DPM Lawrence Wong announced today (February 14) that the government will raise the amount of GST vouchers in the next few years to help cushion the impacts of the GST raise.
Those with assessable incomes of up to S$34,000 and residing in homes with an annual value of up to S$21,000 are eligible for the voucher scheme.
Singaporeans residing in homes with an annual value of S$13,000 and below can expect to receive S$700 in 2023, a S$200 increase from before. This amount will increase by S$150 to S$850 from 2024.
Meanwhile, individuals living in homes with an annual value of above S$13,000 and up to S$21,000 will receive S$350 in 2023, and S$450 from 2024 onwards.
DPM Wong said in his speech that these enhancements to the permanent GSTV scheme can ensure most retirees as well as lower income households will not be affected by the GST rate increase.
No other changes will be implemented to other components of the permanent GSTV scheme, including MediSave top-ups, U-Save rebates and service and conservancy charges.
Featured Image Credit: ASEAN Briefing