About 2.5 million Singaporeans will receive up to S$700 in December to meet rising costs
SINGAPORE: Eligible Singaporeans will receive up to S$700 in cash next month as part of measures to help them cope with rising GST and the rising cost of living, the Ministry of Finance (MOF) Tuesday 15 November.
Around 2.9 million adult Singaporeans will receive up to S$200 in cash under the insurance scheme, of which around 2.5 million are also eligible for the special Cost of Living (COL) cash payment of up to 500 Singapore dollars. The payments will be made together, the ministry said.
The one-time COL special payment is part of the S$1.5 billion support package announced by Deputy Prime Minister and Minister of Finance Lawrence Wong in October 2022 to ease the cost of living for Singaporean households.
It will be paid to Singaporeans aged 21 and over in 2023, with taxable income not exceeding S$100,000 in the year of assessment (YA) 2022. They also must not own more than one property.
The payout, ranging from S$300 to S$500, will depend on the beneficiary’s taxable income.
Wong also said in this year’s budget that the government will add S$640 million to the S$6 billion. Insurance package – announced in 2020 – for cushion the impact of the GST hike, which comes into effect on January 1.
Last week the government said it increase package by S$1.4 billion at offset additional GST expenses for most Singaporean households for at least five years, with around 10 years of offset for low-income households.
The package includes cash, Community Development Council (CDC) vouchers, USave rebates and MediSave refills. These amounts will be disbursed over five years starting next month.
“To ensure that households receive timely support, we will meet our commitment to disburse the first tranche of AP benefits from December 2022 to February 2023, as announced in the 2022 budget,” the finance ministry said on Tuesday. .
Singaporeans can check their eligibility for the Special Cash Payment and COL on the official PA website by logging in using Singpass.
Additional benefits will be paid in January and February.
In January, eligible HDB households will receive an additional GST (GSTV) voucher – saving up to S$95 in reimbursement to offset their utility bills. This is in addition to the S$95 rebates given to eligible households under the permanent GSTV scheme.