Pedestrians cross a street at the Orchard Road shopping district in Singapore on March 12, 2015. Photo by AFP
Over 1.5 million eligible Singaporeans will get cash payouts of up to S$850 (US$670) under the Goods and Services Tax Voucher (GSTV) scheme next month.
Singaporeans aged 21 and above in 2025 who earn up to S$39,000 for the 2024 assessment year and own no more than one property are eligible for either a S$850 or a S$450 payout based on their property’s value, as reported by Channel News Asia.
Specifically, those whose property has an annual value of S$21,000 or less in 2024 will receive the maximum payout, while those with property valued between S$21,000 and S$31,000 will receive the lower amount.
Eligible recipients will automatically get their payouts from as early as Aug. 6, though the starting date may vary depending on how they receive the payment.
Some 690,000 eligible seniors aged 65 and above will also receive MediSave top-ups under the GSTV – MediSave scheme from Aug. 11, ranging from S$150 to S$450 based on their age and home values, according to Mothership.
This will be automatically credited into recipients’ MediSave accounts. MediSave is the city-state’s national medical savings scheme that helps individuals save up for their healthcare needs in old age.
The GSTV scheme, which has been in place since 2012 to help lower- and middle-income Singaporeans cope with GST expenses, has been adjusted this year to reflect rising incomes.
The Ministry of Finance announced on Monday that the assessable income threshold for cash payouts was raised from S$34,000 to S$39,000 to reflect the growth in eligible recipients’ incomes.
“A total of $1.5 billion will be disbursed under the GSTV – Cash and GSTV – MediSave schemes, as part of the permanent GST Voucher scheme this year. This is on top of the other support that Singaporeans will receive in financial year 2025,” the finance ministry noted, as quoted by The Straits Times.
