1.5 Million Singaporeans Getting Up to $700 in Cash Next Month (August 2023) from GST Voucher

By
George Yang
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If there’s one thing that’s been a constant help for lower- to middle-income Singaporeans and households, it’s the permanent GST Voucher scheme.

And this year, it comes on top of the benefits that all Singaporeans receive under the Assurance Package.

1.5 Million Singaporeans Getting Up to $700 in Cash Next Month (August 2023) from GST Voucher

Come August 2023, about 1.5 million Singaporeans will be feeling a little heavier in the pocket.

Thanks to the enhanced GSTV – Cash announced by Deputy Prime Minister Mr Lawrence Wong at Budget 2023, eligible Singaporeans will get up to $300 more from the usual GSTV – Cash, compared to the previous year.

That’s a total of up to $700 in cash.

For your info, the GST voucher isn’t offset the GST hike; instead, it’s to offset the GST altogether. If it’s confusing, you can watch this short explanation:

MediSave Top-ups for the Win

As part of the GSTV – MediSave, about 624,000 eligible Singaporean adults aged 65 and above in 2023 will receive up to $450 credited to their CPF MediSave Accounts.

And if you were born on or before 31 December 1969 (aged 54 and above in 2023) and don’t receive the Pioneer Generation or Merdeka Generation benefits, you’re in for a treat.

You’ll be credited $100 to your CPF MediSave Account in end-August 2023. This is part of the 5-Year annual MediSave Top-up announced at Budget 2019.

A Year of Support for Singaporeans

The August GSTV – Cash and GSTV – MediSave payments are just part of the Government’s continuing support for lower-income to middle-income and senior Singaporeans.

Since the start of 2023, eligible Singaporeans would have already received a bunch of benefits like CDC Vouchers, AP MediSave and AP Seniors’ Bonus, Top-ups to children’s education accounts, 2023 Cost-of-Living (COL) Special Payment and 2023 COL Seniors’ Bonus, and two tranches of U-Save and S&CC rebates.

More Goodies to Come

Hold on to your hats, because there’s more coming your way in the second half of 2023. 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. For more deets on the summary of benefits disbursed throughout the year, check out this infographic:

Image: Ministry of Finance

How to Get Your Hands on the GSTV

If you’re eligible for the GSTV – Cash, you’ll automatically receive the payment if you’ve signed up for Government disbursement schemes previously.

You can sign up for the GSTV Scheme and check your eligibility for the GSTV – Cash and MediSave benefits at the GSTV official website by logging in with your Singpass.

Because knowing how much you’d get is as confusing as knowing what your girlfriend or wife wants to eat in a shopping mall, you can also head to the same website to know the amount you’d be getting.

If you haven’t signed up for the GSTV scheme yet, you can do so at the GSTV official website by 10 July 2023, to receive your payment in August 2023.

Getting Your GSTV – Cash

Since 2021, the Ministry of Finance has been using PayNow-NRIC as the default payment mode for citizens who have linked their NRIC to PayNow. Register for PayNow-NRIC by 21 July 2023 if you have accounts with the ten participating banks in Singapore, and you’ll be able to receive your 2023 GSTV earlier from 1 August 2023.

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George Yang
Email: [email protected]