During his Mandarin speech at the National Day Rally, PM Lee said the Assurance Package will continue as planned, and that he is confident it will be effective in offsetting the impact of the 1 percentage point GST hike.
"But I am sure you are wondering, Could we further enhance the Assurance Package, so everyone gets a little more help?" he said.
To that, PM Lee said he has asked Deputy Prime Minister and Finance Minister Lawrence Wong to study the matter carefully.
He added: "Let's wait - and of course, we hope for good news." The Assurance Package, first announced in Budget 2020, aims to cushion the impact of the GST increase for Singaporeans.
The $6 billion support package was later beefed up to $6.6 billion at Budget 2022, and then enhanced again to $9.6 billion in Budget 2023.
The GST rate was raised from 7 per cent to 8 per cent on Jan 1, 2023, and will go up another point on Jan 1, 2024.
The support package represents the Government's commitment to ensure that the impact of the GST increase will be offset for the majority of Singaporean households for at least five years, and for lower-income households for about 10 years.
Among the enhancements made in February was a new Cost-of-Living Special Payment of between $200 and $400 for each eligible adult Singaporean.
This story is from the August 21, 2023 edition of The Straits Times.
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This story is from the August 21, 2023 edition of The Straits Times.
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