$3,888 Cost of Living Relief Coming to Singapore? Here’s the Latest Rumor. The rising inflation in Singapore has made the lives of people very difficult. The government is launching several schemes to help people financially and provide them with necessities. The Cost of Living (COL) is a scheme initiated by the government to provide monetary relief to its eligible citizens. To learn more about the topic “$3,888 Cost of Living Relief Coming to Singapore? Here’s the Latest Rumor,” please read the complete article.
$3,888 Cost of Living Relief Coming to Singapore
The rumor is spreading everywhere in Singapore about the Cost of Living Payment worth $3,888 for low-income individuals and families. The government has launched the COL scheme under the Assurance Package to help citizens manage financial burdens. It provides targeted monetary aid through direct cash payouts, Medisave top-ups, and CPF retirement fund bonuses.
The amount $3,888 is not a one-time payment. The amount will be distributed in various payments under various COL schemes. There are many types of cost-of-living payments for which you can be eligible. The amount given in this article is an addition of all the payments under COL. You will receive the payment amount according to your eligibility.
Eligibility Criteria
The eligibility criteria for COL will depend on the type of COL for which you are qualified.
Assurance Package (AP) Cash
Every Singaporean aged 21 years and above will receive cash payments of between $700 and $2,250, depending on his/her income and property ownership. The payments will be distributed over 5 years, from 2022 to 2026. To be eligible for this payment, you must be a Singapore citizen residing in Singapore and aged 21 or above.
Assurance Package (AP) MediSave
Every Singaporean aged 20 and below or 55 and above will get up to $450 in their CPF MediSave account over 2023 to 2025. To be eligible for this payment, you must be a Singapore citizen residing in Singapore and aged 20 and below or 55 and above in the year of distribution.
Assurance Package (AP) Seniors’ Bonus
Seniors aged 55 and above will get cash payments ranging from $600 to $900. This is disbursed over three years, from 2023 to 2025, providing financial relief to those in their retirement years.
Assurance Package (AP) U-Save
Eligible HDB households will get extra U-Save rebates under the Assurance Package from 2023 to 2026. The AP U-Save is provided on top of the regular GSTV – U-Save under the GSTV scheme and will be credited together with households’ regular GSTV – U-Save in the relevant months.
B2025 Cost of Living (COL) Support Measures
To help with cost of living issues, PM and Minister for Finance Mr. Lawrence Wong announced a $1.2 billion enhancement to the Assurance Package at Budget 2025.
B2024 Cost of Living (COL) Support Measures
A one-off cash payment of $200 to $400 is provided to each eligible adult Singaporean citizen in September 2024, aimed at helping manage cost-of-living burdens.
Community Development Council (CDC) Vouchers
Every Singaporean household is qualified to get $300 in CDC vouchers, which can be redeemed at participating supermarkets and heartland hawker stalls, with $150 allocated to each. These vouchers will be disbursed via assigned channels to simplify everyday cost of living.
Application and Payment Modes
There is no need for an application; the payment will be disbursed in the bank accounts of eligible individuals. There are 3 modes of payment for these benefits:
- Bank Transfer: You have to provide your bank account information to the government, then your COL payments will directly get credited to your respective bank accounts.
- PayNow-NRIC: To get your payments on time, you can link your PayNow to NRIC. It is the fastest way to receive your payments. Many banks offer this setup through mobile banking.
- Gov Cash: If the eligible person doesn’t own a bank account, the payment will be distributed to them in another way. Payments can be easily withdrawn from OCBC ATMs using GovCash.
Fact Check
The rumor about the cost of living payment coming to Singapore is true. The government has officially announced the payment for COL in 2025 that will be provided to individuals with low income. However, the information about the exact amount is not yet clear. The $3,888 is an imaginary figure and the real amount is close to it. The exact amount that you may receive will depend upon your eligibility. To get more and real information about the COL payment, eligibility, amount, and schedule, it is advised to check the official website of the Singapore government.