In January 2024, the Singapore government announced a package of cash assistance measures amounting to a maximum of $1,300 for eligible citizens. The enhanced Assurance Package includes the GST Voucher Scheme as well as one-off Cost-of-Living Special Payments.
Breakdown of the $1,300 Payout
Several components constitute the full $1,300 of financial support.
- GST Voucher-Cash was up to $850 for entitled adult Singaporeans in August 2024, dependent on the Annual Value of their residence. Those with an Annual Value of home up to $13,000 received $850 while those with an Annual Value between $13,001 and $21,000 received $450.
- GST Voucher-MediSave in August 2024 benefitted about 650,000 Singaporeans aged 65 and above, further credited into their CPF MediSave Accounts of up to $450.
- The Cost-of-Living Special Payment was a one-off payment of between $200 and $400 disbursed in September 2024 to over 2.4 million adult Singaporeans. The payout amount was based on the person’s assessable income and property ownership. Individuals with an assessable income of up to $22,000 would receive $400, while those earning between $22,001 and $34,000 would get $300. Those earning between $34,001 and $100,000 would receive $200.
Eligibility Requirements:
There were various specific eligibility requirements to be satisfied by individuals.
- For GST Voucher-Cash and GST Voucher-MediSave, an applicant needed to be a Singapore citizen 21 years of age and above in 2024; have annual assessable income not exceeding $34,000 for the Year of Assessment 2023; have Annual Value of property not exceeding $21,000; and not own more than one property.
- Similarly, and in addition to the above, for the Cost-of-Living Special Payment, applicants also had to be a citizen of Singapore and 21 years and above in 2024. The applicable yearly assessable income had to be $100,000 at maximum, and an applicant was not allowed to own more than one property.
Application and Disbursement Process:
Ultimately, recipients who qualify were auto-subscribed to receiving the financial benefits. Those who previously had not registered for any government disbursement scheme or any other scheme were required to do this at a certain cut-off point to receive the payment on time.
Most amounts were paid through PayNow-NRIC, and citizens were encouraged to link their NRIC to PayNow for timely payments. Others were made through bank accounts transfers or cash via GovCash to those not having bank accounts tied up to PayNow.
Conclusion:
In a nutshell, in the year 2024, the major financial assistance measures put in place by the government of Singapore aim at addressing the rising costs of living. It was through designated persons in the GST Voucher Scheme and the Cost-of-Living Special Payment that the government intended to ensure that adequate assistance reaches lower- to middle-income Singaporeans in their daily expenditures and health care endeavors.
