SINGAPORE – In a direct response to the ongoing concerns of Singaporeans regarding their cost of living, Prime Minister Lawrence Wong has reassured citizens that the government is committed to providing assistance during these challenging times.

In a recent video shared on his YouTube channel, PM Wong stated, "My team and I will do everything we can to help you get through this difficult period," emphasizing the importance of addressing financial worries even as inflation begins to show signs of moderation.

While the forecast suggests a decrease in inflation rates moving into 2024, PM Wong cautioned that rising prices for goods and services are inevitable. “Adjustments will have to be made from time to time. Delaying these changes will simply prolong the pain,” he explained, reassuring that the government would take measures to alleviate the burden on citizens whenever necessary.

Looking to the future, PM Wong emphasized the necessity of fostering an environment that allows Singaporeans to secure good jobs with competitive wages. He stressed, "Increasing wages that outpace inflation will ultimately enhance the quality of life for our workers and families."

In his overview of the 2024 economic outlook, PM Wong expressed optimism about achieving meaningful growth, with expectations of improved real incomes for workers. He acknowledged that the government is closely monitoring the economic landscape leading up to 2025.

As part of the government's ongoing initiatives, PM Wong recapped the substantial budget allocation of over $10 billion for the Assurance Package aimed at mitigating cost-of-living pressures. This assistance has been bolstered through three enhancements, providing substantial support for households.

For instance, all Singaporean households were granted $800 in Community Development Council vouchers this year, with additional benefits like utilities rebates of up to $400 for eligible HDB households and cash payouts reaching as much as $700 for qualifying citizens. More help is anticipated in the coming months, including further utilities rebates and an additional $300 in CDC vouchers for every household planned for January 2025, along with cash payouts up to $600 for each citizen.

PM Wong also highlighted the global improvement in inflation rates, attributing the price stability in Singapore to decisive monetary policies implemented by the Monetary Authority of Singapore, which fortified the Singapore dollar against external inflationary pressures. "While we cannot control global prices, our proactive measures have successfully mitigated their impact on local citizens," he noted.

In addition to government efforts, PM Wong recognized the contributions of private organizations and the community in addressing cost-of-living issues. Initiatives by DBS Bank to provide discounts on hawker meals and supermarket chains offering discounts to senior citizens reflect a collective commitment to supporting those in need.

Moreover, community groups are increasingly involved in aid efforts, with numerous initiatives aimed at redistributing surplus food and assisting vulnerable populations, including regular grocery distributions and the establishment of community shops.

As Singapore navigates these economic challenges, PM Wong remains positive. “While we face hurdles, we can take pride in our ability to adapt and find solutions,” he affirmed. “Together, we can stabilize the cost of living and enhance the lives of Singaporeans year after year.”

Stay tuned as the government reveals more detailed plans in the upcoming 2025 Budget, aimed at ensuring a secure and prosperous future for all Singaporeans.