The scheme has persisted to this day, and over the years, the vouchers have risen in quantum (not that we’re ungrateful). Every Singaporean household received $100 worth of vouchers in 2021 and 2022.
This was increased to $300, half of which was for participating supermarkets in 2023. Singaporean households received $500 worth of vouchers in 2024.
In 2025, Singaporeans enjoyed more handouts to celebrate the country’s 60th birthday. That year, each household received at least $1,650. This figure includes CDC vouchers, SG60 vouchers and two separate cash payouts in August and December. Certain households would have received $2,750, depending on their level of income and residence.
Singaporeans born in 1965 or earlier would have received $800 in SG60 vouchers, while those born between 1966 and 2004 would have received $600.
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Though well-intentioned, the way these vouchers are currently used raises questions. Examples on social media show recipients making frivolous purchases.
Anecdotal observations from heartland shops suggest some vouchers were sold (at a discount) for cash, which were then promptly spent at the Singapore Pools outlet next door.
Edwin Tong, then Acting Minister for Culture, Community and Youth, said around $2.3 billion had been spent as of July 2025 since the scheme’s launch in December 2021. Around $1.26 billion was spent at participating hawkers and heartland merchants, while some $1.04 billion was spent at participating supermarkets.
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While hardly wasteful in a moral sense (any support is welcome), could the vouchers be better used to cultivate long-term financial security, such as offsetting trade commissions for the local stock market?
Instead of wasting their time shopping around for things they may not need, investors could use their vouchers to do some “shopping” on the stock market instead.
For investors using their Central Depository (CDP) accounts, trading fees at major brokerages such as DBS Vickers, Poems, OCBC Securities and UOB Kay Hian typically cost around $20 per trade. Savvy investors see one way of navigating this by buying a certain amount of stocks to offset the fees as much as possible.
By applying vouchers to cover these fees, investing becomes more accessible and more investors, including younger ones, may be encouraged to participate. Households will also gain a practical use for their vouchers.
Such a proposal can’t be instituted overnight. A pilot scheme could be introduced with select brokerages. While critics may note that the scheme could encourage speculation, it is likely to be used by those already planning to invest.
With the government actively seeking to revitalise the stock market, including suggestions of dual listings on Nasdaq and reducing board lot sizes, Budget 2026 is an opportune moment to consider this approach. Time in the market is better than timing the market. For beginner investors waiting for the “perfect” moment, now is as good a moment as any.
