Business & Economy 1.7 million Singaporeans to benefit from S$1.7b in GST Vouchers and Medisave...

1.7 million Singaporeans to benefit from S$1.7b in GST Vouchers and Medisave top-ups

Those eligible will be notified via text or letters and will receive their benefits between July and November 2019

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1.7 million Singaporeans will be notified by 5 July 2019 of their 2019 MediSave top-ups and GST Voucher (GSTV) benefits which they will receive between July and November 2019. Singaporeans can view their GSTV benefits online anytime at www.gstvoucher.gov.sg, using their SingPass login. Eligible Singaporeans will receive text messages and/or letters to inform them of the benefits they will be receiving.

GST Voucher (GSTV) Scheme 

The GSTV is a permanent scheme introduced in 2012 to help lower and middle-income Singaporeans offset some of their GST expenses. The GST and GSTV form an important part of Singapore’s progressive system of taxes and transfers.

Individuals will receive their benefits based on the following timeline.

Date
Milestones 
July 2019 Notification

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1.7 million Singaporeans will receive text messages and/or letters informing them of their GSTV benefits and MediSave top-ups.

Benefits: MediSave Top-ups for Pioneer Generation (PG) and Merdeka Generation (MG) Seniors

As announced earlier, PG and MG Seniors will receive their PG/MG MediSave top-ups in July 2019.

Through both the PG/MG MediSave and GSTV – MediSave:

• An MG Senior aged 65 in 2019 living in an HDB flat will receive $450 in MediSave top-ups;

• A Pioneer aged 85 in 2019 living in an HDB flat will receive $1,250 in MediSave top-ups.
August 2019

August 2019 Benefit: GSTV – Cash

About 1.4 million Singaporeans will receive GSTV – Cash of up to $300 each, credited directly into their bank accounts.

Those who have not previously provided their bank account numbers at www.gstvoucher.gov.sg will receive cheques about two weeks later.

The GSTV – Cash payout will cost about $410 million.

Benefits: GST Voucher – MediSave and 5-Year MediSave Top-Up

About 520,000 Singaporeans aged 65 years and above in 2019 will receive up to $450 in GSTV – MediSave in August 2019. The top-ups will amount to about $152 million.

In addition, Singaporeans who were born on or before 31 December 1969 (50 years and above in 2019) and do not receive PG or MG benefits will each receive a MediSave top-up of $100 annually from 2019 to 2023, to be credited into their MediSave accounts in August 2019. This is the 5-Year MediSave Top-up scheme that was announced in Budget 2019.

The top-up will benefit about 570,000 citizens in 2019, and amount to about $57 million.

November 2019 Benefits: GSTV – Cash (Bicentennial Payment)

In Budget 2019, the Government announced the GSTV – Cash (Bicentennial Payment) which provides an additional cash payment of up to $300 to the 1.4 million GSTV – Cash recipients.

This will be paid out from November 2019, and will cost about $410 million.

What This Means to Citizens

• Most citizens will automatically receive their GSTV payouts if they have signed up for the GSTV or any other government payout scheme in the past.

• For the small number of citizens who have not signed up for GSTV or past government payouts, they will be invited to do so, and have until 31 December 2019 to sign up online, or through forms at the Community Centres.

• Citizens who have not provided their bank account details are encouraged to do so at www.gstvoucher.gov.sg to receive their cash payouts earlier. Otherwise, they will receive their GSTV – Cash payout via cheques about two weeks later than direct bank crediting.

Other Benefits in 2019

Bicentennial Bonus [Announced in Budget 2019]

• In addition to the GSTV – Cash (Bicentennial Payment), the Bicentennial Bonus package also includes:

o Top-ups to Edusave Accounts or Post-Secondary Education Accounts (PSEA) of Singaporeans aged 7 to 20;

o A Workfare Bicentennial Bonus, which provides additional cash assistance to lower-wage workers who received Workfare Income Supplement payouts for Work Year 2018;

o A CPF Top-up for lower-income Singaporeans who have low CPF balances;

o A Personal Income Tax Rebate for Year of Assessment 2019.

The top-ups to Edusave and PSEA will be made by end June 2019. The GSTV – Cash (Bicentennial Payment), Workfare Bicentennial Bonus and CPF Top-up will be paid to eligible citizens at the end of 2019.

Household Benefits

• GSTV – U-Save: Eligible HDB households will receive a GSTV – U-Save of up to S$100, depending on the household’s HDB flat type, is given every three months to help offset utilities bills directly. This includes an additional U-Save of S$20 a year from 2019 to 2021. The GSTV – U-Save benefits amount to about S$300 million annually and benefits about 930,000 eligible Singaporean HDB households.

• One-off Service & Conservancy Charges (S&CC) Rebate [Announced in Budget 2019]: The S&CC Rebate provides additional support for households. Around 930,000 eligible Singaporean HDB households will receive 1.5 to 3.5 months of S&CC Rebate between April 2019 to January 2020, depending on their HDB flat type. -/TISG

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