Singapore yesterday announced a S$1.5 billion (US$1.1 billion) package to shield lower-income households from surging costs of living, joining fiscal policymakers globally in blunting the pain of sustained price pressures.
The package, which includes direct payments and household utilities rebates, is targeted at providing relief to the most vulnerable groups, the Singaporean Ministry of Finance said in a statement.
It also consists of assistance to local businesses by way of increased wage credit and steps to support jobs, it said.
“There remains significant uncertainty on how prolonged or deep the challenges ahead will be,” the ministry said.
Singapore is not alone among Asian nations ramping up support, with regional authorities particularly focused on checking sharp gains in food prices.
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