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Singapore Budget 2024: What Individual & Household Support Can We Expect From The Improved Assurance Package?

Emma Lam

Emma Lam

Last updated 20 February, 2024

Here's what every eligible Singaporean household can benefit from as announced in Budget 2024.

Another year, another Budget Announcement has come and gone. And with each Budget talk, there are a few key highlights that got everyone's ears perked up and eyes glued on the screen – one of them being the boosts to the Assurance Package.

Although primarily aimed to assist lower-income families and larger households (like those with children and seniors), we can expect to receive a mixture of cash, CDC vouchers, and U-Save rebates as part of a S$1.9 billion boost to the improved Assurance Package.   

Keep reading to discover the improvements made to the Assurance Package.

Table of contents

What to know about the Assurance Package top-up SS_BUDGET2024_INFOGRAPHIC_FINAL_02

1. Additional S$600 CDC Vouchers

Since the CDC Vouchers Scheme was introduced by the Community Development Council, it's been a recurring monetary benefit eagerly anticipated by many Singaporeans each year.

In 2023, every Singaporean household received S$300 worth of CDC Vouchers. In 2024, we can expect an additional S$600 worth of CDC Vouchers to be issued, on top of the initial disbursement of S$500 CDC Vouchers on 3 January this year!

The first S$300 will be disbursed in June 2024 with the other S$300 being disbursed in January 2025.

In sum, that's a whopping S$800 worth of CDC Vouchers in total to look forward to.

While these CDC Vouchers are great, it's worth noting that their eligibility is limited to participating heartland merchants, hawkers, and supermarkets only. They cannot be used on all businesses.

See also: CDC Voucher Guide 2024: How to Redeem and Where To Use Your S$500 Vouchers

2. Up to S$400 cost-of-living special payments

Are you a bright-eyed and bushy-tailed young working adult just entering the workforce? Then do we have good news for you.

Chances are, you'll most likely qualify to receive a one-off cost-of-living special payment of between S$200 to S$400 in cash by September 2024. To qualify, you must:

  • Be a Singaporean aged 21 and above in 2024
  • Reside in Singapore
  • Not own more than one property
  • Have an assessable income of up to S$100,000 in the AY2023

Unlike the above CDC Vouchers, these cost-of-living special payments will be disbursed in cash. This means that you're free to spend this amount in whichever manner best benefits you and your household's financial situation.

Furthermore, as the name suggests, these special cash payments are meant to help lower- and middle-income individuals better mitigate the effects of inflation and rising costs of living.

Read more:
7 Money Moves Singaporeans Can Make to Manage Inflation
8 Lifestyle Changes You Can Make to Better Cope With Inflation
1990s vs 2020s: Inflation and Price Changes in Singapore

3. Additional U-Save rebates and S&CC rebates

To help Singaporeans cope with hikes in utility bills, additional one-off U-Save rebates and Service and Conservancy Charges (S&CC) rebates will also be issued out to families residing in HDBs.

The U-Save Rebates will be disbursed in four tranches spanning April, July, October 2024, and January 2025. Eligible HDB households will receive 2.5 times the amount of regular U-Save rebates (or up to S$950) in 2024.

Meanwhile, the additional S&CC rebate is meant to offset 0.5 months of S&CC in January 2025. In total, eligible HDB households will receive up to four months of S&CC rebates in 2024.

Read more:

Which Electricity Retailer Offers The Cheapest Electricity Price Plans in Singapore?
Open Electricity Market Singapore: Complete 2024 Guide
8 Ways to Lower Your Electricity Bill in Singapore

4. GST Voucher top-ups

To permanently defray GST expenses for lower- and middle-income households, the government is also topping up the existing GST Voucher Fund by S$6 billion. This comes in especially helpful since the 9% GST hike this year.

Read more:
Businesses Absorbing The GST Rate Hike in 2024
How to Calculate GST and Service Charge in Singapore

How to save more and spend savvy in 2024?

