In response to worries over the city-rising state’s cost of living, Singapore’s Finance Ministry on Friday announced a S$1.5 billion ($1.05 billion) support package for all Singaporean households.
According to a statement from the Ministry of Finance, the package comprises cash, vouchers, and public transportation subsidies primarily for lower- to middle-income individuals.
The ministry stated that the new S$1.5 billion support package, along with prior rounds of support measures implemented this year, will fully cover the average cost of living increase for lower-income households and more than half of the average increase for middle-income households.
For the fourth time this year, the central bank tightened monetary policy earlier on Friday to confront persistently high inflation.
