for 2.5 million adult Singaporeans, which will be disbursed in December.
According to the release from the Ministry of Finance (MOF), the package will be funded from the better-than-expected fiscal out-turn in the 1H2022. The package will not be drawing on the country’s past reserves, MOF added in its statement.
