Over 2.4 million adult Singaporeans will receive between S$200 and S$400 from 5 Sep as part of the Cost-of-Living (COL) Special Payment.
Singaporeans aged 21 years old and above this year who own no more than one property and whose assessable income does not exceed S$100,000 are eligible.
To check for their eligibility, citizens can log into the govbenefits website using Singpass.
Notifications regarding the status of the payout will be sent through the SingPass app.
Eligible Singaporeans will receive the Cost-of-Living Special Payment from 5 Sep.
Source: MOF
To receive the payment from 5 Sep, eligible citizens must register for PayNow-NRIC with their banks by 26 Aug.
Participating banks include
Those without PayNow-NRIC linked bank accounts but who have a DBS/POSB, OCBC, or UOB bank account can receive the payout via Giro from 13 Sep. They would first have to provide their bank account information on the govbenefits website.
Eligible Singaporeans who did not link their NRICs to PayNow or provide a valid bank account will receive the cash benefits via GovCash.
More information is available on the Ministry of Finance’s (MOF) website.
The COL Special Payment, announced by Finance Minister Lawrence Wong during Budget 2024, aims to alleviate cost-of-living pressures faced by Singaporeans, in particular, those from lower- and middle-income households.
This year’s COL Special Payment follows previous disbursements made in 2022 and 2023, where eligible Singaporeans received financial aid ranging from $200 to $500 to combat rising cost of living pressures.
The continued effort falls within the Assurance Package framework, aimed at cushioning Singaporeans from the impact of inflation and the recent increase in goods and services tax.
Other support measures in the package include
Also read: S’porean households can redeem S$300 CDC vouchers from 25 June for supermarket & heartland purchases
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Featured image by MS News.
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