Singapore (VNA) – Singapore on June 21 announced asupport package worth 1.5 billion SGD (about 1.08 billion USD) to provideimmediate relief for vulnerable people and businesses amid rising inflation.

Vulnerable households will receive an additional goods andservices tax (GST) Voucher - Cash Special Payment of up to 300 SGD in Augustand a 100-SGD utilities credit. Eligible taxi main hirers and private-hire cardrivers will get a one-off relief of 150 SGD in August to offset higher fuelcosts.

For businesses, there are higher subsidies for the ProgressiveWage Credit Scheme. Accordingly, the co-funding share of eligible wageincreases for local lower-wage workers under the scheme in 2022 will go up from50 percent to 75 percent for resident employees with gross monthly wages up to 2,500SGD. For wages above 2,500 SGD and up to 3,000 SGD, the co-funding will beraised from 30 percent to 45 percent.

An Energy Efficiency Grant will also be provided for localsmall- and medium-sized enterprises in the food services, food manufacturingand retail sectors to allow them adopt energy-efficient equipment and alleviaterising business costs due to higher energy prices.

This will benefit about 1.5 million lower-income tomiddle-income workers, as well as retirees without income, Deputy PrimeMinister and Minister for Finance Lawrence Wong said at a press briefing to announce the package.

He anticipated price increases to continue in the comingmonths, saying in particular, energy prices are likely to remain elevated forthe rest of the year.

Singapore’s core inflation rose by 3.3 percent in April,the highest since January 2012, compared to 2.9 percent of the previous month, according to the MonetaryAuthority of Singapore (MAS)./.