SINGAPORE – About 1.4 million lower-income Singaporeans will receive goods and services tax (GST) voucher cash payouts from this month, said the Ministry of Finance (MOF) on Tuesday (June 1).
Nine in 10 of those eligible are expected to receive their payouts automatically.
In addition, some 950,000 Singaporean households in Housing Board flats will receive their quarterly GST Voucher – U-Save rebates and special payment in July, added MOF in its statement.
The ministry encouraged Singaporeans to link their NRIC to PayNow by June 15 to receive their cash payouts earlier.
The one-off GST Voucher – Cash Special Payment of $200 – meant to help lower-income Singaporeans with their daily living expenses – will be credited into citizens’ bank accounts on June 23, for those who have linked their NRIC to PayNow by June 15.
Those who have not but had provided their bank account numbers previously will be given the payment by bank transfer on June 30, said MOF. The rest will receive cheques sent to the addresses on their NRICs from July 15.
The cash special payment, which amounts to $280 million, is part of the $900 million Household Support Package announced at the Budget in February 2021.
The regular GST Voucher – Cash payout of $300 will be credited into citizen’s bank accounts on July 30, for those who have linked their NRIC to PayNow by July 20, said MOF.
Those who have not but had provided their bank account numbers previously will be given the payment by bank transfer on Aug 5, said MOF. The rest will receive cheques sent to the addresses on their NRICs from Aug 18.
This component of the GST Voucher scheme will amount to about $405 million.
MOF said that starting from this year, the ministry will be using PayNow-NRIC as the default payment mode for citizens who have linked their NRIC to PayNow.
It said that PayNow provides added convenience and privacy for citizens to receive money in their bank account via their NRIC, without having to disclose their bank account details to the sender.
The GST Voucher scheme was introduced in 2012 to help lower-and middle-income Singaporeans offset some of their GST expenses. The annual scheme comprises three components: cash, Medisave and U-Save.
About 575,000 Singaporeans aged 65 and above this year will receive a top-up to their CPF Medisave accounts by up to $450 each from July 30, said MOF. In total, the top-ups will amount to about $170 million.
The U-Save and U-Save Special Payment rebates – credited to a Housing Board flat’s utilities account – will amount to about $460 million.
The special payment provides an additional 50 per cent of the regular U-Save rebates, in April and July.
The total amount of rebates received for FY2021 ranges from $355 to $595, depending on the HDB flat type.
Singaporeans can sign up for the GST vouchers starting on Tuesday (June 1). Those who have signed up for a previous government payout need not sign up again, as they will receive their payments automatically.