Singaporeans will receive $1.4 billion GST vouchers in August 2024, up to $850 cash

Singapore’s Ministry of Finance (MoF) has confirmed the 2024 GST voucher disbursement that was first revealed at Budget 2023 by the then Minister of Finance Lawrence Wong.

The government implemented the GST Voucher (GSTV) Scheme in 2012 to help low—and middle-income Singaporeans and households defray GST and daily expenses.

The 2024 GSTV disbursement takes place in August 2024 and totals $1.4 billion in GSTV-Cash and GSTV-Medisave, approximately $200 million more than in 2023. This slight payment increase can pegged to the predicted inflation rate and economic growth for the rest of 2024.

GSTV-Cash

About 1.5 million eligible adult Singaporeans will receive either $450 or $850, based on their Annual Value of Home. Singaporeans with an Annual Value of Home up to $21,000 will receive $850, while Singaporeans with an Annual Value of Home between $21,000 and $25,000 will receive $450. All eligible recipients will receive an additional $150 or $100, compared to last year.

GSTV – MediSave

650,000 eligible adult Singaporeans aged 65 and above in 2024 will receive up to $450, credited to their CPF Medisave Accounts.

Eligibility

Singapore Citizens registered for Government disbursement schemes will automatically receive GSTV-Cash and GSTV-Medisave payments.

Citizens may check their eligibility for GSTV-Cash and GSTV-Medisave at the govbenefits website, logging in via their Singpass.

Citizens who have not signed up for the GSTV Scheme can do so on the govbenefits website by 9 July 2024 to receive their payments in August 2024.

Citizens who sign up after this date but before 20 June 2025 will receive their payment by the end of the following month. Singaporeans who have not signed up will be notified by the end of August 2024 via the Singpass app, SMS, or hardcopy letters sent to their NRIC address if they do not have a Singpass app or a Singpass-registered mobile number.

GSTV-Cash Modes of Payment

PayNow-NRIC

PayNow-NRIC is the primary payment mode for citizens who have linked their NRIC to PayNow. Citizens who register for PayNow-NRIC at twelve participating banks by 22 July 2024 will receive their 2024 GSTV in early August 2024.

Those without a PayNow-NRIC linked bank account may update their bank account information (with DBS/POSB, OCBC or UOB only) at the govbenefits website by 26 July 2024. Those receiving payments via GIRO will receive the payment from 12 August 2024 onwards.

Participating banks for PayNow-NRIC: Bank of China, CIMB, Citibank, DBS Bank / POSB, HSBC Bank, ICBC, Maybank, OCBC Bank, RHB Bank, Standard Chartered Bank, Trust Bank and UOB Bank

GovCash

Eligible citizens who have not linked their NRICs to PayNow or provided a valid bank account will receive payment via GovCash. Citizens on GovCash may withdraw their GSTV– Cash at OCBC ATMs island-wide by entering: 1) Payment Reference Number (PRN), which can be retrieved via the govbenefits website from 22 August 2024; 2) NRIC, and after passing the 3) facial verification. They do not require an OCBC bank account to withdraw the payment at the OCBC ATMs.

GovCash recipients may also use the LifeSG app to make payments to merchants by scanning their PayNow or NETS QR code, or transfer payments to their bank accounts via PayNow if they subsequently register for PayNow-NRIC.

Singpass App

Citizens will only receive notification in August 2024 after their GSTV-Cash and/or GSTV-Medisave has been credited via a message sent to their Singpass app inbox. Those who have not completed their one-time setup on the Singpass app but have registered their mobile with Singapass will receive an SMS notification.

For more information, you can contact 1800-2222-888 or visit govbenefits.gov.sg

Feature Image: Kit Suman @ Unsplash

Also Read: Budget 2023: Gov’t increases GST cash voucher amount from S$500 to S$700 in 2023