Feeling the pinch lately? Help is on the way.
The Ministry of Finance said today that 1.5 million Singaporeans will receive S$1.2 billion in GST Voucher (GSTV) benefits in August 2022.
The eligible ones will receive up to S$700 in cash and up to S$450 in MediSave top-ups.
The S$700 cash is made up of the regular GSTV (up to S$400) and the GSTV Cash Special Payment (up to S$300) that was announced by Deputy Prime Minister Lawrence Wong last month, part of a S$1.5 billion support package.
This targeted help will help lower- to middle-income Singaporean households defray their living expenses and the impending GST hike.
Check out the following table to see if you are eligible.
MediSave top-ups
Some 575,000 elderly Singaporeans aged 65 and above this year will also receive up to S$450 in their MediSave accounts as part of the GSTV scheme.
This is the fourth year that these eligible adults will receive their 5-Year MediSave Top-up annually from 2019 to 2023 that was announced at Budget 2019, the ministry said.
In addition, eligible Singaporeans would have received CDC Vouchers, two tranches of U-Save and S&CC rebates, and top-ups to Edusave account/Post-Secondary Education Account (PSEA) earlier this year.
The ministry also added: “Singaporeans can expect further support in the form of cash payouts, utilities credits, top-ups to Child Development Accounts, and another two tranches of U-Save and S&CC rebates in the coming months.”
“Government will do more”
DPM Wong also assured Singaporeans on Jul 4 that the Government will do more to help if the economic situation worsens significantly.
“You have my word that if the situation worsens significantly, we will be prepared to do more, especially to provide targeted help for the lower-income groups,” he said in Parliament.
The S$1.5 billion support package announced last month is a good example of how the Government is keeping an keen eye on ground issues and providing targeted help while trying to make sure Singapore continue to succeed in this increasingly bifurcate world – a strategy that was summed up by Minister of State for Trade and Industry Alvin Tan recently.
Find out more about the GSTV here.
Cover photo credit: FairPrice Facebook page.