NOVEMBERASIA BUSINESS OUTLOOK8NEWSROOMSINGAPOREAN CITIZENS TO RECEIVE ONE-TIME PAYOUT TO PAY HEALTHCARE PREMIUMSThe United States will award Taiwanese chip giant TSMC up to US$6.6 billion in direct funding to help build several plants on US soil, officials said Friday (Nov 15), finalizing the deal before a new administration enters the White House."Today's final agreement with TSMC - the world's leading manufacturer of advanced semiconductors - will spur US$65 billion dollars of private investment to build three state-of-the-art facilities in Arizona," said President Joe Biden in a statement.The Biden administration's announcement comes shortly before President-elect Donald Trump takes office. Trump has recently criticized the CHIPS Act, a major law passed during Biden's tenure aimed at strengthening the US semiconductor industry.While the US government has unveiled over US$36 billion in grants through this act, including the award to TSMC, much of the funds remain in the due diligence phase and have not been disbursed.But once a deal is finalized, funds can start flowing to companies that have hit certain milestones. TSMC is the second company after Polar Semiconductor to finalize its agreement."I want to remind everyone that these are the chips that run AI and quantum computing. These are the chips that are in sophisticated military equipment," Raimondo added. In December 2024, approximately 2.9 million Singaporeans aged 21 and above will receive a one-off cash payout as part of the government's Assurance Package. In addition to the cash payouts, 1.4 million Singaporeans born between 1974 and 2003 will receive a one-time MediSave top-up ranging from S$300 to S$500. For those born 1973 or earlier, the Majulah Package will provide a MediSave bonus ranging from S$1,250 to S$2,000 to help with healthcare costs. These top-ups are designed to help offset the expected increases in MediShield Life premiums and support the upcoming enhancements to the healthcare system.The payout, ranging from S$200 to S$600, is aimed at helping to alleviate the financial pressures faced by Singaporean households, particularly benefiting lower- and middle-income families. This package has been further enhanced by an additional S$1.9 billion in the 2024 Budget.Furthermore, as part of the Majulah Package, around 800,000 eligible Singaporeans born in 1973 or earlier will receive a Retirement Savings Bonus ranging from S$1,000 to S$1,500 in their Central Provident Fund (CPF) accounts, depending on their retirement savings balance.Eligible recipients will automatically receive these payments based on their chosen payment method, with notifications sent via SMS or letters for those without Singpass-registered mobile numbers. USA AWARDS TSMC $6.6B TO SETUP MANUFACTURING UNITS ON HOME SOIL
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