Around 1.5 Million S’poreans will Receive up to S$300 Cash in August 2022

The Government has been investing more resources in enhancing existing schemes to extend more help to Singaporeans amidst the rising global inflation and its surrounding challenges. About 1.5 million Singaporeans will receive up to S$300 cash under a special GST voucher payment in August 2022, according to Deputy Prime Minister Lawrence Wong.

This payment will be made on top of the regular GST Voucher (GSTV) cash payout of up to S$400, which was announced earlier this year. Recipients of GSTV can therefore expect to get up to S$700 in August. This move aims to support about 1.5 million lower-income to middle-income workers, as well as retirees without income.

Apart from this, all Singaporean households will receive a credit of S$100 for utilities by September 2022 to help offset their bills. Furthermore, eligible taxi main hirers and private hire car drivers will also receive a one-off relief of S$150 in August to cushion the higher fuel costs.

The following schemes will be enhanced to support those who are in need.

INCREASED CASH PAYOUT FROM GST VOUCHER SCHEME

To further offset the GST expenses of lower income to middle-income Singaporean households, enhancements to the GSTV scheme announced at Budget 2022 will be made. In August 2022, more Singaporeans will qualify for the GSTV cash payouts as the annual Assessable Income threshold will be increased from S$28,000 to S$34,000.

Eligible individuals will get up to S$400 of regular cash payout this year, which will be further increased to up to S$500 in 2023. Additionally, GSTV cash recipients will receive a Special Payment of up to S$300 in cash as part of the targeted support package announced last month.

JOBS GROWTH INCENTIVE EXTENSION (JGI)

JGI is a salary support scheme that provides employers with 15% to 50% salary support for new employees. It encourages employers to hire mature jobseekers who have not been working for at least six months, as well as persons with disabilities or ex-offenders.

The Government will extend the current phase of JGI from September 2022 to March 2023 as part of the targeted support package.

ENHANCED WORKFARE INCOME SUPPLEMENT

The Workfare Income Supplement aids lower-wage Singaporean workers whose earnings are in the bottom 20% of the working population. Eligible workers will receive support via CPF top-ups and cash to supplement their retirement savings and income.

Enhancements will be made from 2023 to provide higher annual payouts of up to S$4,200 for eligible Singaporean workers. More individuals will qualify for this support too.

PUBLIC TRANSPORT VOUCHERS DISTRIBUTION

To cope with the fare adjustment enacted in December 2021, households with a monthly household income of S$1,600 per person and below are eligible for Public Transport Vouchers.

If you have received a public transport voucher in the previous exercise, you would automatically receive a voucher via post. Otherwise, you may apply online until 31 October 2022 at go.gov.sg/ptv.

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Searching for other schemes that you are eligible for? Do check out SupportGoWhere or go to your nearest Social Service Office.

Sources: 1 & 2

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Singaporeans Get Financial Support And Frozen Government Loans Amid COVID-19 Pandemic

As you may know, many establishments and livelihoods have been put on hold due to the Coronavirus widespread. Floating in limbo led many Singaporeans to worry about their finances, particularly their bills and household expenses. This level of uncertainty is not limited to our country. It happens all over the world! Moreover, it takes a toll on developing countries whose majority relies on daily salaries and meal allowances to survive.

The Singaporean government has put a plan into place. Last Thursday, Deputy Prime Minister Heng Swee Keat said that they “will put more cash in the hands of all families to help them cope”. The cash payouts announced in Budget 2020 will be tripled!

All adult Singaporeans will receive $300, $600, or $900 depending on their income. The amount for parents with at least one Singaporean child aged 20 and younger will receive up to $300 as compared to $100 before. The Workfare Special Payment for lower-income workers will also be increased to $3,000 in cash.

Lastly, the $100 PAssion Card top-up for seniors will be given in cash instead. They will get their money directly in their bank accounts. “This is to avoid the need to queue at top-up stations during this period,” he said.

In addition to supplementary budget, the Government will freeze all fees and charges for its services for one year from April 1. Late payment charges on Housing Board mortgages will be suspended for three months. Graduates who took up Government loans for their university or polytechnic studies will receive a loan repayment suspension for a year from June 1.

Image Credits: unsplash.com

Deputy Prime Minister Heng Swee Keat also highlighted the importance of self-help groups. Grants for self-help groups will be doubled to $20 million over two years. While, community development councils will get $75 million. As he listed various initiatives on his speech, he said that they will “protect jobs, support our workers, and protect livelihoods”. All these efforts are necessary to help the citizens bounce back during these uncertain times.

