DBS/POSB rolls out $40m suite of measures to ease cost of living pressure for low income households

similar to the Housing Board’s concessionary home loan rate, will be extended to the end of December to allow more sign-ups.

On Saturday, Deputy Prime Minister Lawrence Wong said dealing with the issue of rising cost-of-living is a joint effort by the Government, businesses and community groups. “Working together, we can have every confidence that we can overcome every challenge,” said Mr Wong at the POSB/DBS digital literacy roadshow held at West Coast Food Centre.

DBS/POSB on Saturday said its support measures are aimed at helping Singaporeans defray everyday expenses, reduce mortgage payments and bolster savings. Those who take up the home loan package will receive one-year complimentary fire mortgage insurance by Chubb Insurance. Today, eight in 10 people in this income bracket already spend more than $80 a month on groceries and shopping, said DBS.Low-income and gig workers on the DBS Multiplier high-yield savings programme will also have their interest rate tripled to 1.8 per cent on higher balances.

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