Did you see the news? There was another CDC vouchers valued at $300 will be disbursed to Singaporean households in June 2024. Yay!

Was that a pleasant surprise for you? What may surprise you even more is that we have been anticipating the June 2024 CDC voucher round for months. In fact, many government payouts and benefits are scheduled for 2024!

During the Budget statement 2024Deputy 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 boosting economic growth and creating jobs.

He said: “The enhanced support packages will provide short-term relief to Singapore’s households and businesses. They are necessary at a time when inflation is easing but remains high.”

The government is doubling down on existing support schemes like the GST voucher, insurance package and special cost of living payment to provide targeted assistance to low and middle income households. Think of it as a financial safety net to protect us from being overwhelmed by the drops of inflation.

What benefits can we expect for 2024? Let’s get straight to the point. How much money will be transferred to our bank account and when?

Government payouts 2024: What can we expect for the rest of the year?

For more information and to check your eligibility, click here. Website It does this automatically for you and also informs you when you will be paid.

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What has been paid out so far?

In January 2024Every household in Singapore received $500 in CDC Vouchers. This was increased by another $300 in June 2024. CDC vouchers can be used to purchase goods and services from participating street vendors and heartland merchants, as well as participating supermarkets. If you haven’t already, you better do so. Redeem your CDC vouchers here! You must apply for and spend them by the end of the year.

More good news to come. We can look forward to additional CDC vouchers worth $300 in January 2025!

There is also the usual quarterly U-Save and S&CC discounts to cover our utilities and property maintenance. These are part of the permanent GST voucher scheme, which has been extended again this year. Eligible households will receive them this year for the months of January, April, July and October, totalling $950 per year.

In addition, COL U-Save special payment (April, July, October) and the Insurance package (AP) U-Save (formerly known as Additional GSTV – U-Save Rebates) credited in January, making the total U-Save Rebates in 2024 double the regular GSTV – U-Save Rebates received by eligible households in the same year.

U-Save Discounts 2024 (GSTV, AP, COL)

S&CC Discounts 2024

In February 2024Eligible low-income seniors from Singapore received the first of the Cash payouts of $200 to $300 under the Assurance Package (AP) Senior BonusPreviously known as GSTV – Cash (Senior Bonus). This AP Senior Bonus will be paid again in February 2025.

Assurance Package (AP) Senior Bonus

You can check the annual value of your property on IRAS myTax Portal by logging in with your SingPass.

February In addition, eligible Singaporeans aged 20 and under and those aged 55 and above received US$150 in Insurance package (AP) MediSave Payments. The next payment will be made in February 2025, up to a total of $450 from 2023 to 2025.

At a glance

Getting Settled: Understanding GSTV, Assurance Package, COL and More

There are a few different umbrella terms for the announced categories of government payouts, so here’s a quick overview of the terms before we move on.

GSTV Voucher System (GSTV)

The GSTV is a permanently Scheme was introduced in Budget 2012 and is designed to help low- and middle-income Singaporean households with their expenses, particularly the GST they pay.

In Budget 2024, the Government announced a further $6 billion increase in the GST Voucher Fund to continue to support these families and help them cope with short-term cost of living pressures due to still high, albeit easing, inflation.

The GSTV consists of four components:

1. Cash (immediate need)

2. MediSave (for the medical needs of seniors)

3. U-Save (to offset additional costs)

4. Service and Maintenance Fees (S&CC) Rebate (offsets the monthly fees paid by households for the maintenance and upkeep of their common property in the HDB precinct)

Assurance Package (AP)

To cushion the impact of the planned GST increase for all Singaporeans, an AP of US$6 million was announced in Budget 2020.

This year, the government added a another 1.9 billion US dollars According to AP, the total is a staggering $11.5 billion, ensuring that the majority of households receive fair compensation for their GST spending amid ongoing cost-of-living pressures.

These are the main components of the Assurance package:

1. Cash payments for all adult Singaporeans

2. Additional GST voucher (U-Save)

3. MediSave top-ups for children and seniors

4. Special payment for living expenses (COL)

5. Community Development Council (CDC) vouchers for Singapore households

Cost of Living Allowance (COL)

Now, in the 2024 budget, the government is stepping up its efforts. As part of the Extended Assurance PackageEligible adult Singaporeans aged 21 and above in 2024 will receive a one-off special payment of between $200 and $400 in September 2024. The amount you receive will depend on your income and property holdings.

Community Development Council (CDC) vouchers

The CDC vouchers are back for not one, but two more rounds! The Government is extending this initiative to continue to provide support to Singaporean households in managing their daily expenses.

Every Singaporean household will also receive CDC vouchers valued at $600. The The first $300 will be paid out at the end of June 2024. and the remaining $300 in January 2025Each voucher tranche will be divided equally between spending at participating retailers/street vendors and supermarkets.

The CDC vouchers come approximately 1.4 million Singaporean households. Remember to claim and use your vouchers before they expire – the vouchers at the end of June 2024 will valid until the end of December 2024while the January 2025 batch on End of December 2025.

In short: Singapore is at your side in 2024

Although we have only just entered 2024, the road ahead may be uncertain. Fortunately, one thing is certain – Singapore’s reliable government is ready to help families fight inflation and GST hikes.

With more cash in hand, these support measures will help Singaporeans to overcome the challenges ahead. Instead of spending a lot of money on new gadgets, we recommend you save or reinvest the leftover money for greater gains in the long run.

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