Amidst issues over the cost-of-living, there has additionally been extra authorities assist and money payouts this 12 months. Have you ever used up your advantages but?
As a part of the sandwiched technology having to assist a number of dependents, I’ve been paying attention to the assorted advantages that I get this 12 months, notably within the following areas:
- To assist battle inflation
- To buffer towards rising healthcare prices
- To stay aggressive within the workforce and upskill
- For my household, the younger and the outdated
The simplest option to verify your advantages could be to make use of this Help for You Calculator to calculate the overall estimated advantages that you just and/or your family could obtain from the Authorities.
Advantages for households
Residing in a HDB flat implies that we obtain U-Save rebates each quarter. With further rebates given in 2024, we might get between $550 to $950in whole to offset our utilities payments. In response to the federal government, in Monetary Yr 2024, the U-Save rebates will on common, cowl about 8 months of utilities payments for these dwelling in 1- and 2-room flats, and about 4 months of utilities payments for these dwelling in 3- and 4-room flats. After all, being conscious of your electrical energy and water utilization will assist too.
HDB households may also obtain as much as 4 months of S&CC rebates altogether in 2024 to offset our S&CC payments.
We’ve additionally used our $800 CDC vouchers – which have been disbursed in January and June this 12 months -to pay for our meals at taking part hawker stalls, in addition to for groceries at taking part supermarkets and heartland retailers.
Psst, your $800 CDC vouchers expire on 31 December 2024 so don’t neglect to say and use them if you happen to haven’t already achieved so! Singaporean households may stay up for one other tranche of $300 CDC vouchers that can be disbursed in January 2025!
Below the Assurance Package deal Money payouts, my husband and I every acquired $200 by way of PayNow, whereas our mother and father acquired $600 every as a substitute as they earn a decrease earnings.
Advantages for households
My children attend full-day childcare at MyFirstSkool (an anchor operator), so I’m actually trying ahead to paying decrease childcare charges subsequent 12 months (which we’ve already acquired the notification for)!
Beforehand, I used to be unable to say the Mother or father Reduction on my dad, as he labored part-time and had an annual earnings of $4,800. The annual earnings threshold for all dependant-related tax reliefs, together with the Mother or father Reduction, has now been elevated from $4,000 to $8,000. Which means that for these of you supporting dependant relations who’re doing part-time work, this could permit for extra of you guys to say the tax reduction.
To assist buffer towards rising healthcare prices, there are the CPF MediSave top-ups from Price range 2024 and we have now additionally made additional voluntary contributions by ourselves.
My husband and I are supporting aged mother and father of their 60s – 70s, who every acquired the Retirement Financial savings Bonus (as a part of the Majulah Package deal) of $1,000 or $1,500. And since 3 of our elders are nonetheless working, they may profit from the Earn and Save Bonus to get $400 to $1,000.
Help for mid-careerists to reskill
When you’re aged 40 and above, you need to use the $4,000 SkillsFuture Credit score (Mid-Profession) top-up for round 7,000 chosen coaching programs that meet business and employment wants. The wide selection of programs consists of each part-time and full-time programmes.
The SkillsFuture Mid-Profession Enhanced Subsidy additionally presents greater subsidies of as much as 90% in fact charges for a further publicly funded diploma.
In case you are trying to make a profession change and pursue full-time coaching, you possibly can try the brand new SkillsFuture Mid-Profession Coaching Allowance, which offers a coaching allowance of as much as $3,000 a month for a most of 24 months over a person’s lifetime (computed as 50% of your common month-to-month earnings, primarily based on the newest accessible 12-month interval of earnings information).
When you haven’t been monitoring your payouts and rebates underneath the Price range 2024 Assurance Package deal, right here’s the timeline so that you can observe again on:
A lookback at 2024
There’s little question that 2024 has been a 12 months of speedy adjustments.
Macro components together with international provide chain disruptions and the continuing conflicts in numerous components of the world have led to inflation stress on economies.
And due to this, throughout the board, prices are typically rising, whereas we’re seeing extra job layoffs and retrenchments occur on the identical time. There’s additionally a really actual concern about whether or not synthetic intelligence will take away our jobs within the close to future.
In instances like these, we are able to make use of assorted authorities assist advantages and payouts to deal with greater prices within the quick time period, whereas upskilling ourselves in the long term to make sure our incomes energy continues to climb.
Slightly than simply depend on authorities payouts, I’ve additionally shared numerous tips about lowering prices resembling saving with member reductions and reducing down on meals deliveries and snacks, and so forth.
What’s extra, I’ve been persistently nagging my readers (on my Instagram) to construct further sources of earnings by way of facet hustles to cope with greater prices all through this 12 months. Whether or not it’s from incomes Shopee affiliate commissions or doing paid authorities surveys on CrowdTaskSG, each little bit counts.
It’s now changing into more and more apparent that we should always all begin to look critically into methods to equip ourselves with AI in order to stay aggressive and be ready for the altering panorama of labor. I personally signed up for a couple of AI courses this 12 months to learn to use instruments like ChatGPT higher, and am trying to develop my repertoire to extra AI instruments within the close to future.
As I watch my mates world wide complain about rising prices of their nations too, it’s clear that the challenges we face just isn’t taking place in Singapore alone. My US mates have additionally quipped that they need they get as many authorities advantages as we do right here, which was a fantastic reminder for me to not take what we have now without any consideration.
Whereas the federal government assist measures have undoubtedly been extra beneficiant this 12 months, I don’t count on to all the time be spoon-fed so I’m taking it upon myself to hustle, preserve upskilling and earn extra.
Now, earlier than 2024 involves an finish, don’t neglect to make use of your CDC vouchers earlier than they expire! Declare your CDC vouchers digitally by visiting go.gov.sg/cdcv
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Discover out the estimated authorities advantages it’s possible you’ll obtain by utilizing the Help for You Calculator!
To verify your eligibility for the assorted authorities disbursement schemes for Singaporeans, go to this govbenefitswebsite right here!
Disclosure: This text is delivered to you in collaboration with the Ministry of Finance. All opinions are that of my very own.
