1.5 million Singaporeans to receive up to $700 in GST Vouchers in August: MOF
The money will be disbursed through two payments: the GSTV — Cash and GSTV — Cash Special Payment.
Over 1.5 million Singaporeans will receive up to $700 in cash via two payments, announced the Ministry of Finance (MOF) on Tuesday (Jul 12).
Singaporeans aged 21 years and above will be eligible for the GSTV — Cash and GSTV — Cash Special Payment.
These are part of a $1.5 billion package announced by Deputy Prime Minister Lawrence Wong in June to help Singaporeans cope with the higher inflation.
The payouts are part of the Government’s support for the lower-income and elderly Singaporeans, to help with their cost of living and GST expenses.
As shared in Budget 2022, the regular GSTV — Cash has also been enhanced, disbursing $100 more than the previous years.
Additionally, about 575,000 Singaporean adults aged 65 and above in 2022 will receive up to $450 credited into their CPF MediSave account, as part of the GSTV scheme.
Singaporeans born on or before Dec 31, 1969, and are not already receiving Pioneer Generation or Merdeka Generation benefits will each be credited $100 into their CPF MediSave Account at the end of August 2022.
“This is the fourth year that these eligible adults will receive their 5-Year MediSave Top-up annually from 2019 to 2023 that was announced at Budget 2019,” said the ministry.
Eligible recipients of the GSTV — Cash and GSTV — Cash Special Payment will automatically receive the payment if they have signed up for Government disbursement schemes previously. The payouts will be disbursed through PayNow on Aug 1, bank crediting on Aug 8 and GovCash on Aug 23. GovCash allows individuals to withdraw the cash payment via any OCBC ATM.
Those who have not signed up may do so at the GSTV official website before Apr 30, 2023. Individuals who sign up from Jul 18, 2022 to Apr 30, 2023, will receive the cash payment by the end of the following month.