1.6 million Singaporeans will receive letters in the first week of July informing them of their 2014 GST Voucher (GSTV), as well as other Budget 2014 benefits such as the 2014 GSTV Special Payments, the 5-Year Medisave top-up, as well as the Service and Conservancy Charges (S&CC) rebates.
GSTV – Cash and GSTV – Cash: Seniors’ Bonus ($505m)
About 1.3 million Singaporeans will receive the GSTV – Cash on 1 Aug 2014. In addition, within this group, about 660,000 Singaporeans aged 55 and above will receive the GSTV – Cash: Seniors’ Bonus. This means that these seniors will get double the GSTV – Cash amount in 2014. The GSTV – Cash and GSTV – Cash: Seniors’ Bonus will cost the Government $505 million.
GSTV – Medisave ($115m)
About 380,000 Singaporeans aged 65 and above will also receive the GSTV –Medisave top-up on 1 Aug 2014. This will cost the Government $115 million. GSTV – U-Save and GSTV – U-Save Special Payment ($290m)
The regular GST Voucher – U-Save is given out quarterly. In addition, a Special Payment will be given out in July 2014 and January 2015. The GSTV – U-Save and Special Payment will offset utilities directly and cost $290 million in total. This July, 800,000 households will receive $90 to $195 each in rebates, depending on their flat type. The payout schedule is shown in the below table.
Additional Medisave Top-Ups under the 5-Year Medisave Top-up Scheme ($100 million)
As announced in Budget 2014, Singaporeans born on or before 31 Dec 1959 (i.e. aged 55 and above in 2014) and who do not enjoy Pioneer Generation benefits will receive Medisave top-ups of $100 or $200 annually over the next five years. About 530,000 Singaporeans will benefit. The vast majority (i.e. those living in HDB flats who do not own more than one property) will get the higher top-up of $200 a year. The payout schedule is shown in the table below.
Most Singaporeans will automatically receive their GSTV payouts and 5-Year Medisave top-ups. For the small number of citizens who have not signed up for past Government payouts and/or are not CPF members, the letters will inform them of the actions they need to take to receive their benefits. They will have until 31 December 2014 to do so.
More information on the GST Voucher can be found at www.gstvoucher.gov.sg. For more details on GSTV – Cash, GSTV – Medisave and the 5-Year Medisave top-up, Singaporeans can call 1800-2222-888 or email [email protected] For details on GSTV – U-Save, they can call 6671-7117 or email [email protected]