Cost-Of-Living Payment Will Be Disbursed Via PayNow Or Bank Transfer In June 2023
During Budget 2023, Finance Minister Lawrence Wong announced that the Government will be disbursing cash as part of the Cost-of-Living (COL) Special Payment under the Assurance Package (AP) scheme.
The money, which will range from S$200 to S$400 or up to S$700 for seniors, is aimed at helping citizens tide through the inflationary climate.
Eligible Singaporeans can receive the payouts from 7 June.
Roughly 2.5 million adults to get cost-of-living cash payment
In a press release today (11 May), the Ministry of Finance (MOF) declared that about 2.5 million adult Singaporeans will benefit from the handout.
The amount they’ll receive can go up to S$400, depending on their annual assessable income.
According to the AP website, individuals must meet the following criteria to qualify for the COL Special Payment:
- Singaporean citizens aged 21 years and above in 2023
- Assessable Income (AI) for Year of Assessment (YA) 2022 does not exceed S$100,000
- Must not own more than one property.
As for how much cash they’ll receive, Singaporeans may refer to the table below:
Source: Assurance Package Scheme
This will provide cost-of-living relief for Singaporean households while giving more support to lower- to middle-income groups.
850,000 senior Singaporeans can receive additional sum of up to S$300
Additionally, about 850,000 senior Singaporeans will receive up to S$300 cash from the COL Seniors’ Bonus.
To qualify for the handout, seniors must meet the following criteria:
- Singaporean aged 55 or above in 2023
- AI for YA 2022 must not exceed S$34,000
- Annual Value of home must not exceed S$21,000
- Must not own more than one property.
The sum received will differ based on two factors:
- Age bracket
- Annual Value of home
Here’s a breakdown of how much eligible seniors can expect to receive:
Source: Assurance Package Scheme
Taking into account both payments, eligible seniors can receive up to S$700 in June.
Link NRIC to PayNow to get payouts by 7 June
Eligible Singaporeans who link their NRIC to PayNow by 23 May can expect to receive the payments by 7 Jun. They must, however, have accounts with the 10 participating banks, which include DBS/POSB, UOB, and OCBC.
Those without NRIC-PayNow linked bank accounts can also receive their payments by 15 Jun if they update their bank account details on the AP website by 5 Jun.
Apart from the two payment methods above, eligible recipients may also receive their payments by withdrawing them at OCBC ATMs islandwide via the GovCash service.
More information can be found on the MOF and Assurance Package websites.
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Featured image by MS News.
