Singaporeans to receive up to $700 in Government payouts by December
The cash payouts are intended to offset the upcoming GST hike and rising cost of living amid inflation.
Eligible Singaporeans will receive up to $700 from both the Assurance Package and the Support Package this December, announced the Ministry of Finance (MOF) in a press release on Tuesday (Nov 15).
About 2.5 million adult Singaporeans will receive a one-off Cost-of-Living (COL) special payment of up to $500 in cash as part of the $1.5 billion Support Package announced by Deputy Prime Minister and Minister for Finance Lawrence Wong in October this year.
It will provide cost-of-living relief for Singaporean households, with more support for lower-to middle-income groups. Depending on the individual’s assessable income, the payment can consist of $300, $400 or $500 that will be disbursed together with the Assurance Package cash.
About 2.9 million adult Singaporeans will also receive up to $200 of Assurance Package cash in December. The Assurance Package is intended to help Singaporean households offset expected increased household expenditure in light of inflation and the upcoming GST hike.
On top of cash payouts, other benefits in this package including CDC and additional GST vouchers, and MediSave top-ups will be disbursed over the next five years.
Those eligible will also receive additional benefits in Jan and Feb 2023, including GST and CDC vouchers.
In Jan 2023, every Singaporean household will receive a total of $300 in CDC Vouchers – $200 under the Assurance Package and $100 from the Support Package.
Eligible HDB households will receive additional GST Voucher (GSTV) – U-Save of up to $95 to offset utilities bills, on top of the regular rebates under the permanent GSTV scheme.
In February 2023, lower-income senior Singaporeans will receive up to $300 cash, under the GSTV – Cash (Seniors’ Bonus). Children aged 20 years and below, and eligible seniors aged 55 years and above will receive $150 in their CPF MediSave Account under the AP MediSave.
MOF encourages Singaporeans to link their NRIC to PayNow by Nov 20 to receive the Assurance Package Cash and COL Special Payment as early as Dec 5. For those using bank crediting, it will be disbursed on Dec 12.
Singaporeans aged 21 years old and above may check their eligibility for the AP benefits at its official website. Other eligibility factors include individual income and property ownership. Eligible recipients will be notified through their Singpass app inbox or SMS notifications.