Payouts to offset GST hike to start in December with cash handouts of up to S$700 for eligible Singaporeans: MOF

SINGAPORE — About 2.9 million adult Singaporeans will receive up to S$200 in cash in December, as part of the Assurance Package that the Government had announced earlier to cushion the impact of the Goods and Services Tax hike.

Additionally, about 2.5 million adult Singaporeans will receive up to S$500 in cash, under the Cost-of-Living (COL) Special Payment.

This special payment is part of the S$1.5 billion support package announced by Deputy Prime Minister and Minister for Finance Lawrence Wong last month to provide cost-of-living relief for Singaporean households, with more support for lower- to middle-income groups.

The Ministry of Finance (MOF) previously said that the payouts will be disbursed in December this year to people who have an assessable income of S$100,000 and below for the Year of Assessment 2022.

As for the payouts under the Assurance Package, the move and the schedule of the payouts were first announced in the 2020 Budget. In total, there will be five annual payouts in December, starting from 2022 and with the final one in 2026.

Citizens may check their eligibility for the Assurance Package cash and COL special payment at go.gov.sg/assurancepackage by logging in with their Singpass. 

Eligible Singaporeans will also receive more from the Assurance Package in January and February 2023:

• In January 2023, eligible Housing and Development Board (HDB) households will receive additional GST Voucher (GSTV) – U-Save of up to S$95 to offset utilities bills. This is on top of the regular GSTV – U-Save under the permanent GSTV scheme of up to S$95 for eligible HDB households.
• In the same month, every Singaporean household will receive a total of S$300 CDC Vouchers, which can be used at participating heartland merchants and hawkers, and supermarkets
• In February 2023, lower-income senior Singaporeans will receive up to S$300 cash, under the GSTV – Cash (Seniors’ Bonus)
• That same month, eligible seniors aged 55 and above, and children aged 20 and below will receive S$150 in their CPF MediSave Account