SINGAPORE: About 1.5 million eligible Singaporean adults will receive S$450 or $850 in cash in August to help with their daily living expenses, the Ministry of Finance (MOF) said on Thursday (Jul 4).
Those living in homes with annual values up to $21,000 will receive $850.
Those with homes with annual values of more than $21,000 and up to $25,000 will receive $450.
“This means that all eligible beneficiaries will receive an additional $150 or $100, compared to last year,” MOF said.
Payments will be made to Singaporeans aged 21 and above who have assessable income of up to $34,000 for the year of assessment 2023.
Those who own more than one property are not eligible for payment.
About 650,000 Singaporeans aged 65 and above will also have up to $450 credited to their MediSave Central Provident Fund accounts in August.
These disbursements are part of the GST Voucher (GSTV) scheme, which helps to permanently cover GST expenses for lower- and middle-income Singaporeans as they face GST increases over the past two years .
In January 2023, the GST rate increased from 7 percent to 8 percent, before jumping to 9 percent in early 2024.
According to the ministry, GSTV disbursements for 2024, which were first announced by Prime Minister Lawrence Wong in February 2023, will reach $1.4 billion, which is about $200 million more than in 2023.
Those who have not previously registered for the GSTV Scheme can do so on the govbenefits website by July 9.
Citizens who register after this date and until June 20, 2025, will receive payments by the end of the following month.
The ministry encouraged citizens to link their NRIC to the PayNow funds transfer service by July 22, as this would allow them to receive their flyers in early August. Twelve banks here, including DBS Bank and UOB, are linked to PayNow.
Those who do not have bank accounts linked to PayNow-NRIC can update their bank account information on the govbenefits website by July 26.
Meanwhile, people receiving payments through Giro will receive them from August 12.
Eligible citizens who have not linked their NRICs to PayNow, or provided a valid bank account, will receive payments via GovCash, which allows them to withdraw their cash disbursements at ATMs of OCBC island wide.
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 on the govbenefits website from 22 August.
They will be notified in August once their cash or MediSave disbursements have been credited.
To protect 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 link or provide any information to the sender. – The Straits Times/ANN
#million #Singaporeans #August #offset #rising #costs
Image Source : www.thestar.com.my
