How to claim your S$850 GSTV payout and S$450 MediSave top-up next month, August 2024

SINGAPORE: In response to rising living costs, the government is distributing up to S$850 GST Vouchers (GSTV) to about 1.5 million eligible adult Singaporeans and up to S$450 Medisave top-up for around 650,000 senior citizens, as announced by the Ministry of Finance on July 4.

Who’s eligible for the GSTV payout and Medisave top-up?

To qualify for up to S$850 payout, you need to:

• Be a Singapore citizen: You must be a citizen residing in Singapore
• Be 21 or older: You must be 21 or above in 2024
• Meet the income limit: Your income for 2022, as assessed by IRAS for the year of assessment 2023, should not exceed S$34,000
• Meet the home value requirement: The annual value (AV) of your home, listed on your NRIC as of Dec 31, 2023, must be S$25,000 or less
• Have Limited Property Ownership: You must not own more than one property

To qualify for the MediSave top-up, you need to:

• Be a Singapore citizen: You must be a citizen residing in Singapore
• Be 65 or older: You must be 65 or above in 2024
• Meet the home value requirement: The annual value (AV) of your home, listed on your NRIC as of Dec 31, 2023, should be S$25,000 or less
• Have limited property ownership: You must not own more than one property

To check your cash and MediSave top-up eligibility, log in with your Singpass here.

How to receive the GSTV payout and Medisave top-up

To receive your GST Voucher (GSTV) cash and MediSave top-up, follow these steps:

1. Register for the GSTV Scheme: If you haven’t registered yet, you can still do so on the govbenefits website. Remember that if you register after July 9, you’ll get your payment by the end of the following month
2. Link NRIC to PayNow: Ensure you have linked your NRIC to the PayNow funds transfer service by July 22. This will allow you to receive your payment in early August. PayNow is available through twelve banks in Singapore, including DBS and UOB
3. Update bank details: If you missed linking your NRIC to PayNow, you can update your bank details with DBS/POSB, OCBC, or UOB on the govbenefits website by July 26
4. Payment via GIRO: For those using GIRO, payments will start from Aug 12
5. Receive payments via GovCash: If you have not linked your NRIC to PayNow or provided valid bank details, your payment will be issued through GovCash. You can withdraw funds at OCBC ATMs island-wide using a payment reference number (PRN), NRIC number, and facial verification. The PRN will be available on the govbenefits website from Aug 22

Recipients will be notified when their cash or MediSave disbursements are credited in August. An SMS from gov.sg will inform citizens of the benefits. To avoid scams, do not reply to the SMS, click any links, or provide personal information.

/TISG

Featured image by Depositphotos