SINGAPORE — While rising costs of living prompted the provision of additional help to Singaporeans, higher than projected revenues have given the Government the financial muscle to do this early, without having to wait until next year's Budget, analysts have said.
The bulk of the S$1.1 billion support suite announced on Thursday will go towards boosting the Assurance Package, which is aimed at helping Singaporeans cope with the Goods and Services Tax increase, bringing it up to over S$10 billion in the process.
And while more flexibility in reacting to changing economic conditions may be good, some experts highlight the risk of developing a welfare mentality.In announcing the slew of enhanced support measures, Deputy Prime Minister and Finance Minister Lawrence Wong said the move was made in view of downside risks: Ranging from global issues like the disruption of food and energy supplies to domestic ones like moderating real wage growth and increases in the price of water and public transport fares.
Political analyst and Singapore Management University law don Eugene Tan said that regular assistance comes across better than a single-tranche support in demonstrating the Government’s continuing commitment to help Singaporeans. Having exercised flexibility in reacting to the economic effects of the protracted Covid-19 pandemic not long ago, he believes that the Government is probably prepared to act more urgently to future volatility.
This in turn depends on whether Singapore maintains a strong and stable revenue collection, balanced against whether costs continue to rise. All Singaporeans will receive the existing Assurance Package cash handouts of differing quantum depending on their income and number of properties owned.
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