The Ministry of Finance (MOF) announced a SGD 1.5 billion (USD 1.07 billion) programme to benefit approximately 1.5 million Singaporeans. The scheme will offer Singaporean citizens SGD 700 (USD 500) in cash to help them cope with increased inflation.
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The programme was announced last month by Deputy Prime Minister Lawrence Wong. He also announced the addition of a new Goods and Services Tax Voucher (GSTV) – Cash Special Payment to the government’s existing GSTV programme. For eligible Singaporeans, two payments will be made with a cash Goods and Services Tax Voucher and a cash special payment GSTV.
This year, as part of the GSTV programme, about 575,000 Singaporeans 65 and older will receive up to SGD 450 (USD 321) in their Central Provident Fund MediSave accounts.
By the end of the next month, eligible individuals who were born on or before 31st December, 1969, who are not currently receiving Pioneer or Merdeka Generation benefits will also have SGD 100 (USD 71) credited to their MediSave accounts.
According to MOF, the payments are a part of the government’s ongoing support for elderly and low-income people to help cover their living expenditures and GST bills.
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“They can expect further support in the form of cash payouts, utilities credits, top-ups to Child Development Accounts, and another two tranches of U-Save and S&CC rebates in the coming months,” said the ministry.