The Singaporean government has announced a range of payouts, top-ups and rebates in Budget 2023 to help citizens manage the impact of higher inflation and an increase in the Goods and Services Tax (GST). The GST was raised from 7% to 8% in January 2023. Among the measures announced are enhancements to the GSTV - Cash payout, which is designed to defray GST expenses, with eligible citizens receiving between S$350 and S$850 in 2023. Additionally, a new Assurance Package – Cash payout has been introduced to offset the increase in GST. It will provide between S$300 and S$650 to Singaporeans aged 21 and over earning less than S$100,000 per year, and will be paid annually until 2026.

Households in Singapore will also receive vouchers and rebates to help them manage costs. A new Assurance Package – CDC voucher will provide S$300 in Community Development Council vouchers to offset household expenses, which can be used at participating merchants and supermarkets. A new Cost-of-Living U-Save Special Payment will double the amount of U-Save rebates available for households living in HDB flats that do not own more than one property, with eligible households receiving between S$440 and S$760 in 2023. The GSTV – Service and Conservancy Charges rebate has also been increased, with households receiving between 1.5 and 3.5 months of rebates, depending on flat type.

Singaporean children and youth will benefit from the Child Development Account top-up, which will provide S$400 to children up to six years old, and the Edusave and Post-Secondary Education Account top-up, which will provide S$300 to children and youth aged between seven and 20. Finally, seniors will benefit from a range of top-ups, bonuses and rebates, including the Assurance Package – 2023 Cost-of-Living Seniors’ Bonus, which provides between S$200 and S$300 to those aged 55 or older who earn less than S$34,000 per year and do not own more than one property.

Source: The Straits Times