#1: Use a cashback or miles credit card to earn rebates

If you're not using a handy cashback or miles credit card for your dedicated expenses in 2024, you're seriously missing out! Even if you've just started working a few months ago and don't know where to start, don't be intimidated by the complexities of the credit card world! (We have an ultimate guide for that! 😉)

Best for
Credit card
Key benefits
Everyday expenses
OCBC 365 Card
Up to 6% cashback on selected everyday categories
POSB Everyday Card
Up to 10% cash rebates on selected everyday categories
Maybank Family & Friends Card
Up to 8% cashback on selected everyday categories
Dining, groceries, petrol
Citi Cash Back Card
Citibank Cash Back MA v2 (1)
6% cashback on dining
8% cashback on groceries and all petrol
Groceries, online shopping
CIMB Visa Signature Card
Up to 10% cashback on online shopping and groceries
Online and contactless transactions
8% cashback on online and mobile contactless spend
Up to 10% cashback on online and contactless spend
DBS Live Fresh Card
Best for
Credit card
Key benefits
Everyday expenses
UOB Lady's Card
6 mpd* on one enrolled category (e.g. dining)
UOB Lady's Solitaire Card
6 mpd* on two enrolled categories (e.g. dining, family)
Travel, everyday expenses
KrisFlyer UOB Card
3 mpd on Singapore Airlines-related spend
3 mpd on everyday expenses (e.g. dining, food delivery, shopping, transport) with min. S$800 on Singapore Airlines-related annual spend
Maybank Horizon Visa Signature Card
2.8 mpd on overseas and air tickets (all airlines) transactions
1.2 mpd on all local retail expenses (e.g. groceries, transport, shopping, dining, etc.)
Travel cards
Refer here for more options
Online and contactless transactions
Citi Rewards Card
4 mpd on selected online transactions (e.g. ride-hailing, shopping, food delivery, groceries)
HSBC Revolution Card
4 mpd on selected online and contactless transactions (e.g. shopping, travel, groceries, food delivery, dining)
DBS Woman's Card
2 mpd on online transactions
DBS Woman's World Card
4 mpd on online transactions (both local and foreign spend)
UOB Preferred Platinum Visa Card
4 mpd on online shopping, mobile contactless spend, and entertainment transactions

*Will revert to 4 mpd after 31 March 2024


#2: Use a budgeting app to track expenses

In an ideal world, most of us would like to believe that we're great with our money and don't need to track our expenses just to stay within budget. But realistically, we know that's usually not the case.

We recommend budgeting apps like Fortune City that allow you to gamify your personal finances and make tracking more fun.


#3: Use a high-yield savings account

No thanks to inflation, leaving money in a savings account with low interest rate (for e.g. < 4% p.a. interest) is only going to erode your money's purchasing power over time. That is not the move for 2024.

Instead, keep up with inflation by either saving in a high-yield savings account or using a cash management account. Regardless of your choice, both options promise better returns on your money, as long as they're aligned with your financial goals and habits.


#4: Consider stable or short-term investment options

For those with a low-risk appetite, investing in stable tools like T-Bills or Singapore Savings Bonds (SSBs) acts as a great introduction to dipping your toes in investing. Alternatively, if you're afraid of commitment, investing in short-term fixed deposits isn't half bad too.

See also: 7 Most Popular Types of Investment in Singapore


#5: Invest with a robo-advisor or online brokerage

While timing the market never bodes well for most people, investing in portfolios (see: dollar-cost averaging) curated by robo-advisors and online brokerages tends to be a fairly dependable route. Such portfolios typically consist of a diversified mix of assets including ETFs, stocks, REITs, and more.

Moreover, these platforms typically impose minimal commission or management fees, making them suitable for investing novices and experts alike.

See also: What Are Common Mistakes People Make When Investing?

Although she struggles *slightly* in resisting good deals and sales, Emma is on a lifelong journey to understand what financial independence as a Z-llennial means. That said, her inner child is still very much alive… with animals and gaming being her weaknesses.


Use a personal loan to consolidate your outstanding debt at a lower interest rate!

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