This ensures that even with the current inflation situation, the Assurance Package will offset additional GST expenses for the majority of Singaporean households for at least five years, with around 10 years offset for lower-income households.
The first tranche of money, which includes other benefits, will be disbursed from December 2022 to February 2023.
In December 2022, about 2.9 million adult Singaporeans will receive up to S$200 in cash under the Assurance Package, with about 2.5 million of them also being eligible for the Cost-of-Living (COL) special cash payout announced in October of up to S$500. The payouts will be disbursed together, the ministry said.
The one-off Cost-of-Living (COL) special cash payout is part of the S$1.5 billion Support Package announced by Deputy Prime Minister and Minister for Finance Lawrence Wong in October 2022 to provide cost-of-living relief for Singaporean households.
Cost-of-Living (COL) special cash payout will be disbursed to Singaporeans aged 21 years old and above in 2023, with an assessable income of not more than S$100,000 in the Year of Assessment (YA) 2022. They must also not own more than one property.
In January 2023, eligible HDB households will receive an additional GST voucher (GSTV) - USave of up to S$95 in rebates to offset their utilities bills. This is on top of the S$95 in rebates given to eligible households under the permanent GSTV scheme.
Every Singaporean household will receive $300 Community Development Council vouchers, - these vouchers, which include S$200 under the Assurance Package and S$100 from the support package announced in October, can be used at participating heartland merchants and hawkers, as well as supermarkets.
In February 2023, lower-income senior Singaporeans will get up to $300 in cash under the GSTV – Cash (Seniors’ Bonus). And eligible seniors aged 55 and above, and children aged 20 and below, will get $150 in their Central Provident Fund MediSave Account under the Assurance Package MediSave.
Citizens are also encouraged to link their NRIC number to PayNow by Nov 20 to receive their Assurance Package cash and COL special payment as early as from Dec 5.
The payments will be disbursed on Dec 12 for those who opt to have it credited to their bank accounts.
GovCash has also replaced cheques as the mode of payment for citizens who have not provided their bank account details or linked their NRIC number to PayNow.
They will need to enter their NRIC number and payment reference number - which will be sent out from Dec 14 - at OCBC ATMs islandwide. An OCBC bank account is not required for withdrawals.
More information on the Assurance Package cash and COL special payment are available online. Members of the public may also call the hotline at 1800-222-888.