World’s second richest country to give 2.4 million adult citizens up to $470 cash as cost-of-living support

Singapore, the world's second richest country, is set to distribute a cash payment to up to 2.4 million adult citizens in 2026 as part of a cost-of-living support initiative. The payment, known as the Cost-of-Living Special Payment, will be given to individuals aged 21 and above who meet specific criteria, including a maximum assessable income of S$100,000 in the 2025 assessment year and ownership of no more than one property.

The amount recipients receive will depend on their individual income and the annual value of their home. Those with incomes up to S$22,000 and homes valued at no more than S$15,000 will be eligible for the maximum payout of S$600. This additional support comes on top of the initial S$200-400 payment announced in the 2026 national budget, with an extra S$200 distributed in April to help households and businesses cope with rising prices due to the Middle East conflict.

The government's aim is to provide financial assistance to Singapore's lower-income citizens amidst increasing living expenses. In response to the ongoing conflict, a second support package was unveiled last month, which includes an additional S$300 in Community Development Council (CDC) vouchers for every eligible household. These vouchers will be distributed in January and can be used at participating supermarkets, local merchants, and hawker centers.

Meanwhile, around 1.5 million eligible Singaporean adults are already receiving a cash payout as part of the Goods and Services Tax (GST) Voucher scheme, a permanent program aimed at helping lower- and middle-income Singaporeans offset GST and everyday living costs. The finance ministry revealed in July that citizens enrolled in this scheme will receive their payments automatically starting from August 7.