Singapore
MOF: 1.5M Singaporeans to receive up to S$850 in August amid rising costs
The Ministry of Finance (MOF) announced on 4 July that 1.5 million eligible adult Singaporeans will receive cash payouts in August amid economic challenges. Eligible recipients will get up to S$850, S$150 more than last year, based on their home’s Annual Value.
SINGAPORE: The Ministry of Finance (MOF) announced on 4 July that approximately 1.5 million eligible adult Singaporeans will receive cash payouts in August to assist with their daily expenses.
Recipients living in homes with annual values up to S$21,000 will receive S$850. Those residing in homes with annual values exceeding S$21,000 but not surpassing S$25,000 will receive S$450.
“This means that all eligible recipients will receive an additional S$150 or S$100, as compared to last year,” stated MOF in a press release.
These payments are intended for Singaporeans aged 21 and above with an assessable income of up to S$34,000 for the year of assessment 2023. Individuals owning more than one property are ineligible for this payout.
In addition, about 650,000 Singaporean citizens aged 65 and above will have up to S$450 credited to their Central Provident Fund MediSave accounts in August.
These disbursements are part of the GST Voucher (GSTV) scheme, aimed at permanently alleviating GST expenses for lower- to middle-income Singaporeans amidst the recent increases in goods and services tax.
The GST rate rose from 7% to 8% in January 2023 and further to 9% at the start of 2024.
According to MOF, the 2024 GSTV disbursements, initially announced by Prime Minister Lawrence Wong in February 2023, will total $1.4 billion, an increase of about $200 million from 2023.
Citizens who haven’t previously enrolled in the GSTV Scheme can sign up at the govbenefits website by 9 July.
Those registering after this date and by 20 June 2025, will receive their payments by the following month’s end.
MOF encouraged citizens to link their NRIC to the PayNow funds transfer service by 22 July, enabling them to receive their payouts in early August. Twelve local banks, including DBS and UOB, support PayNow.
Those without a PayNow-linked NRIC can update their bank details on the govbenefits website by 26 July.
Recipients using GIRO will receive their payments from 12 August.
Eligible citizens who haven’t linked their NRIC to PayNow or provided a valid bank account will receive payment via GovCash, allowing withdrawal from OCBC ATMs island-wide.
They can retrieve their payment reference number from the govbenefits website starting 22 August, along with their NRIC and facial recognition.
Recipients will be notified in August after their cash or MediSave disbursements have been credited.
Notifications about GST Voucher disbursements will be sent via the Singpass app or SMS to registered mobile numbers, ensuring transparency and security.
Citizens are cautioned against responding to unsolicited messages or requests for personal information.
This article was first published on Gutzy Asia.
