With more measures to help Singaporeans cope with the rising cost of living, Budget 2023 that will be unveiled on Feb 14 will be Deputy Prime Minister Lawrence Wong’s "Valentine's Day present to all", he said on Tuesday (Jan 3).

“We recognise the concerns that many people have about cost-of-living issues,” Mr Wong, who is also Finance Minister, said at the launch of a new third tranche of the Community Development Council (CDC) voucher scheme.

“Hence, (we are) looking at additional measures in the budget to support Singaporeans over the coming year, especially those in the more vulnerable and lower-income groups.”

Under the CDC voucher scheme, every Singaporean household will receive S$300 worth of vouchers, half of which can be used at participating supermarkets.

The extended scheme was first revealed in Budget 2022, with Mr Wong announcing that the Government will disburse S$200 in vouchers in 2023 and another S$200 in 2024. The scheme was enhanced last October, adding another S$100 to the 2023 tranche.

With the national budgets of the past two years focused on providing government intervention to support the economy through the Covid-19 pandemic, the coming Budget 2023 is expected to return to a pre-Covid state of affairs, though more support measures may still be rolled out to tackle high levels of inflation both here and abroad, pundits said.

Mr Wong said on Tuesday: "The Ministry of Finance team is now working on Budget 2023. The Budget would be announced on Feb 14. It will be my Valentine's Day present to all of you.

"(I want to) assure everyone that the Government will always be here for you, to help you cope with rising prices and inflation."

In his speech, Mr Wong said that Singapore must be prepared for uncertainties and challenges to continue into the new year.

The war in Ukraine, which started almost a year ago, does not appear to be ending anytime soon, he added.

Possible disruptions in food and energy supplies are also expected in the year ahead, as Singapore faces a weaker global economy and continued geopolitical tensions especially between the United States and China.

Furthermore, the pandemic is not yet over, with a new Covid wave taking place in China, Mr Wong said.

“We’re monitoring the impact closely, and what might impact us in particular, and we stand ready to take further actions if need be.”

However, with the high level of immunity domestically, through a combination of vaccinations and natural infections, Mr Wong said he was hopeful that the country will be able to “put Covid-19 behind us”.

“We can put it in the rear-view mirror sometime later this year.”

Mr Wong also said that Singapore cannot expect that life in the coming year will be smooth-sailing, but he is confident that the country will be able to find new resolve to pull through the period ahead.

He urged the public to draw comfort and strength from Singapore’s journey through Covid-19 over the past three years, where through “grit, resilience and perseverance”, the country emerged stronger and more united.

“And as we enter the new year, let’s continue to keep the faith with each other, and work together for a better future and a better Singapore.”

Source:
courtesy of TODAY

by DARYL CHOO

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