Singapore announces $1.5 billion support package for all households

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.

The better-than-expected fiscal outcome in the first half of FY2022, it was stated, will be used to support the package.

For the fourth time this year, the central bank tightened monetary policy earlier on Friday to confront persistently high inflation.