Managing Rising Costs

Inflation has been surging worldwide, and Singaporeans too have been feeling the impact on local prices, particularly in food and energy costs. Read more on why prices have been increasing.

After years of relative stability, the recent increase in prices has understandably been concerning. The Government will continue to support Singaporeans through these challenging times. To help Singaporeans cope with higher inflation and cost of living concerns, the Government has rolled out a comprehensive set of measures since the start of 2022.

The new $1.5 billion support package announced in October 2022, together with earlier rounds of support measures in February and June 2022, will provide further cost of living relief for all Singaporean households, with more support for lower- to middle-income groups.

To cushion the impact of the GST rate increase for all Singaporeans, the Government will top up the Assurance Package (AP) by $1.4 billion to reach around $8 billion. This ensures that even with the current inflation situation, the AP will offset additional GST expenses for the majority of Singaporean households for at least five years. More details will be announced at Budget 2023.


Support at a Glance

Supporting Households with Cost of Living
Poster available in the following languages:
Helping You to Manage Cost of Living
Poster available in the following languages:
New $1.5 billion support package for all Singaporean households
Poster (updated as of October 2022) available in the following languages:
Support for Households
Poster (updated as of July 2022) available in the following languages:
Support for Seniors
Poster (updated as of July 2022) available in the following languages:
Support for Singaporeans in greater need
Poster (updated as of July 2022) available in the following languages:

For more help, visit go.gov.sg/ssolocator to locate your nearest Social Service Office, or call the ComCare hotline at 1800-222-0000.

 

Moving Forward Together

Beyond direct support to help keep essentials within reach, the Government is also committed to supporting local workers by growing their wages. To achieve this, we will also support local businesses to transform and become more productive.

  • To further uplift vulnerable workers and sustain their income growth via their employers, the Progressive Wage Model will be expanded to include more sectors and lower-wage workers. To provide transitional support, the Progressive Wage Credit Scheme (PWCS) was announced in Budget 2022 to additionally support wage growth with Government co-funding. The 2022 PWCS was further enhanced in June 2022, with the Government's co-funding share for wages increased.
  • The Government will redouble transformation efforts and encourage job redesign through the Industry Transformation Maps and Job Transformation Maps. By undertaking enterprise transformation, firms will be able to sustain their relevance in the marketplace, beyond competing on costs alone. Firms will then be able to share the gains with workers through greater wage growth.
  • Efforts to encourage and offer opportunities for the upskilling and reskilling of our workforce via SkillsFuture initiatives will also be ramped up.
     
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