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Everything You Need To Know About GST Voucher 2017 in 60 Secs

2017-06-27 , 5:40 pm

Last Updated on 2017-07-24 , 5:46 pm

Guys, it’s that time of the year again.

Yes, I’m talking about the GST Voucher. The government gives this out every year to relieve the burden of lower-income people in Singapore.

So now that news about GST Voucher 2017 is out, here’s what you really need to know about it.

#BecauseWeAllWantTheSameThing

Up to $500 GST Voucher For Cash Component

The most important information: This year, eligible Singaporean citizens get up to $500 cash payment for the scheme.

The normal payment of $300 will be given in August 2017, with the remaining $200 to be credited in a one-off special payment in November 2017.

But if your house exceeds the annual value of $13,000, you will only receive $250 in cash.

Between $40 and $120 Increase For U-Save Component

Because water is now getting more expensive, the government decided to increase the U-Save component which helps to offset utility (water and electricity) bills.

It was announced that they will increase the U-Save component of the GST Voucher by $40-120 from July 2017 onwards.

This increased amount is estimated to help three- and four-room flats offset the water bill for one to two months, and one- and two- room flats up to four months.

And get this, it’s permanent.

Citizens Aged 65 and Above Getting Medisave Topped Up

Singaporean citizens who are aged 65 and above will get a $450 top-up to their Medisave account.

And there’s more. Singapore citizens who were born on or before 31 Dec 1959 and missed out on the Pioneer Generation benefits will receive $200 top-up to their Medisave accounts in 2017 and 2018.

Singaporeans who are part of the pioneer generation will get a $200-800 top-up towards their Medisave account.

Who’s Eligible For GST Voucher + USave Rebate?

This is the most important question every year: Am I eligible to receive it?

Here’s your answer: if you are:

21 years old and above
earns lesser than $28,000 income in 2015
the annual value of your home does not exceed $21,000
and you have only one property

You’re eligible for it.

And you don’t have to do any sign-ups. If you’ve registered for GST Voucher or any other government payout before, you’re automatically registered for this year’s as well.

Just make sure you’ve updated your mobile number on SingPass because they will send out notifications via SMS to eligible citizens.

Still not sure if you qualify for it? Here’s what you can do.

May the force be with you.

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Feature Image: businesstimes.com.sg

This article was first published on goodyfeed.com