As the cost of living continues to rise globally, governments are stepping in to ease the financial strain on households. In Singapore, the government has introduced a $490 Cost of Living Boost, scheduled to be distributed to eligible citizens starting April 30, 2025.
This initiative is part of the broader Assurance Package, which aims to provide both immediate and long-term financial relief to Singaporeans.
This article will provide all the crucial details about the $490 Cost of Living Boost, including eligibility criteria, how to check your status, and how the relief can help with managing increasing living expenses.
Key Information at a Glance
| Key Point | Details |
|---|---|
| Benefit Amount | $490 for eligible Singaporeans |
| Disbursement Date | April 30, 2025 |
| Eligibility Criteria | Singaporean citizens aged 21+ with income of $100,000 or less in 2023 |
| How to Apply | No application required; automatic disbursement via Gov.sg |
What is the $490 Cost of Living Boost?
The $490 Cost of Living Boost is one of the key measures in the Assurance Package introduced by the Singapore government. Its goal is to provide immediate support to citizens facing the financial burden of rising living costs, particularly for necessities like groceries, utilities, and transportation.
This payment is part of a broader initiative to alleviate the financial pressures caused by inflation, helping citizens manage their everyday expenses. As prices for essential goods and services continue to climb, this boost offers a necessary cushion for those most in need.
Why Is the $490 Boost Being Offered?
In 2025, Singapore is experiencing one of its highest inflation rates in years, making everyday items such as food, fuel, and public transportation more expensive.
The $490 boost is a direct response to these challenges, ensuring that Singaporeans can continue to afford their basic needs without compromising their quality of life.
Eligibility for the $490 Boost
To make sure the funds are directed to those who need them the most, the government has outlined specific eligibility criteria for the $490 Cost of Living Boost:
- Singaporean Citizenship
Only Singaporean citizens are eligible for this benefit. Permanent Residents or non-citizens will not qualify. - Age Requirement
You must be 21 years or older by 2024 to be eligible. - Income Cap
The assessable income for the year of assessment 2023 (income earned in 2022) should not exceed $100,000. - Property Ownership
To qualify, you should not own more than one residential property in Singapore. This ensures the support is directed to those who need it most. - Residency Status
You must be a resident of Singapore, meaning you must live in the country and adhere to local laws.
How to Check Your Eligibility
The $490 Cost of Living Boost will be automatically disbursed to eligible citizens, meaning no application is required. However, you can check your eligibility to confirm that you are set to receive the boost.
Step-by-Step Guide to Checking Eligibility
- Visit the Official Government Portal
Navigate to the Gov.sg website for up-to-date information about the Assurance Package and other relief measures. - Login with Your Singpass
To access personalized information, log in using Singpass, the official digital identity system for secure access to government services. - Check Your Eligibility
Once logged in, navigate to the Assurance Package section to confirm if you meet the eligibility criteria. If you’re eligible, the payment will be automatically credited to your registered bank account.
After the Disbursement: What to Expect
Once the $490 Cost of Living Boost is disbursed on April 30, 2025, the funds will be automatically credited to your bank account associated with your NRIC. If you qualify, there is nothing more you need to do.
You can use the $490 boost for everyday expenses such as:
- Groceries: The increasing cost of food can be a burden for many families. The $490 boost will help make your grocery runs more manageable.
- Utilities: With electricity, water, and gas prices rising, this payment will ease your utility bills.
- Transportation: Public transport costs have gone up, and this boost will help reduce commuting expenses.
- Healthcare: You may also use this amount to manage your medical costs, ensuring your health needs are taken care of without adding financial strain.
Other Government Support Measures in 2025
The $490 Cost of Living Boost is just one element of the Assurance Package. Here are other measures aimed at helping Singaporeans:
- SG60 Vouchers
Singaporeans aged 60 and above will receive $600 worth of SG60 Vouchers. Citizens aged 21 to 59 will receive $800. - GST Voucher Scheme
This scheme helps offset the Goods and Services Tax (GST) by providing cash payouts, MediSave top-ups, and U-Save utility rebates. - Child LifeSG Credits
Families with children will receive $500 in Child LifeSG Credits to help with the cost of raising children. - Silver Support Scheme
Seniors aged 65 and above will receive enhanced quarterly cash supplements through the Silver Support Scheme, helping them manage basic living expenses.
Real-Life Examples
Sarah’s Story – A Young Professional
Sarah, a 25-year-old marketing professional, found herself struggling with rising rent and grocery bills. When she learned she was eligible for the $490 boost, it was a huge relief. Sarah plans to use the payment to cover some of her rent and essential items, helping her save without the immediate financial pressure.
Mr. and Mrs. Tan’s Story – A Retired Couple
Mr. and Mrs. Tan, both in their 60s, are retired and live on a fixed income. With increasing healthcare and utility costs, the $490 boost provides much-needed support. They plan to use the money to cover their utility bills and healthcare costs, maintaining their quality of life in retirement.
The $490 Cost of Living Boost is a critical part of Singapore’s efforts to provide financial relief during times of economic hardship. This initiative, combined with other supportive measures, will help Singaporeans cope with rising costs, ensuring that they can maintain their standard of living without undue financial stress.
If you qualify for the boost, make sure to check your eligibility and stay informed about other available support programs to maximize the benefits offered by the government.
FAQs
Who is eligible for the $490 Cost of Living Boost?
To be eligible, you must be a Singaporean citizen aged 21 or older, with an income of $100,000 or less in 2023. Additionally, you must not own more than one residential property in Singapore.
How can I check if I am eligible?
Log in to the Gov.sg website using your Singpass to verify your eligibility. The eligibility section will confirm whether you qualify for the payment.
When will the $490 boost be disbursed?
The $490 Cost of Living Boost will be disbursed on April 30, 2025, and credited automatically to your registered bank account if you meet the eligibility criteria.