SINGAPORE: Eligible Singaporeans will receive between S$200 (US$151) and S$400 next month, as part of measures to help them cope with cost-of-living concerns.
More than 2.4 million Singaporean adults will receive this one-off cash payment under the Assurance Package, said the Ministry of Finance (MOF) on Tuesday (Aug 13).
It will be disbursed to all Singaporeans aged 21 and above in 2024, with an assessable income of not more than S$100,000 in the Year of Assessment (YA) 2023. They must also not own more than one property.
The payout, ranging from S$200 to S$400, will depend on the recipient’s assessable income.
The package was first announced at Budget 2020 to help offset additional goods and services tax (GST) expenses. Payouts are disbursed over five years, from 2022 to 2026.
Then Deputy Prime Minister Lawrence Wong, who is also Finance Minister, announced at Budget 2024 that the government would enhance the Assurance Package by a further S$1.9 billion to help with cost-of-living concerns.
Besides the cash payment in September, eligible Singaporeans will also receive further support, including U-Save rebates, Community Development Council (CDC) vouchers, service and conservancy charges (S&CC) rebates, additional cash payout and an Assurance Package Seniors’ Bonus, in the coming months.
MODES OF PAYMENT
Singaporeans can check their eligibility for the cash payment on the Govbenefits website.
Those eligible will automatically receive their payments in September. Singaporeans are encouraged to link their NRIC to PayNow by Aug 26. Those who do so can receive their cash payments earlier from Sep 5.
Those without PayNow-NRIC linked bank accounts can update their bank account information at the Govbenefits website by Aug 27 to receive the payment from Sep 13.
Citizens on GovCash, which has replaced cheques as a mode of payment, can withdraw their payment from Sep 23 at OCBC ATMs islandwide. An OCBC bank account is not required for withdrawals.