News

2.5 Million S’poreans Getting Up to $700 in Cash Next Month to Offset Impact of GST Hike

2022-11-15 , 5:52 pm

Dreading the upcoming rise in GST to 9% in 2023? The Ministry of Finance is here to help you offset the rise in costs.

With up to $700 in cash and $300 worth of CDC vouchers, here’s what you need to know about these payouts.

Cash Payouts Totalling $700

About 2.5 million adult Singaporeans will get at least $300, and up to $500 in cash under the one-off Cost-of-Living special payment. 2.9 Million adult Singaporeans will receive at least $100, and up to $200 in cash under the Assurance Package.

The amount you will receive is dependent on your assessable income for 2022, as well as how many properties you own:

These payments are meant to offset additional GST expenses for “at least five years”, or 10 years for lower-income households. This is even with the current high rates of inflation.

These payouts will be made from December 2022 to February 2023.

You can check for your eligibility for cash handouts at the Assurance Package official website here, by logging into Singpass.

If you’re eligible, you should link your NRIC to PayNow ASAP, because MOF will be able to directly transfer you the money using bank crediting.

If you prefer not to link your NRIC or provide your bank account details, you can still withdraw the money at OCBC ATMs islandwide. You don’t need an OCBC account to withdraw the payment.

Alternatively, you can use the LifeSG app to pay merchants using the cash handouts. Or, if you’ve linked your NRIC to PayNow after the handouts, you can use the LifeSG app to transfer the payment to your bank account.

Additional GST and CDC Vouchers, MediSave Top-Up

Eligible HDB households will receive an additional GST Voucher – U-Save, of up to $95. These are meant to offset utility bills, on top of the regular U-Save rebates, and will be given in January 2023.

The amount you’ll receive is dependent on the type of HDB flat you live in:

Additionally, every Singaporean household will receive $300 Community Development Council (CDC) vouchers. These can be used at participating heartland merchants, hawkers, and supermarkets, and will be given in January 2023.

In February 2023, lower-income senior Singaporeans will receive up to $300 in cash, under the GSTV – Cash (Seniors’ Bonus). The amount you’ll receive is dependent on your assessable income, annual value of home, and age:

Additionally, eligible seniors aged 55 and above, and children aged 20 and below, will also receive $150 in their Central Provident Fund (CPF) MediSave Account. This is under the Assurance Package, and will be given in February 2023.

Join our Telegram channel for more entertaining and informative articles at https://t.me/goodyfeedsg or download the Goody Feed app here: https://goodyfeed.com/app/

Be Careful of Scams

After payments have been credited to you, you’ll be notified either through the Singpass app or SMS.

To protect citizens against scams, the SMS will only inform citizens of what their benefits are. The SMS will not ask you to reply or click on any links.

Additionally, messages will not be sent via WhatsApp or other platforms.

To be extra careful, just download the Singpass app to receive notifications about the payments, so you don’t have to look at SMS. Just make sure that the app you’re downloading is by the Government Technology Agency, and is from official app stores.

2.5 Million S’poreans Getting Up to $700 in Cash Next Month to Offset Impact of GST Hike

Cash Payouts Totalling $700

Additional GST and CDC Vouchers, MediSave Top-Up

Be Careful of Scams

Read Also:

Here’s a simplified summary of the South Korea martial law that even a 5-year-old would understand:

Read Also: