Budget 2023: What payouts and rebates Singaporeans can expect
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All households will receive $300 in vouchers next year, $100 more than previously announced.
ST PHOTO: LIM YAOHUI
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SINGAPORE – A range of payouts, top-ups and rebates was announced in Budget 2023
Here are what Singaporeans can expect to receive, on top of what was announced previously.
For adult individuals
1. Enhanced GSTV – Cash (new)
What it is: A payout to defray GST expenses
How much: Singaporeans aged 21 or older earning up to $34,000 and living in homes with an annual value of up to $13,000 will get $700 this year – an increase of $200 from last year’s Budget. They will receive $850 in 2024. Those who live in homes with an annual value of between $13,000 and $21,000 will get $350 this year – an increase of $100 from last year’s Budget. They will get $450 in 2024.
When it will be disbursed: In August each year
2. Assurance Package (AP) – Cash (new)
What it is: A payout to offset the increase in GST
How much: Every Singaporean aged 21 years or older who earns no more than $100,000 a year and does not own more than one property will get between $300 and $650 more over the next four years. This brings the total payout to between $1,350 and $2,250 per person.
When it will be disbursed: December each year, until 2026
3. Assurance Package – Cost-of-Living Special Payment (new)
What it is: A one-off payout to address cost-of-living needs
How much: Between $200 and $400 for Singaporeans who are 21 years old or older in 2023, earning $100,000 or less a year and do not own more than one property.
When it will be disbursed: June 2023
For Singaporean households
1. Assurance Package – CDC vouchers (new)
What it is: Vouchers to offset household expenses
How much: All households will receive $300 in Community Development Council (CDC) vouchers in 2024, $100 more than previously announced. In January this year, every Singaporean household received $300 worth of CDC Vouchers. These can be used at heartland merchants and participating supermarkets.
When it will be disbursed: January 2024
2. Cost-of-Living U-Save Special Payment (new)
What it is: Rebates to offset utility bills
How much: Those living in HDB flats and whose household members do not own more than one property will receive double the amount of U-Save rebates for the rest of 2023. These households can get between $440 and $760 in rebates this year.
When it will be disbursed: April, July and October 2023
3. Assurance Package – U-Save
What it is: Additional rebates that will be credited with the usual GSTV – U-Save rebates from 2023 to 2026
How much: Depending on the household’s flat type, Singaporeans would have received between $55 and $95, with the first payment in January.
When it will be disbursed: January 2023, January and July 2024 and 2025, and January 2026
4. GSTV – Service and Conservancy Charges rebate
What it is: A rebate to offset service and conservancy charges for those living in HDB flats
How much: Depending on flat type, households will receive between 1.5 and 3.5 months of rebates.
When it will be disbursed: January, April, July and October 2023
For children and youth
ST20221222_202288370351/pixgeneric/Jason Quah Generic pix of children and youths crossing the road at Redhill, taken on Dec 22, 2022. family, population, fertility
PHOTO: ST FILE
1. Child Development Account top-up (new)
What it is: A one-off payment for children up to six years old
How much: $400
When it will be disbursed: September 2023
2. Edusave and Post-Secondary Education Account top-up (new)
What it is: A one-off payment for children and youth between seven and 20 years old
How much: $300
When it will be paid: May 2023
3. Assurance Package – MediSave
What it is: A top-up to MediSave accounts for those up to 20 years old
How much: $150
When it will be disbursed: February 2023, 2024 and 2025
For seniors
ST20211214-202194542095-Lim Yaohui-pixcovid15/ Elderly couple wearing face masks outside Tampines MRT station on Dec 14, 2021. Singapore is bracing itself for an Omicron wave by boosting hospital and testing capacities, so that the nation can ride the next Covid-19 surge even as reopening plans continue. While the country has not detected any community transmission of the Omicron variant yet, it is only a matter of time before this happens, said Trade and Industry Minister Gan Kim Yong at a press conference on Tuesday (Dec 14). (ST PHOTO: LIM YAOHUI)
ST PHOTO: LIM YAOHUI
1. Assurance Package – 2023 Cost-of-Living Seniors’ Bonus (new)
What it is: A one-off payout to defray cost-of-living expenses for Singaporeans aged 55 or older who earn less than $34,000 a year and do not own more than one property
How much: Between $200 and $300, depending on age and home value which should not exceed $21,000
When it will be disbursed: June 2023
2. Assurance Package – Seniors’ Bonus
What it is: Previously known as GSTV – Cash (Seniors’ Bonus), to be paid to eligible seniors aged 55 or older who have an annual income of $34,000 or less and do not own more than one property
How much: Between $200 and $300 each year
When it will be disbursed: February 2023, 2024 and 2025
3. Assurance Package – MediSave
What it is: An annual top-up to MediSave accounts for those aged 55 or older
How much: $150 each year
When it will be disbursed: February 2023, 2024 and 2025
4. GSTV – MediSave
What it is: An annual top-up to help eligible senior Singaporeans aged 65 or older who have a residential address tied to a property where the annual value is $21,000 or less and who do not own more than one property
How much: Between $150 and $450
When it will be disbursed: August each year
