Government aims to reduce impact of inflation through relief payments

According to the Ministry of Finance, around 2.5 million Singaporeans will receive a special payment in June to give them relief over the rising cost of living. This is part of the government’s efforts to help individuals cope with inflation, as well as the impact of higher service tax rates.

More from OMY: How to Reduce Income Tax in Singapore Legally for 2023

Eligible Singaporeans are set to receive S$400 in cash. This includes citizens 21 years old and above in 2023, with an annual assessable income of less than S$100,000. Individuals must also not own more than one property to be given the one-off cash payout between S$200 to S$400.

Among the eligible Singaporeans, 850,000 seniors will receive an additional S$300 under the 2023 COL Senior’s Bonus. This is for senior citizens aged 55 and above in 2023, with an annual income of less than S$34,000, and whose residential address annual value does not exceed S$21,000. Eligible senior citizens must also not own more than one property.

According to Deputy Prime Minister and Finance Minister Lawrence Wong, S$3 billion will be added to the relief packages. This brings the total amount to S$9.6 billion.

To receive the payouts sooner, eligible individuals are encouraged to link their NRIC to PayNow before 23 May if they have accounts with the 10 participating banks. If not, they will receive their payments by 15 June through their CPF bank account.

DBS, UOB, and OCBC customers without PayNow-NRIC are also encouraged to update their bank information by 5 June. Meanwhile, those who receive payouts via GovCash can withdraw their COL payments at any OCBC ATM. This will be sent on 20 June.

More from OMY: What Is The Maximum Amount Of Tax Relief We Can Get From Our CPF Each Year?

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