FairPrice Group Announces Measures To Absorb GST Hike In 2024
FairPrice Group has announced that it will absorb the Goods and Services Tax (GST) on 500 essential items for the first half of 2024.
This is in an effort to cushion the impact of the GST increase to 9% next year.
On top of that, seniors will receive an extension to the discount schemes they are currently benefitting from until the end of 2024.
The company also pledges to continue to maintain prices even in the face of inflation.
FairPrice will give 1% discount on essentials until June 2024
FairPrice Group announced the upcoming measures in a press release today (27 Nov).
They announced that they will be offsetting the upcoming GST hike on 500 essential items for the first six months of 2024.
This will come in the form of a 1% discount on the items, to offset the GST increase from 8% to 9% starting 1 Jan 2024.
The discount will apply both in-store and online.
FairPrice Group said that they have curated these 500 items from household essentials that customers buy most frequently.
These include national brands and housebrand groceries such as fresh fruits, vegetables and meat, staples, dairy, paper products, detergents and household cleaners.
Extended discount schemes for seniors & low-income individuals
Additionally, FairPrice Group will extend existing discount schemes for the following groups of people:
- Pioneer Generation (PG)
- Merdeka Generation (MG)
- Community Health Assist Scheme (CHAS) Blue cardholders
Initially, these schemes were supposed to cease on 1 Jan 2024.
Following the extension, these groups will be able to enjoy the benefits for 12 months more, until 31 Dec 2024.
Source: FairPrice Group
Discounts will help Singaporeans amid inflation & rising costs
These strategic initiatives by FairPrice Group are to assist Singaporeans amid “stubborn inflation and the resulting unprecedented rise in the cost of living”.
Mr Vipul Chawla, Group CEO of FairPrice Group, said that FairPrice Group remains committed to alleviating the rising cost of daily essentials, especially for the vulnerable.
This is despite “significant inflationary pressures”.
Mr Chawla also pointed out that people are watching their spending more than ever, considering the current economic climate.
“FPG will continue to work hard to help all in Singapore make every dollar count so as to maintain their quality of life and feed their families well,” he pledged.
Previously, FairPrice Group rolled out a similar initiative to offset the prior GST hike at the start of this year.
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Featured image by MS News.
