DBS/POSB will extend its 5 Million Hawker Meals initiative for another six months in light of the rising costs of living, the bank said on Wednesday (17 Jan).
The initiative allows PayLah! users to get up to S$3 cashback when they’re among the first 100,000 to pay for their meals with the app every Friday at over 11,600 hawker stalls by scanning SGQR codes.
Image courtesy of DBS/POSB
According to the findings of a Singapore Index of Inflation Expectations (SInDEx) survey, inflation is still high and expenses will “increase slightly” over the next 12 months amid a slight negative impact on Singapore’s economic growth.
In a press release, DBS/POSB stated the initiative will continue until 26 July 2024.
It estimates that a total of 7.5 million hawker meals will be subsidised over the 18 months since the start of the initiative.
The bank explained that hawker food inflation had slowed in November 2023 compared to a year ago but remained at 4.3% year-on-year.
Singaporeans are still affected by general cost-of-living pressures along with geopolitical conflicts.
“We’re heartened that the weekly hawker meal subsidies have made a positive impact on our customers and hawkers over the past year,” said Han Kwee Juan, Acting Chief Information Officer and Singapore Country Head at DBS.
“While we do see cautious signs of recovery on the horizon for 2024, we’re aware that ongoing economic uncertainties and inflation continue to be a concern for many.”
Our hope is that the subsidies will continue to provide some relief to those looking to better manage their everyday expenses and support our hawkers.
First launched in February 2023 as part of a batch of support measures for customers, the 5 Million Hawker Meals initiative was supposed to last a year.
DBS/POSB also noted that close to five million hawker meal subsidies have been redeemed so far.
33% of those who received the subsidies are either senior citizens and/or people who earn less than S$2,500 a month.
DBS/POSB revealed that the three most popular hawker centres where people made redemptions were:
Meanwhile, the three most popular stalls were:
Ms Elayne Ang, co-founder of Tian Kee Carrot Cake at Marine Parade Central Market and Food Centre, said that they have seen a 10% to 15% jump in crowd traffic every Friday thanks to the initiative.
She added that it’s heartening to see how the initiative has indirectly encouraged more seniors to learn how to use digital payments.
“We do see more seniors using the subsidy at our stall, which sometimes sparks others in the queue to want to learn how to redeem it too!” she shared.
Image courtesy of DBS/POSB
Echoing Ms Ang, DBS/POSB said the initiative has helped equip the less digitally savvy with key skills.
Other community efforts by the bank include DBS Foundation’s strategic partnerships with SG Enable (SGE) and the Ministry of Social and Family Development (MSF).
They are working together “to improve the lives and livelihoods of persons with disabilities and lower-income families respectively” and “equip them with the support, know-how and opportunities to face the future with greater confidence”.
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Featured image courtesy of DBS/POSB.
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