SINGAPORE – Singapore’s Finance Ministry on Friday announced a S$1.5-billion ($1.05 billion) support package for all Singaporean households amid concerns over the rising costs of living in the city-state.
The package includes cash, vouchers and public transport subsidies mainly for lower- to middle-income citizens, according to a statement from the Ministry of Finance.
“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,” the ministry said.
The package will be funded from the better-than-expected fiscal out-turn in the first half of FY2022, it added.
The central bank earlier on Friday tightened monetary policy for the fourth time this year to combat persistently high inflation.
($1 = 1.4228 Singapore dollars)