Come next month, Singaporeans will have more to celebrate than just the nation’s birthday.
In light of the enhanced GSTV — Cash scheme, 1.5 million Singaporeans will receive up to S$700 in cash payments come August.
Additionally, Singaporeans aged 65 years old and above will get up to S$450 added to their CPF MediSave accounts.
Singapore’s Ministry of Finance (MOF) recently announced that over a million Singaporeans will benefit from the enhanced GST — Cash scheme in August.
To be more specific, the Government will be shelling out S$1.2 billion to 1.5 million eligible adults in Singapore.
Deputy Prime Minister Lawrence Wong announced the scheme during this year’s Budget in February.
Under the enhanced scheme, eligible adult Singaporeans can receive up to S$700 in cash payments this year.
Compared to last year’s GSTV — Cash, the amount is up to S$300 more.
Apart from the cash payouts, senior Singaporeans will also receive CPF MediSave top-ups in August.
Eligible seniors above the age of 65 will get up to S$450 credited to their CPF Medisave Accounts.
Meanwhile, eligible adults who are 54 years old and above can look forward to S$100.
According to the finance ministry, the upcoming GSTV — Cash payments are meant to support lower- to middle-income Singaporeans.
Meanwhile, the GSTV — MediSave disbursement is the government’s way of aiding senior Singaporeans.
Those eligible for the GSTV — Cash payouts will automatically receive the money, provided they’ve previously signed up for Government disbursement schemes.
Otherwise, those who haven’t signed up for the scheme can do so at the GSTV official website here.
If you’re unsure if you qualify for the payment or not, you can also check your eligibility on the website.
Be sure to apply for the scheme by 10 July though, if you want to receive the payment in August.
As the upcoming GSTV payments will be made through PayNow, recipients should register for PayNow-NRIC by 21 July.
This applies to those who have accounts with the ten participating banks in Singapore as listed on the GSTV website.
Those who register by 21 July can receive their 2023 GSTV earlier from 1 Aug.
Image courtesy of the Ministry of Finance
However, eligible citizens without PayNow-NRIC linked bank accounts should also update their bank information by 30 July.
These Singaporeans will receive their payments through direct bank crediting from 11 Aug.
Apart from the two payments, eligible Singaporeans can also look forward to extra support in the second half of the year.
The MOF lists top-ups to the Child Development Account (CDA), U-Save, and S&CC rebates, as well as the Assurance Package Cash as examples.
Therefore, Singaporeans have many things to look forward to next month.
Judging by the numbers, the disbursement is likely to help many individuals in the coming months.
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Featured image adapted from R2D Credit Pte Ltd, for illustration purposes only.
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