The PAP Government is looking at providing more help to Singaporeans and allay their concerns about the cost of living. This includes larger families with young children where “costs add up quite quickly”, according to PM Wong.
In a press conference on August 23, five days after his maiden National Day Rally speech, PM Wong highlighted tackling cost-of-living concerns and taking better care of seniors as two key areas of focus for the Government.
While broad-based schemes like Community Development Council (CDC) vouchers, and cost-of-living payouts as well as U-Save rebates that target lower- and middle-income groups are in place, the government is looking to provide more help for specific groups.
“We are prepared to, and we are thinking about how we can provide more help. So, we are indeed focused on looking at all of these different segments and thinking of different ways in which we can help them,” he said.
He noted there are different aspects to the cost-of-living issue. There are day-to-day expenses such as groceries, food and daily essentials, as well as big-ticket items like housing.
The government is also keeping an eye on inflation, which Mr Wong said has shown some signs of moderation.
He said 2023 was “a difficult year” with high inflation and weak growth of about 1 per cent. Many Singaporeans experienced a drop in real wages, said Mr Wong.
“So, we will have to look at the data and what the indicators are with regard to income and inflation this year and next year. And think about how we can put together appropriate help,” he said, adding that the government will do so in Budget 2025.
When asked if the government would provide more CDC vouchers given that the $300 worth of vouchers to be disbursed in January 2025 is less than the $800 given to each Singaporean household in 2024, he also urged Singaporeans to wait for 2025 Budget announcement.
In his National Day message earlier this month, PM Wong pledged that the government would double down on efforts to maintain a stable cost of living. He noted that the government has shielded Singaporeans from the worst effects of global inflation by maintaining a strong Singapore dollar.
This year, with higher economic growth, he expects wages will also increase, he added.
PM Wong said that the government’s long-term strategy is to spur innovation and enhance productivity across Singapore’s economy. This way, “wages can increase at a faster pace than inflation, improving the overall quality of life for all Singaporeans,” he said.
