Minister for Finance Lawrence Wong announced today (June 21) that about 1.5 million Singaporeans will receive up to S$300 cash in a special GST Voucher payment in August.
This is on top of the regular GSTV-Cash amounts they were meant to receive in 2022. In total, GSTV-Cash recipients will receive up to S$700 in August this year
According to Wong, this will benefit about 1.5 million lower-income to middle-income workers, as well as retirees without income.
In addition, all Singaporean households — including those living in private property — will also receive a S$100 utilities credit by September to help offset their bills.
At the Budget 2022 held earlier in February, Wong had announced that the Government would add S$640 million to the S$6 billion Assurance Package and improve the GST Voucher scheme.
The enhanced Assurance Package, announced in 2020, is meant to cover at least five years of additional GST expenses for the majority of Singaporean households, and about 10 years for lower-income households.
Since the announcements were made, the global growth and inflation environment has proven to be “more challenging”, said Wong, but it asserts that Singapore is in a “stronger position” to deal with these economic challenges as compared to other countries.