SINGAPORE: Supermarket chain Sheng Siong will roll out a three-month counter-inflation discount in 2024 on most of its items to offset the additional increase in Goods and Services Tax (GST).
GST will be increased from 8 per cent to 9 per cent next year.
A 1 per cent discount will be applied to in-store purchases from January to March 2024 to help consumers alleviate the effects of rising prices, Sheng Siong announced on Friday (Dec 15).
However, some items are excluded from the discount.
They include infant formula (Stages 1 & 2), tobacco, alcohol, medicinal products and the disposable carrier bag charge.
Sheng Siong had previously provided a similar discount at the start of 2023, when the GST rose from 7 to 8 per cent.
Fellow supermarket chain FairPrice announced last month it would absorb the 1 percentage point increase in GST for 500 essential items in the first half of 2024.
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SENIOR CITIZENS DISCOUNT EXTENDED
Sheng Siong will also extend its 4 per cent discount for senior citizens to the end of next year.
Singapore Citizens and Permanent Residents aged 60 are entitled to the discount when they present their NRIC, Pioneer Generation or Merdeka Generation cards on Tuesdays or Wednesdays.
A spending limit of S$200 (US$150) a receipt will apply.
“During the pandemic, exceptions were made for family members running grocery errands on behalf of seniors to benefit from the senior citizen discount programme,” said Sheng Siong.
This arrangement will continue, it added.
Pioneer Generation refers to those who were born on or before Dec 31, 1949, and became Singapore citizens on or before Dec 31, 1986.
Merdeka Generation seniors include those born between Jan 1, 1950, and Dec 31, 1959, and became Singapore citizens on or before Dec 31, 1996.
Singapore’s core inflation had risen to 5.5 per cent in January and February this year, a 14-year high, before trending downwards. Core inflation came in at 3.3 per cent in October.