BY MOK FEI FEI, Straits Times
Take note of Aug 1 because that is when the special Budget top- ups will land.
The Ministry of Finance (MOF) yesterday said 1.6 million Singaporeans will receive letters this week outlining the various benefits they will be getting.
These include the 2014 Goods and Services Tax Voucher (GSTV), 2014 GSTV Special Payments, five-Year Medisave top- up as well as the Service and Conservancy Charges rebates.
The MOF said about 1.3 million Singaporeans will receive the GSTV-Cash on Aug 1.
In addition, within this group, about 660,000 people aged 55 and above will receive the GSTV- Cash: Seniors’ Bonus. This means these seniors will get double the GSTV-Cash amount in 2014.
The GSTV-Cash and GSTV- Cash: Seniors’ Bonus will cost the Government $505 million.
About 380,000 Singaporeans aged 65 and above will also receive the GSTV-Medisave top-up on Aug 1. This will cost the Government $115 million.
The regular GST Voucher- U-Save, which goes out quarterly, will involve a special payment that will be disbursed this month and again in January.
The U-Save rebates and Special Payment will offset utilities directly and cost $290 million in total.
This month, 800,000 households will receive $90 to $195 each in rebates, depending on their flat type.
Singaporeans born on or before Dec 31, 1959 – those aged 55 and above in 2014 – and who do not enjoy Pioneer Generation benefits will receive Medisave top-ups of $100 or $200 annually over the next five years. About 530,000 people will benefit.
The MOF said the vast majority, or those living in HDB flats who do not own more than one property, will get the higher top-up of $200 a year.
Most Singaporeans will automatically receive their GST Voucher payouts and five-year Medisave top-ups.
The small number who have not signed up for past government payouts and/or are not Central Provident Fund members will be told in the letters how to receive the benefits. They will have until Dec 31 to act.
More information on the GST Voucher can be found at www.gstvoucher.gov.sg