1.5M S’poreans to get up to S$850 GSTV cash, register by 9 July to receive funds in Aug

1.5 million Singaporeans to get either S$850 or S$450 GSTV – Cash payout

1.5 million eligible Singaporeans are expected to receive up to S$850 cash as part of the enhanced GSTV – Cash, aimed at defraying GST expenses for lower- and middle-income Singaporeans.

The payouts were announced during Budget 2023 and will see eligible residents receiving either S$850 or S$450 depending on their homes’ annual value as at 31 Dec 2023:

• Annual value of home up to S$21,000: S$850 cash
• Annual value of home more than S$21,000 and up to S$25,000: S$450 cash

Residents should also be aged 21 years old and above in 2024 and have an assessable income of up to S$34,000 in 2023.

Notably, the payouts this year are S$150 and S$100 more than the sums disbursed last year.

In addition to the GSTV – Cash payouts, about 650,000 adult Singaporeans — aged 65 and above this year — will receive S$450 in their CPF Medisave Accounts this month.

Residents can check their eligibility for the various schemes via the govbenefits.gov.sg portal.

Sign up for GSTV Scheme before 9 July to receive payouts in August

Eligible recipients will automatically receive their GSTV – Cash and Medisave payouts if they have signed up for the Government’s disbursement schemes.

Those who have not done so can sign up for the GSTV Scheme on the govbenefits website. To receive the payouts in August, those eligible would have to sign up by next Tuesday (9 July).

MOF also took the opportunity to encourage citizens to link their NRICs to their PayNow accounts.

Those who do so by 22 July will receive their 2024 GSTV payouts at an earlier date — in early August.

Meanwhile, eligible recipients who opt for GIRO payment will receive the payouts from 12 Aug.

Those who have not linked their NRICs to PayNow or a valid bank account will receive the payouts via GovCash.

This would allow them to withdraw the payouts at OCBC ATMs across the island. They do not require an OCBC account to withdraw money from OCBC ATMs.

Alternatively, those who receive their payouts via GovCash can also use the LifeSG app to make payments to merchants.

More information is available in MOF’s statement here.

Also read: S’porean households can redeem S$300 CDC vouchers from 25 June for supermarket & heartland purchases

S’porean households can redeem S$300 CDC vouchers from 25 June for supermarket & heartland purchases

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Featured image adapted from MJ_Prototype on Canva.