Amidst considerations 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 era having to assist a number of dependents, I’ve been being attentive to the varied advantages that I get this 12 months, significantly 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 previous
The simplest technique to verify your advantages can be to make use of this Assist for You Calculator to calculate the overall estimated advantages that you simply and/or your family could obtain from the Authorities.
Advantages for households
Dwelling 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 complete 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 residing in 1- and 2-room flats, and about 4 months of utilities payments for these residing in 3- and 4-room flats. In fact, being aware of your electrical energy and water utilization will assist too.
HDB households may even 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 collaborating hawker stalls, in addition to for groceries at collaborating supermarkets and heartland retailers.
Psst, your $800 CDC vouchers expire on 31 December 2024 so don’t overlook to say and use them when you haven’t already carried out so! Singaporean households also can look ahead to one other tranche of $300 CDC vouchers that can be disbursed in January 2025!
Beneath the Assurance Bundle Money payouts, my husband and I every acquired $200 by way of PayNow, whereas our dad and mom acquired $600 every as a substitute as they earn a decrease earnings.
Advantages for households
My youngsters attend full-day childcare at MyFirstSkool (an anchor operator), so I’m definitely wanting 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 Mum or dad 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 Mum or dad Reduction, has now been elevated from $4,000 to $8,000. Which means for these of you supporting dependant members of the family who’re doing part-time work, this could enable for extra of you guys to say the tax aid.
To assist buffer towards rising healthcare prices, there are the CPF MediSave top-ups from Finances 2024 and we have now additionally made additional voluntary contributions by ourselves.
My husband and I are supporting aged dad and mom of their 60s – 70s, who every acquired the Retirement Financial savings Bonus (as a part of the Majulah Bundle) of $1,000 or $1,500. And since 3 of our elders are nonetheless working, they are going to profit from the Earn and Save Bonus to get $400 to $1,000.
Assist for mid-careerists to reskill
In case you’re aged 40 and above, you should use the $4,000 SkillsFuture Credit score (Mid-Profession) top-up for round 7,000 chosen coaching programs that meet trade and employment wants. The wide selection of programs contains each part-time and full-time programmes.
The SkillsFuture Mid-Profession Enhanced Subsidy additionally affords increased subsidies of as much as 90% in fact charges for a further publicly funded diploma.
If you’re trying to make a profession swap and pursue full-time coaching, you may 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 out there 12-month interval of earnings information).
In case you haven’t been monitoring your payouts and rebates beneath the Finances 2024 Assurance Bundle, right here’s the timeline so that you can monitor again on:
A lookback at 2024
There’s little question that 2024 has been a 12 months of speedy modifications.
Macro elements together with world provide chain disruptions and the continuing conflicts in numerous elements 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 occasions like these, we will make use of varied authorities assist advantages and payouts to deal with increased prices within the brief time period, whereas upskilling ourselves in the long term to make sure our incomes energy continues to climb.
Fairly than simply depend on authorities payouts, I’ve additionally shared numerous tips about lowering prices resembling saving with member reductions and slicing 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 aspect hustles to take care of increased 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 turning into more and more apparent that we should always all begin to look significantly into find out how 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 lessons this 12 months to discover ways to use instruments like ChatGPT higher, and am trying to broaden my repertoire to extra AI instruments within the close to future.
As I watch my buddies world wide complain about rising prices of their international locations too, it’s clear that the challenges we face shouldn’t be occurring in Singapore alone. My US buddies have additionally quipped that they need they get as many authorities advantages as we do right here, which was an amazing reminder for me to not take what we have now with no consideration.
Whereas the federal government assist measures have positively been extra beneficiant this 12 months, I don’t anticipate to at all times be spoon-fed so I’m taking it upon myself to hustle, maintain upskilling and earn extra.
Now, earlier than 2024 involves an finish, don’t overlook 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 you might obtain by utilizing the Assist for You Calculator!
To verify your eligibility for the varied 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.
