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Against rising cost of living pressures and geopolitical uncertainty, the Government unveiled support measures amounting to $131.4 billion in . These include new measures and enhancements to existing schemes to provide additional relief for individuals and households. Here’s a recap of the assistance given to Singaporean households and how much you can expect to receive in the coming months. The following four support measures were announced to help individuals: Eligible individuals will receive a one-time B2024 Cost-of-Living (COL) Special Payment of between $200 and $400 in cash. This is part of the $1.9 billion enhancement to the Assurance Package (AP), providing additional support for cost-of-living concerns. This cash payment is on top of the enhanced permanent GST Voucher (GSTV) scheme that eligible Singaporeans will continue to receive beyond the transitional AP. About 2.5 million adult Singaporeans will benefit from this COL Special Payment, which will be paid out in September 2024. To qualify, you must be aged 21 and above, and have an Assessable Income of no more than $100,000. You must also not own more than one property. The Assessable Income will be based on Year of Assessment (YA) 2023, or the income you earned in 2022. Source: MOF About 1.4 million adult Singaporeans, aged between 21 and 50 (or born in 1974 – 2003), will receive a one-time MediSave Bonus of $100 to $300, credited to their CPF MediSave Account in December 2024. It can help to cover smaller medical bills and insurance premiums. This bonus will be tiered based on your age, the annual value (AV) of your residence, and whether you own more than one property as at 31 December 2023. Source: MOF Eligible national servicemen (NSmen), including those who will be enlisting by 31 December 2024, will receive $200 in National Service (NS) LifeSG credits. These credits are given to recognise the contributions of past and present NSmen. The LifeSG credits can be used at over 100,000 online or physical merchants accepting payments via PayNow UEN QR or NETS QR. The NS LifeSG credits will be disbursed to around 1.2 million national servicemen in November 2024 and will be valid for one year from the date of issue. All tax residents will be granted a Personal Income Tax (PIT) Rebate of 50% of the tax payable for YA2024. The PIT Rebate is capped at $200 so that the benefits go mostly to middle-income workers. The PIT rebate for eligible taxpayers will automatically be reflected in their Notices of Assessment for YA2024. On top of the support measures for individuals, the government has also announced the $8.2 billion Majulah Package in . Aimed at boosting the retirement savings of seniors born in 1973 and earlier, the Majulah Package comprises the following: All seniors will receive a one-time MediSave Bonus of between $750 and $1,500 to boost their retirement savings. This bonus will be tiered based on age, the annual value of your residence, and whether you own more than one property. The MSB will be credited to your CPF MediSave Account in December 2024. Source: MOF Singaporeans born in 1973 and earlier will receive a one-time Retirement Savings Bonus (RSB) of between $1,000 and $1,500. This bonus is meant to provide a boost to their retirement savings. To qualify for the RSB, your retirement savings must be below the 2023 Basic Retirement Sum (BRS) of $99,400 as at 31 December 2022. You must also be living in a residence with an annual value of $25,000 and below and own not more than one property as at 31 December 2023. The RSB will be credited to your CPF Retirement Account (RA) or your Special Account (SA) (if you are under 55 years old) in December 2024. Based on the sum of the RA and CPF LIFE balances, or the sum of Ordinary account and SA balances if RA has not yet been created. Source: MOF Another component of the Majulah Package that seniors may benefit from is the Earn and Save Bonus (ESB), which provides an annual bonus of between $400 and $1,000. It is meant to provide additional support to lower- to middle-income workers. Eligibility for the ESB will be assessed annually based on the preceding YA (employment and trade income) as well as AV and property ownership in the preceding year. To qualify for the ESB, you must work and have an average monthly income of between $500 and $6,000. You must also be living in a residence with an AV of $25,000 and below and not own more than one property. The first annual ESB will be credited to your CPF Retirement Account, or Special Account if you are under 55 years old, in March 2025. Source: MOF To help Singaporean households cope with living expenses from utility and food costs, support through the following schemes was extended: All Singaporean households will receive an additional $600 CDC Vouchers as part of the enhanced AP. The first $300 CDC Vouchers will be disbursed in end-June 2024 and will be valid till end-December 2024. The remaining $300 will be disbursed in January 2025 and will be valid till end-December 2025. Each tranche of CDC Vouchers will be split equally for spending at participating merchants/hawkers and supermarkets. Source: MOF Eligible Singaporean households living in HDB flats and whose household members do not own more than one property will receive a one-off B2024 COL U-Save. This is in addition to the GSTV – U-Save and the AP U-Save that households will receive to offset their utility expenses. The B2024 COL U-Save will be disbursed over four quarters in April 2024, July 2024, October 2024, and January 2025. With the additional B2024 COL U-Save rebate, more than 950,000 eligible Singaporean households will receive 2.5 times the amount of regular GSTV – U-Save, or up to $950 in FY2024. Source: MOF Eligible Singaporean households living in HDB flats will receive a one-off B2024 COL S&CC Rebate to offset 0.5 months of S&CC. This rebate will be disbursed in January 2025. Source: MOF The Government has also announced the following support measures to help families with children: Families seeking a temporary housing option while waiting for their new BTO flats can apply for the Parenthood Provisional Housing Scheme (PPHS) (Open Market) from July 2024. Eligible families will receive a rental voucher of $300 per month during the scheme’s one-year period. The government will lower the fee caps for Singapore Citizen children at preschools under the Anchor Operator (AOP) and Partner Operator (POP) schemes by $40 a month in 2025. It will be further lowered in 2026, with details to be announced at a later date. This will lower the fees at an AOP centre and POP centre to $640 and $680, respectively. With the fee cap reductions in 2025, families can enjoy savings of up to $564 per year for full-care childcare at an AOP centre. The following tables show what families might pay for full-day childcare in 2025, after accounting for the lowered fee caps and means-tested subsidies. Source: – Full-Day Childcare Expenses at an AOP centre Source: – Full-Day Childcare Expenses at an POP centre With varying eligibility requirements for the different schemes, it may not be easy to know which schemes you qualify for or remember the disbursement dates for these schemes. Fortunately, with the , you can easily find out these details in under a minute. Developed by the Ministry of Finance and GovTech, it helps Singaporeans and their households estimate the benefits that they may receive from the various government schemes. Check out the to find out the estimated benefits you may be receiving in the coming months or visit the for more details.