Sources: 1 & 2

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Sensible Strategies To Split Expenses with Your Partner

There is truth to the idiomatic expression – “it takes two to tango”. With a relationship that spans for nearly a decade, I came to realize that giving and taking is an essential element to success. Arriving at an agreeable place avoids potential conflicts from rising. Compromise is vital when it comes to financial matters.

Who would be primarily responsible to pay the bills or to account for outstanding debts? Use the following strategies to help you split the expenses.

STRATEGY #1: DOWN IN THE MIDDLE

Living together entails the discussion of bills, loans, and other expenses. The most concrete way to divide an expense is to split it in half. From groceries to rent, you may share the household responsibilities by contributing an equal amount of money.

Keep track of your purchases and bills by creating a document or a spreadsheet file. You may want to consider setting a monthly price threshold to avoid conflicts.

STRATEGY #2: SET A PERCENTAGE

If you and your partner belong to similar salary divisions, the first strategy is beneficial. However, it can be difficult to split everything by 50-50 if you belong to both ends of the salary spectrum. Contributing S$1,000 per month to the household expenses may mean nothing to you. While, it can mean everything to others!

One of the most sustainable ways to conquer this situation is to contribute a certain percentage of your income. For instance, you can agree to allocate 30% of your income towards household expenses and other miscellanous. Both parters will be paying the same percentage to other expense categories such as utilities and transportation.

STRATEGY #3: TOGETHER AS ONE

Some couples prefer to establish a joint account with a foundation of trust and mutual understanding. With this account, you may allocate a percentage for entertainment. Entertainment includes funds for hobbies as well as vacations. Maintaining an account to fund an expensive vacation allows you to team up to achieve a common financial goal.

Motivation is elevated as you work together. Furthermore, your dual streams of income widens the resources for your funds.

STRATEGY #4: TOGETHER YET APART

Another strategy that can be just as effective is separating the expense categories based on one’s financial capacity. You will be responsible to pay for specific bills from your own account or savings.

Under this strategy, each person remains their individual bank accounts and identifies which expense they are responsible for. According to Andrea Rizk, the founder and CEO of of Risk Public Relations, this arrangement maintains maximum financial independence.

Image Credits: pixabay.com

Image Credits: pixabay.com

At the end of the day, you must choose a strategy that works well with your personalities and relationship dynamics.

Sources: 1 & 2

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Is It Alright For Parents To Financially Support One Child?

Parents who support their children are less apparent in the Western setting where independence is practiced. In Singapore, it is more acceptable as we live within a predominately Asian culture.

Financial favoritism is an issue that strikes a chord in my heart as I have witnessed it happen numerous times in my family. Some of my distant relatives have relied immensely on their parents’ support throughout their lifetime. In most of these cases, there was one sibling (i.e., “the financial favorite”) who needed the money more than the others. It is pretty much an unspoken rule to lend a hand to a son or daughter in need.

Basing on ownership, your parents’ wealth is theirs to spend. They are free to give it away during appropriate circumstances. However, relationships can be significantly affected if the immediate family discovers that the parents were favoring one child financially. Parents must uncover the following questions to ensure that they are thinking all the possible issues thru.

WHEN SHOULD YOU LET THE SECRET OUT?

There are two types of financial support: minor and major. Minor support is generally an isolated case, which is temporary and sensitive. The sensitive nature of the situation is the main reason why you should keep the issue to yourselves. Now, let us focus on the latter. Major support can impact the entire family’s future. Disclosing the issue is necessary if you anticipate that the other siblings will have to chip in once you are no longer able to support the financial favorite.

WHY ARE YOU DOING THIS?

I can only imagine how much pain you are in once you see your child suffering from a financial crisis. Wanting to fix things for him or her is natural. It may be tempting to favor one over the other at times.

Explaining the situation to your family is an opportunity to clear the air. But, explaining your side may not guarantee that your other children would agree to your rationale. You must prepare for their diverse reactions after learning about the financial support for a specific sibling. If they consider the financial favorite as an irresponsible sibling, they may not be willing to help.

HOW WILL YOU ENSURE THAT MATTERS WILL BE FAIR?

Say the parents of Wendy thought that she needs extra help in the future because she is currently unmarried with a low-earning profession. They left more money in her inheritance than with the other siblings. After several years, Wendy became a successful lawyer and out-earned the rest.

Circumstances change. No one knows exactly what the future holds. So, consider being equitable when you plan your Last Will.

Image Credits: pixabay.com

Image Credits: pixabay.com

Whatever your reason may be, strategically contemplate on how your actions will affect your relationship with your children as well as the relationship between them. Supporting one child financially is acceptable – to a certain extent.

Sources:  1 & 2

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