MOF Singapore
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To create a better Singapore through Finance
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Happy Deepavali!

May the season of light bring abundant happiness and good health for everyone! 🪔✨
In line with DPM Lawrence Wong's announcement earlier today that Singapore will aim to achieve net zero greenhouse gas emissions by 2050, MOF has joined the #GreenNationPledgeSG as a champion for environmental sustainability.

Join us in helping to make Singapore a green, liveable and climate-resilient home for all!

Visit go.gov.sg/greennationpledge to kickstart your green journey!
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DPM and Minister for Finance Lawrence Wong announced an additional $1.5 billion support package this month, to provide further cost of living relief for all Singaporean households.

Support measures include:
💲COL Special Payment - Cash
🛒Extra CDC Vouchers in January
🚍Public Transport Vouchers
🏫MOE Financial Assistance Schemes

Check out this video by Gov.sg for more details!
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#ICYMI: As part of the permanent GST Voucher scheme and Household Support Package announced at Budget 2022, about 950,000 eligible households living in HDB flats have received additional U-Save and S&CC rebates this month.

This is the third quarterly tranche of rebates, and eligible households can expect the next payout in Jan 2023.

For more information, please visit gstvoucher.gov.sg.
✅ How is the COL Special Payment different from the GST Voucher (GSTV) -- Cash Special Payment?

✅ How many Singaporeans will benefit from the COL package?

The Straits Times’ Insight Editor Grace Ho answers these questions and more, as she explains the Government’s calibrated approach to support Singaporeans with the rising cost of living that is happening globally.

Read her article here: https://www.mof.gov.sg/news-publications/media-articles/the-straits-times-(31-oct-2022)-is-the-1.5-billion-support-package-enough
#ICYMI: Retirees living in 3-room flats can expect to get up to $5,500 of government assistance from Apr this year to Feb next year.

Here is a summary of what to expect ☝️
Last month, Deputy Prime Minister and Minister for Finance Lawrence Wong announced a $1.5b support package to provide additional cost of living relief for all Singaporean households.

This is in addition to the various support measures that were announced previously, such as the Household Support Package and the Assurance Package.

Here is a summary of what to expect in the coming months ☝️
#ICYMI: Middle-income families living in 4-room flats can expect to get close to $2,900 of government assistance from Apr this year to Feb next year.

Here is a summary of what to expect ☝️
#ICYMI: Single-income families living in 3-room flats can expect to get up to $4,600 of government assistance from Apr this year to Feb next year.

Here is a summary of what to expect ☝️
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Deputy Prime Minister and Minister for Finance Lawrence Wong announced today that the Government will enhance the Assurance Package to around $8 billion to help Singaporeans cope with the GST increase.

Along with the permanent GSTV Scheme and the absorption of GST for publicly subsidised healthcare and education, the Government is committed to helping Singaporeans, especially the less well-off, adjust to the changes.

Watch this video to learn more! ☝️
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The ability to tap on our reserves has been a significant financial advantage for Singapore through the years.

The Government is committed to protecting all Singaporean households cope with their cost of living concerns as the inflation outlook evolves. Managing our reserves carefully allows us to strike a balance between these needs, and our spending for the short and long term.

Watch this video to learn more ☝️
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The GST increase is an important revenue move to give us additional resources to meet our growing healthcare needs, and to take better care of our seniors. The increase in the GST rate will be staggered from 7% to 8% come 1 Jan 2023, and from 8% to 9% come 1 Jan 2024.

Our GST system is uniquely designed to ensure that those who are less well-off are taken care of, and those who are better off contribute their fair share in revenues.

Watch this video to learn more ☝️
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To help Singaporeans cope with cost of living expenses, the Government used our one-off fiscal surplus in FY21 and better-than-expected fiscal outturn for first half of FY22 to fund two support packages in June and October this year.

In all, the Government has rolled out a total of $3.56 billion of support measures in 2022, to help Singaporeans with their cost of living concerns.

Watch this video to learn more ☝️
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Some have argued that there are alternatives to raising GST, such as raising income tax.

The Government has considered all these options. We announced that personal income tax for the top marginal rate will be raised from 22% to 24% from YA2024. This will bring an additional $170 million in taxes every year. In comparison, the GST increase will contribute $3.5 billion more to our revenue every year.

This means that in order to raise enough revenue to replace the GST increase, a broader group of income earners will have to pay higher personal income tax.

Learn more here ☝️
#ICYMI: Deputy Prime Minister and Minister for Finance Lawrence Wong announced last Monday that the Assurance Package will be enhanced by $1.4 billion to $8 billion.

This will offset the GST increase for the majority of Singaporean households for at least five years, and around ten years for lower-income households.

More details will be unveiled at #SGBudget2023.

Check out this infographic for a summary of the support measures for Singaporeans ⬆️
The Government will provide support to help Singaporeans cope with higher cost of living and offset additional GST expenses.

For Dec 2022:
✅ About 2.9 million adult Singaporeans will receive up to $200 AP Cash
✅ 2.5 million adult Singaporeans may also receive another payout of up to $500 from the COL Special Payment

Do visit go.gov.sg/AssurancePackage to check your eligibility for the AP Cash Payout and COL Special Payment.

Remember to register your PayNow account to your NRIC (by 20 Nov) to receive your cash benefits sooner!
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There is something for every Singaporean in the Assurance Package. Visit go.gov.sg/AssurancePackage to check how much support you qualify for. 🫶