Housing grants, 'special payments': Here's how much millennials can get from Budget 2023

Before delivering this year's Budget statement on Tuesday (Feb 14), Deputy Prime Minister Lawrence Wong said that it will be his "Valentine's Day present to all".

He's not wrong.

Wong, who is also Finance Minister, announced in Parliament a slew of measures to help Singaporeans cope with the rising cost of living.

Here's how much millennials - aged between 27 to 42 - can get in the form of cash payouts, bonuses or grants.

1. Cash payouts and vouchers

It's been more than two months since the Goods and Services Tax (GST) increased to eight per cent.

With the GST rising further by one per cent on Jan 1 next year, Singaporeans are set to receive higher cash payouts under the GST Voucher (GSTV) scheme and the Assurance Package.

Wong announced that those aged 21 and above with an annual property value of $13,000 or below will receive $700 this year and $850 next year.

For those living in a property with an annual value above $13,000 and up to $21,000, the cash payout will be S$350 this year, and then to $450 from 2024.

The cash payouts under the Assurance Package are also set to increase - between $300 and $650 over the remaining years of the package.

There will also be a one-off cost-of-living "special payment" of between $200 and $400 in June for Singaporeans aged 21 and above.

Singaporean households will also receive another $300 worth of Community Development Council (CDC) vouchers in January next year.

2. Housing grants

There will be greater priority during Built-to-Order (BTO) applications for first-timer families and young married couples aged 40 and below.

But for those looking to get a resale flat, Wong shared that the housing grant will increase by $30,000 for families purchasing four-room or smaller units and by $10,000 for those buying five-room or larger units.

"We will do more to support the housing aspirations of young Singaporeans," the minister said. 

3. Baby bonus

More financial support will also be given to parents to help with the costs of raising children, the minister said.

The Baby Bonus cash gift will be increased by $3,000, while parents of babies born from Oct 1, 2022 to Feb 13, 2023 will be given the one-off Baby Support Grant of $3,000.

4. Enhancements to CDA

There will also be enhancements to the Child Development Account (CDA).

The CDA First Step Grant will be increased by $2,000 for all children born from Tuesday.

The Government will also increase the co-matching cap for the CDA by $1,000 for couples' first and second children.

5. Support for gig workers

The Government will provide Central Provision Fund transition support for Singaporeans platform workers who earn $2,500 or less per month.

These include delivery workers, private-hire car drivers and taxi drivers who use online platforms - such as Grab or Gojek - in their course of work.

The scheme will offset part of these workers' share of the year-on-year increase in their CPF contribution rates in the first four years of implementation.

ALSO READ: Budget 2023: CPF contributions for seniors to continue rising, but payout for retirees also increased

chingshijie@asiaone.com

No part of this story or photos can be reproduced without permission from AsiaOne.