Many are facing greater pressures with the looming economic uncertainties. The $1.6 billion Care and Support Package is a timely addition to help households with their cost of living concerns, and will benefit Singaporeans of all ages. More will be provided for the less well-off. A $6 billion Assurance Package will also help cushion the impact on daily expenses when GST increases, sometime between 2022 to 2025.
These packages are on top of the subsidies given to Singaporeans in healthcare, education and housing.
It is every parent’s wish that their child has a strong foundation to grow and be able to realise their aspirations. To help maximise every child’s potential, regardless of circumstance, there will be more financial assistance through the MOE Financial Assistance Scheme and increased bursaries for higher education students.
To read the full Budget 2020 speech, click here.