Coming soon: Cash payouts of up to $700 to help Singaporeans defray GST and other living expenses

SINGAPORE – About 1.5 million Singaporeans will receive up to $700 in cash in August to help with their living expenses under a scheme announced by Deputy Prime Minister Lawrence Wong in his Budget speech in February.

The Ministry of Finance (MOF) said on Tuesday (July 4) that eligible citizens would receive an additional $300 from the Goods and Services Tax Voucher (GSTV) scheme cash payment in 2023.

Unlike in 2022, when Singaporeans received up to $700 in cash through two payments – including the GSTV - Cash Special Payment – there will only be one payout in 2023.

About 624,000 Singaporeans aged 65 and above will also have $450 credited to their Central Provident Fund MediSave accounts as part of the GSTV scheme.

Those born on or before Dec 31, 1969 and not already receiving Pioneer or Merdeka Generation benefits will also have $100 credited to their MediSave accounts by the end of August.

MOF said the payments are “part of the Government’s continuing support for lower-income to middle-income and senior Singaporeans, to help with their GST expenses and living expenses”.

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It added that those who were eligible would have received Community Development Council vouchers, two GSTV - U-Save and GSTV - service and conservancy (S&CC) rebates, as well as top-ups to Edusave or Post-Secondary Education Accounts earlier this year.

This is on top of payouts through the Assurance Package, which were credited to MediSave accounts and also given to eligible seniors aged 55 or older and eligible Singaporeans aged 21 or older.

“Singaporeans and their households can expect further support in the form of top-ups to the Child Development Account (CDA), U-Save and S&CC rebates, and the Assurance Package Cash in the second half of 2023,” MOF added.

This article was first published in The Straits Times. Permission required for reproduction.

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