Singapore has unveiled a S$900 million support package aimed at assisting businesses and households facing economic challenges. This initiative is part of the government's ongoing efforts to bolster the economy and provide relief to those affected by rising costs and global uncertainties.
The support package includes several key measures designed to address immediate financial pressures and promote long-term resilience. For businesses, the government has enhanced the Corporate Income Tax (CIT) Rebate, increasing it to 50% for the Year of Assessment 2026. This adjustment aims to alleviate operational costs and encourage investment. Additionally, the Business Adaptation Grant (BizAdapt) has been expanded, offering up to 70% support for eligible costs, with a funding cap of S$100,000 per enterprise. This grant assists companies in adapting their operations and strengthening supply chain resilience amid economic uncertainties.
Households will benefit from increased Community Development Council (CDC) Vouchers, with S$500 allocated to each eligible household. These vouchers can be used at participating supermarkets and heartland merchants, providing immediate relief for daily expenses. Furthermore, the Cost-of-Living Special Payment has been enhanced, offering cash payments ranging from S$400 to S$600 to eligible Singaporeans, aimed at easing financial burdens.
The package also includes support for workers, particularly platform workers and taxi drivers, who will receive a one-time cash relief of S$200. This measure acknowledges the unique challenges faced by these groups and provides targeted assistance.
These initiatives reflect the government's commitment to supporting both businesses and individuals during challenging times. By implementing these measures, Singapore aims to foster economic stability and ensure that its citizens and enterprises are well-equipped to navigate current and future challenges.