S$1.2 Billion GST Voucher Package For 1.5 Million Singaporeans In August
Last month, Deputy Prime Minister Lawrence Wong announced a special package to help middle- and lower-income families tide through the current inflation wave. This includes an additional GST Voucher top-up of up to S$300 in light of rising costs.
On Tuesday (12 Jul), the Ministry of Finance (MOF) announced that 1.5 million Singaporeans will receive up to S$700 in GST Voucher benefits in August.
Additionally, there will be a MediSave top-up of up to S$450 for 575,000 elderly Singaporeans aged 65 and above.
Singaporeans to receive up to S$700
In their Facebook post, MOF announced the amounts that eligible Singaporeans aged 21 and above this year will receive in August.
If the annual value of your home – that is, the estimated gross annual rent of the property if you were to rent it out – is up to S$13,000, you’ll receive S$400 in GST Voucher-Cash (GSTV-Cash).
This is in addition to another S$300 in a Special Payment, for a total of S$700.
Meanwhile, if your home’s annual value is between S$13,001 to S$21,000, you’ll receive S$350. This consists of S$250 in GSTV-Cash and S$100 in GSTV-Cash Special Payment.
As for the MediSave top-up, Singaporeans aged 65 and above will receive up to S$450 based on their home’s annual value.
According to MOF,
These payouts will provide continuing help to defray the GST and other living expenses for lower- to middle-income Singaporean households.
In a press release in June, MOF said they prepared the S$1.5 billion package to provide more support to lower-income and vulnerable groups, who are “disproportionately affected by the higher prices” of inflation.
A S$100 Household Utilities Credit will also be given to each household to help with utility bills.
Hope this will help those in need
Rising costs of living can be a very worrying thing, especially for those who may not be the most financially stable.
Fortunately, our government is taking steps to help those in need with these payouts.
With these, the hope is that we can get through this current passing shower and come out for the better at the end of it.
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Featured image adapted from Shermin Ng on Unsplash. For illustration purposes only.
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