Singapore announces 1.08 billion USD support package to fight inflation
Singapore on June 21 announced a support package worth 1.5 billion SGD (about 1.08 billion USD) to provide immediate relief for vulnerable people and businesses amid rising inflation.
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)./.
Thailand's headline inflation, gauged by the consumer price index (CPI), hit a 13-year high in May, largely attributed to the rise in energy and food prices.
Private-sector analysts have shaved their growth forecast for Singapore for 2022, with the sharper-than-expected rise in inflation and slower economic activity in China among the downside risks for the Southeast Asian nation's economy, according a quarterly survey released by the Monetary Authority of Singapore (MAS).
HSBC has lowered its forecast on Vietnam’s inflation rate in 2022 to 3.5 percent from its earlier prediction of 3.7 percent due to the stable domestic food price, which is expected to help curb the country’s headline inflation, according to a report released by the bank on June 14.
The Republic of Korea (RoK), China and Japan agreed on May 3 to reinforce the regional financial safety net, along with members of the Association of Southeast Asian Nations (ASEAN), by launching a new financing facility programme meant to extend greater support in case of a financial crisis.
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The ASEAN Future Forum 2024 (AFF 2024) entered its second plenary session in Hanoi on the afternoon of April 23, discussing ways to ensure comprehensive security for the people-centred ASEAN Community.
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ASEAN Secretary-General Kao Kim Hourn reaffirmed ASEAN leaders' commitment to empowering the youth to unleash their full potential when he had a dialogue with ASEAN youth in Hanoi on April 22 on the sidelines of the ASEAN Future Forum (AF 2024).
The Thai Government is being urged to increase the proportion of renewable power generation to more than the target of 50% set in the power development plan (PDP).
The Centre for Volcanology and Geological Hazard Mitigation (PVMBG) of Indonesia on April 21 lifted its tsunami advisory issued previously following the eruption of Mount Ruang in Sitaro district of North Sulawesi province.
Thailand expects to export about 1 million tonnes of durian, valued at an estimated 130 billion THB (3.53 billion USD) this year, with most of the shipments to China, according to Minister of Agriculture Thammanat Prompao.
The 72nd meeting of the ASEAN Working Group on Intellectual Property Cooperation (AWGIPC) and related meetings are being held by the Ministry of Science and Technology’s Intellectual Property Office (IPO) of Vietnam in the central city of Da Nang on April 22-26.
Enhancing regional food security and tackling the pressing challenges of climate change will be key agendas defining Malaysia’s ASEAN Chairmanship in 2025, Speaker of the Dewan Rakyat (lower house) Johari Abdul told the press on April 19.
Illustrative image (Photo: travelpluto.com)
