DBS/POSB Extends Weekly Hawker Meal Subsidies to Alleviate Cost-of-Living Pressures

In a bid to further support Singaporeans amid the challenges posed by rising costs and economic uncertainties, DBS/POSB has announced the extension of its popular 5 Million Hawker Meals initiative for an additional six months, until July 26, 2024. This move is set to subsidize a total of 7.5 million hawker meals over an 18-month period.

Under this initiative, citizens and residents can continue to enjoy cashback of up to SGD 3 when they are among the first 100,000 users to scan and pay for their hawker meals every Friday using the PayLah! app. The promotion covers over 11,600 hawker stalls with SGQR codes across the island.

Despite a slowdown in core inflation and hawker food inflation in November 2023 compared to the previous year, hawker food inflation remains persistent at 4.3% year on year. With concerns about geopolitical conflicts, global growth prospects, and general cost-of-living pressures, consumers anticipate a slight negative impact on Singapore’s economic growth over the next 12 months, coupled with expectations of increased overall expenses.

In response to these challenges, the extension of weekly hawker meal subsidies aims to alleviate the cost-of-living pressures faced by Singaporeans, aligning with the government’s focus on addressing the same. Recently, the Housing & Development Board (HDB) and Government Technology Agency (GTA) introduced the Great Budget Meal Hunt initiative, aiding users in locating affordable meals priced at SGD 3.50 or less.

DBS/POSB’s commitment to community support is evident in its suite of measures, initiated in February 2023, to address rising everyday expenses. Last August, the bank pledged up to SGD 100 million per year over the next decade to enhance the lives and livelihoods of the low-income and underserved, fostering a more inclusive society.

Nearly five million hawker meal subsidies have been redeemed thus far, with 33% of beneficiaries being senior citizens and/or earning less than SGD 2,500 a month. The initiative has not only aided customers in managing costs but has also positively impacted participating hawkers’ businesses. The three most popular hawker centres for redemptions were Amoy Street Food Centre, Pasar 216 Bedok Central, and Boon Lay Place Food Village, with Hup Lee Cooked Food, Tian Bo Shui Kueh Pte Ltd, and Hawstar being the top three hawker stalls.

Beyond financial support, the initiative has contributed to digital inclusion efforts. DBS/POSB organizes digital literacy workshops, held on Fridays at participating hawker centres, to equip residents with essential skills for navigating the digital world. Over 400 workshops have been conducted, benefiting around 59,000 individuals.

The extension of hawker meal subsidies is part of DBS/POSB’s ongoing community efforts, including strategic partnerships with SG Enable and the Ministry of Social and Family Development, aiming to empower persons with disabilities and lower-income families for a more confident future. As the bank continues its commitment to community well-being, these initiatives underscore its dedication to making a positive impact on society.