During the Budget 2024 statement, Deputy Prime Minister Lawrence Wong unveiled a series of enhanced support measures and innovative initiatives to help Singaporeans cope with the rising cost of living while driving economic growth and creating job opportunities.
He mentioned, “The enhanced support packages will provide some near-term relief to Singaporean households and firms. These are needed during this period when inflation, while moderating, remains on the high side.”
The government is doubling down on existing support schemes like the GST Voucher, Assurance Package, and Cost-of-Living Special Payment to provide targeted assistance to lower and middle-income households. Think of it as a financial umbrella to shield us from being drenched by the droplets of inflation.
What perks can we expect for 2024? Let’s cut to the chase. How much money are we receiving in our bank accounts and when?
Government Payouts 2024: What Can We Expect for the Rest of the Year?
| Month (2024) | Scheme | Who is eligible? | How much will I receive? |
| April | B2024 COL U-Save | Singaporean households living in HDB flats and whose household members do not own more than one property | Up to $950 in total for the year |
| June | CDC Vouchers | Every Singaporean household | $250 (First tranche in June 2024, next tranche in January 2025) |
| August | GST Voucher – Cash | Singaporeans aged 21 and above in 2024, with an income up to $34,000, owning 0 to 1 property with an AV of home up to $25,000. | $850 or $450, depending on AV of home |
| September | COL Special Payment | Singaporeans aged 21 years and above in 2024, with assessable income who do not own more than one property | Between $200 and $400 |
| December | GST Voucher – Cash | Singaporeans aged 21 and above in 2024, with an income up to $34,000, owning 0 to 1 property with an AV of home up to $25,000. | $850 or $450, depending on AV of home |
To get more information and to check your eligibility, check out this site that does it automatically for you. It also informs you when you will be paid.
What’s Been Paid Out So Far?
We can see that in January 2024, each Singaporean household received $250 in CDC Vouchers. These e-vouchers can be used to purchase goods and services from participating hawkers and heartland merchants, as well as participating supermarkets. If you haven’t done so, better redeem your CDC Vouchers here! You’ll need to claim and spend them by the end of the year.
More good news is coming. We can look forward to another $250 worth of CDC vouchers in January 2025!
There’s also the usual quarterly U-Save and S&CC Rebates to offset our utilities bills and upkeep of our estate. These are part of the permanent GST Voucher Scheme that was again enhanced this year. So far, eligible households have received them for the months of January, April, July, and October this year.
Adding to that are the COL U-Save Special Payment (April, July, October) and the Assurance Package (AP) U-Save (previously known as Additional GSTV – U-Save rebates), which were credited in January. These bring the total U-Save Rebates in 2024 to double what eligible households receive for regular GSTV – U-Save Rebates for that same year.
U-Save Rebates 2024 (GSTV, AP, COL)
| HDB Flat Type | January | April | July | October |
| 1- and 2-room | $95 + $95 | $95 + $95 | $95 + $95 | $95 + $95 |
| 3-room | $85 + $85 | $85 + $85 | $85 + $85 | $85 + $85 |
| 4-room | $75 + $75 | $75 + $75 | $75 + $75 | $75 + $75 |
| 5-room | $65 + $65 | $65 + $65 | $65 + $65 | $65 + $65 |
| Executive/ Multi-Gen | $55 + $55 | $55 + $55 | $55 + $55 | $55 + $55 |
Source: Gov Benefits
S&CC Rebates 2024
| HDB Flat Type | January | April | July | October |
| 1- and 2-room | 1 month | 1 month | 1 month | 1 month |
| 3- and 4-room | 0.5 month | 1 month | 0.5 month | 0.5 month |
| 5-room | 0.5 month | 0.5 month | 0.5 month | 0.5 month |
| Executive/Multi-Gen | – | 0.5 month | 0.5 month | 0.5 month |
Source: Gov Benefits
In February 2024, eligible lower-income senior Singapore citizens received the first of the cash payouts of $200 to $300 under the Assurance Package (AP) Seniors’ Bonus, previously known as GSTV – Cash (Seniors’ Bonus). This AP Seniors’ Bonus will again be disbursed in February 2025.
Assurance Package (AP) Seniors’ Bonus
| Payment Year | Annual Value of property up to $13k | Annual Value of property more than $13k, up to $21k | ||
| 55 to 64 years | 65 years and above | 55 years and above | ||
| 2024 | $250 | $300 | $200 | |
| 2025 | $250 | $300 | $200 | |
You can check the Annual Value of your property on IRAS myTax Portal by logging in using your SingPass.
February also saw eligible Singaporeans aged 20 years and below, as well as those 55 years and above, receiving the first of their Assurance Package (AP) MediSave payouts. The next payments will be in February 2025, up to a total of $450.
At a glance
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)
The GSTV 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.
In Budget 2024, the government announced further enhancements to the GST Voucher Fund by $6 billion to continue providing support to these families, helping them tide through the near-term cost-of-living pressures from still-high, albeit cooling, inflation.
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)
Assurance Package (AP)
A $6 million AP was announced in Budget 2020 to cushion the impact of the planned GST increase for all Singaporeans.
This year, the government added an additional $1.9 billion to the AP, bringing the total to a substantial $11.5 billion. This ensures that the majority of households receive adequate offsets for their GST expenses amidst ongoing cost-of-living pressures.
These are the main components of the Assurance Package:
- Cash payments for all adult Singaporeans
- Additional GST Voucher (U-Save)
- MediSave top-ups for children and seniors
- Cost of Living (COL) Special Payment
- Community Development Council (CDC) Vouchers for Singaporean households
Cost-of-Living (COL) Special Payment
Fast forward to Budget 2024, and the government is stepping up its game. As part of the enhanced Assurance Package, eligible adult Singaporeans aged 21 and above in 2024 will receive a one-off special payment ranging from $200 to $400 in September 2024. The amount you’ll receive depends on your income and property ownership.
Community Development Council (CDC) Vouchers
The CDC Vouchers are back for not just one, but two more rounds! The government is extending this initiative to provide continued support to Singaporean households in managing their daily expenses.
Every Singaporean household will receive an additional $600 in CDC Vouchers. The first $300 will be disbursed in end-June 2024, and the remaining $300 in January 2025. Each tranche of vouchers will be split equally for spending at participating merchants/hawkers and supermarkets.
The CDC Vouchers will benefit about 1.4 million Singaporean households. Just remember to claim and use your vouchers before they expire – the end-June 2024 batch will be valid until end-December 2024, while the January 2025 batch will expire at the end of December 2025.
In a Nutshell: Singapore’s Got Your Back in 2024
Though we’re barely through the start of 2024, the path ahead might be uncertain. Thankfully, one thing’s for sure – the reliable Singapore government is ready to help families to combat inflation and GST increases.
With more cash in hand, these support measures will help Singaporeans to weather the challenges ahead. Rather than splurging on new gadgets, we recommend you to save up or reinvest the spare cash to reap greater returns in the long run.
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