1.5 million Singaporeans to get up to $850 in August to cope with rising costs

Those living in homes with annual values of up to US$15,541 will get $850.

Those with homes with annual values of more than US$15,541, and up to US$18,501, will receive US$333.

“This means that all eligible recipients will receive an additional US$111 or US$74, as compared to last year,” said MOF.

The payments will be made to Singaporeans aged 21 and above who have an assessable income of up to US$25,160 for the year of assessment 2023.

Those who own more than one property are not eligible for the payout.

About 650,000 Singapore citizens aged 65 and above will also have up to US$333 credited to their Central Provident Fund MediSave accounts in August.

These disbursements are part of the GST Voucher (GSTV) scheme, which helps to permanently defray GST expenses for lower- to middle-income Singaporeans as they cope with the hike in goods and services tax over the past two years.

In January 2023, the GST rate increased from 7 % to 8 %, before jumping to 9 % at the start of 2024.

The 2024 GSTV disbursements, which were first announced by Prime Minister Lawrence Wong in February 2023, will amount to US$1.04 billion, which is around US$148 million more than in 2023, according to the ministry.

Those who have not previously signed up for the GSTV Scheme can do so at the govbenefits website by July 9. Citizens who sign up after this date and by June 20, 2025, will receive their payments by the end of the following month.

The ministry encouraged citizens to link their NRIC to funds transfer service PayNow by July 22, as this would allow them to receive their handouts in early August. Twelve banks here, including DBS Bank and UOB, are linked to PayNow.

Those without PayNow-NRIC linked bank accounts can update their bank account information at the govbenefits website by July 26.

Meanwhile, people receiving payments via Giro will receive them from Aug 12.

Eligible citizens who have not linked their NRICs to PayNow, or provided a valid bank account, will receive payment via GovCash, which allows them to withdraw their cash disbursements at OCBC ATMs around the island.

To receive the cash, they will need to enter a payment reference number and their NRIC number, and pass a facial verification. The payment reference number will be available at the govbenefits website from Aug 22.

They will be notified in August after their cash or MediSave disbursements have been credited.

To safeguard against scams, an SMS notification sent by gov.sg will inform citizens of their benefits. They do not need to reply to the SMS, click on any links, or provide any information to the sender.

Ang Qing

The Korea Herald

Asia News Network