Cash payouts will be disbursed to cope with GST hike and the rising cost of living

Singapore. The Ministry of Finance announced on 15 November that eligible Singaporeans will receive up to S$700 cash payouts the next month. Two separate payouts are involved here, one from the Assurance Package (AP) and another from the Cost-of-Living (COL) special payment.

Around 2.9 million eligible Singaporeans will receive cash payouts of up to $200 this December as part of the Assurance package.

Deputy Prime Minister and Minister for Finance Lawrence Wong announced last 7 November that AP would rise by S$1.4 billion to around $8 billion, from $6.6 billion in Budget 2022.

“This ensures that even with the current inflation situation, the Assurance Package will offset additional GST expenses for the majority of Singaporean households for at least five years, with around 10 years offset for lower-income households,” added by the ministry in a statement last Tuesday.

In a statement, the ministry also added that Singaporeans will disburse the first tranche of AP benefits starting next month up to February 2023. This will ensure that each Singaporean household will receive timely support.

Moreover, Singaporeans eligible for COL special payments will receive up to $500 next month. The COL Special payment is part of the S$1.5 billion Support package announced in October as part of helping Singaporeans to deal with the rising inflation.

According to MOF, both payouts will be distributed together next month.

More from OMY: Singapore’s Budget 2022: GST hike in 2 steps from 7% to 8% in 2023, and 9% in 2024

What Singaporeans can expect to receive in December 2022?

December 2022
  • Assurance Package: Cash payout (up to S$200)
  • Cost-of-Living special payment (up to S$500)

What Singaporeans can expect to get in January 2023 and February 2023?

January 2023
  • GST Voucher S&CC rebate (0.5 month)
  • GST Voucher – USave (regular, up to S$95)
  • AP: GST Voucher – USave (up to S$95)
  • AP: CDC Vouchers (S$200)
  • Additional CDC Vouchers (S$100)
February 2023
  • AP: GST Voucher – Cash (Seniors’ Bonus, up to S$300)
  • AP: Medisave top-up for seniors and children (S$150)

Source: Ministry of Finance

An enhancement of the Assurance Package will be announced in the 2023 budget.

Know more about the Assurance Package here.

Who is eligible for the COL Special Payment?

Here are the eligibility requirements to quality for the one-off COL Special Payment:

  • Must be a Singaporean aged 21 years old or above in 2023.
  • With an Accessible Income (AI) of not more than $100,000 for Year of Assessment (YA) 2022 ; and
  • Not having more than one property.

Know more about the COL Special Payment here.

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