Government Payouts to Expect for the Rest of 2023 in Singapore—GSTV, Cash, MediSave Top-ups & More
Audrey Ng
4 September 2023, 6:48 pm
During the Budget 2023 statement in February this year, Deputy Prime Minister Lawrence Wong announced a suite of support measures to allay inflation concerns. He said that these measures were to help Singaporeans tide through this period of higher inflation and cushion the impact of the new GST rates.
“On average, for lower-income households, the enhancements will fully cover the increases in spending due to inflation and the GST rate increase; and for middle-income households, the enhancements will substantially cover their increases in spending,” he said.
Highlighting the global situation, he urged Singaporeans to become more productive and competitive. “Countries are now relooking and adjusting their supply chains. Instead of buying from the cheapest, they are prepared to accept lower efficiency and higher costs to prioritise diversification and strategic resilience. These trends are pushing up inflation everywhere, including Singapore,” he added.
So what sort of payouts are in store for us?
Coming to terms: Understanding the GSTV, Assurance Package, COL & More
There are a couple of different umbrella terms for these categories of government payouts that were announced, so here’s a quick run-through of the terms before we proceed further.
GSTV Voucher scheme (GSTV)
This is a
permanent scheme introduced in Budget 2012 that seeks to help lower- and middle-income Singaporean households with their expenses, especially what they pay in GST.
There are 4 components to the GSTV:
- Cash (immediate needs)
- MediSave (for seniors’ medical needs)
- U-Save (to offset utilities bills)
- Service & Conservancy Charges (S&CC) Rebate (offsets the monthly fees that households pay for the maintenance and upkeep of their common property in the HDB estate)