Malaysia to Provide Cash Support of 33,000 Won per Person
Fuel Price to Be Lowered by 2.9% Starting August 31
As Singapore has begun distributing consumption vouchers to all citizens to boost domestic demand, Malaysia has also launched a nationwide cash support program.
According to The Straits Times on July 23, the Singaporean government began distributing vouchers worth 600 Singapore dollars (approximately 650,000 won) to all Singaporean citizens aged 21 to 59, starting the previous day.
Named the 'SG60 Voucher' to commemorate the 60th anniversary of Singapore's independence, these consumption vouchers will be distributed to about 3 million people and can be used at more than 23,000 small business retailers and eight supermarket chains.
On July 1, the Singaporean government began distributing consumption vouchers worth 800 Singapore dollars (approximately 860,000 won) to citizens aged 60 and above. According to the Ministry of Trade and Industry, more than 915,000 seniors?over 83% of those eligible?have received the vouchers so far, resulting in a total expenditure of 126.7 million Singapore dollars (approximately 137.7 billion won).
The authorities have urged Singaporean citizens to use the vouchers to support local businesses and have warned them to be cautious of scams.
Previously, in February, Singaporean Prime Minister Lawrence Wong announced that the government would distribute consumption vouchers to all citizens to recognize everyone's contribution to Singapore's development and to share the benefits of national progress. A budget of 2.02 billion Singapore dollars (approximately 2.18 trillion won) has been allocated for this voucher distribution.
Malaysia to Provide 33,000 Won per Person
On the same day, Malaysian Prime Minister Anwar Ibrahim announced in a statement that, starting from August 31, all Malaysian citizens aged 18 and above will receive a cash support payment of 100 ringgit (approximately 33,000 won). He also announced a change in the fuel subsidy reduction plan, deciding to lower the petrol price at gas stations by 2.9%, from the current 2.05 ringgit per liter (approximately 669 won) to 1.99 ringgit (approximately 649 won).
This support aims to ease the burden of living costs caused by recent price increases. Prime Minister Anwar stated, "Although we have announced several measures, I understand the public's complaints and acknowledge that the issue of living costs still needs to be addressed."
The total government budget for this year's cash support payments is 15 billion ringgit (approximately 4.89 trillion won), which is a 15.4% increase from the initially allocated 13 billion ringgit.
Prime Minister Anwar also added that he will announce additional support measures for low-income groups on July 24.
The Malaysian government had originally planned to rationalize fuel subsidies by eliminating them for high-income groups, but this decision has now been effectively reversed. The Anwar administration had previously sought to strengthen fiscal soundness by measures such as raising electricity rates for large-scale users, but as rising prices have increased the burden of living costs and public opinion has worsened, the government has introduced these support measures.
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