Ministerial statement: Lawrence Wong on inflation and business costs

Help from Budget 2022 is coming. If the situation worsens and more support is needed, the Government stands ready to do so. Finance Minister Lawrence Wong gave this assurance in Parliament on Monday (Apr 4), saying that while dark clouds are over the horizon, "we will get through this together, as we have always done, as one united people". Singapore had taken into account the risks in the global economy and rolled out an expansionary Budget this year, he said. It has also implemented very comprehensive and substantial support packages to help households and businesses cope with higher prices. Mr Wong highlighted several immediate and specific actions to cushion the impact of rising inflation and business costs. Where possible, the Government will bring forward the implementation of its Budget measures. In particular, the S$100 CDC Vouchers for every Singaporean household will be disbursed by the middle of May. The first tranche of Service and Conservancy Charges (S&CC) rebates and U-Save rebates to eligible households will be disbursed this month. The rest of the U-Save and S&CC rebates will be disbursed in July and October this year, and in January next year. For businesses, the Government will bring forward the disbursement of the Small Business Recovery Grant, which provides up to S$10,000 for SMEs most affected by COVID-19 restrictions over the past year. Most eligible businesses will be able to receive the grant by June. The Government will provide more help for lower-income households and do more to help them with public transport fares. Mr Wong said the measures in the Budget have just been announced and will be implemented soon. The Government will need time to allow these measures to take effect and feed through the economy, before it can monitor their impact, assess the overall situation and then consider what additional steps it might want to take.