SINGAPORE – In August 2023, around 1.5 million Singaporeans will each receive up to a total of S$700 in cash, from the enhanced Good and Services Tax Voucher (GSTV) – Cash announced by Deputy Prime Minister Mr Lawrence Wong at Budget 2023.
The Ministry of Finance (MOF) said in a press release on Tuesday (4 July) that a total of S$1.2 billion – consisting of cash and MediSave top-ups – will be disbursed to eligible Singaporeans.
"Lower- to middle-income Singaporeans and households have been receiving help to defray their GST and other living expenses through the permanent GST Voucher scheme. This is on top of the benefits that all Singaporeans receive under the Assurance Package," MOF said.
The city-state raised GST from 7% to 8% since January 2023.
Additionally, about 624,000 eligible Singaporean adults aged 65 and above in 2023 will receive up to S$450 credited to their CPF MediSave Accounts.
Singaporeans born on or before 31 December 1969 (aged 54 and above in 2023) who do not receive the Pioneer Generation or Merdeka Generation benefits will benefit from the 5-Year annual MediSave Top-up announced at Budget 2019.
MOF said that those payments "are part of the government's continuing support for lower-income to middle-income and senior Singaporeans, to help with their GST expenses and living expenses".
"Singaporeans and their households can 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 in the second half of 2023," it added.
Eligibility for the GSTV scheme
Singaporeans who have signed up for government disbursement schemes previously and are eligible for the GSTV scheme can check how much GSTV – Cash and MediSave they are getting at the GSTV official website by logging in with their Singpass.
Those who have not previously signed up can do so by 10 July 2023, to receive their payment in August 2023. Those who sign up later will receive their payment by the end of the following month. The deadline to sign up for the 2023 GSTV scheme is 30 April 2024.
PayNow-NRIC is the default payment mode and MOF said that payments will be made earlier to those who register for PayNow-NRIC by 21 July 2023.
Eligible recipients will be notified of their credited GSTV – Cash and/or GSTV – MediSave benefits in August 2023. Notifications will be sent via the Singpass app inbox or by SMS.