Over the past few months, the Singaporean government has announced a series of financial packages to help offset the impending GST hike and navigate the inflationary climate we’re in.
On Tuesday (15 Nov), the Ministry of Finance (MOF) announced that the first rollout of handouts of up to S$700 will be disbursed from 5 Dec, with the last tranche coming in Feb 2023.
Eligible recipients will be notified via the Singpass app or through SMS after the payment has been credited to them.
In a press release issued on Tuesday (15 Nov), MOF shared that the handout disbursed on 5 Dec will comprise two separate payouts — a one-off Cost-of-Living special payment and part of the Assurance Package.
The former will be a cash payout of up to S$500 and comes under the S$1.5 billion support package announced in October.
Up to 2.5 million adult Singaporeans are eligible for this payout.
Meanwhile, the latter will be a cash payout of up to S$200 under the Assurance Package. Even more people – about 2.9 million adults in Singapore – will get this disbursement.
The handout disbursed in December will be the first of several government packages that will be rolled out till Feb 2023.
Come Jan 2023, eligible households will receive an additional GST Voucher — U-Save of up to S$95 to offset utility bills.
This will come on top of the regular U-Save rebate, totalling S$190.
In the same month, each Singaporean household will receive Community Development Council (CDC) vouchers amounting to S$300.
As we are fairly familiar with these vouchers, folks can use them at selected heartland merchants, hawkers, and even supermarkets to offset their grocery bills.
Lastly, lower-income senior Singaporeans will receive up to S$300 in cash under the GSTV – Cash (Seniors’ Bonus) package in Feb 2023.
On top of that, eligible seniors 55 and above, as well as children aged 20 and below, will receive a S$150 top-up to their CPF MediSave Account.
All of this can be confusing for some, so if you want to get a full picture of what you’re eligible for, you can visit the Assurance Package official website here.
Make sure to link your NRIC to PayNow by 20 Nov to receive the payments as early as 5 Dec.
Those using bank crediting will get theirs on 12 Dec.
Those who fail to do either can withdraw their handouts at OCBC ATMs islandwide. You do not need an existing OCBC account to do so.
Ministry of Finance (MOF) also warned that recipients will receive a notification via the Singpass app or get an SMS after the payment has been credited to them.
These messages will not contain any links. Additionally, recipients need not reply or provide any information.
Messages will not be sent via WhatsApp or other mobile app messaging platforms, MOF clarified.
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Featured image adapted from Dukascopy.
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