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Some 1.5 million Singaporeans will receive up to S$700 in cash in August 2022 via two payments to help them cope with inflation.

Eligible Singaporeans will receive two payments via the GSTV - Cash, and the other through the GSTV - Cash Special Payment, which are part of the S$1.5 billion package announced by Deputy Prime Minister Lawrence Wong in June 2022.

The government's Goods and Services Tax Voucher (GSTV) scheme is being expanded upon with the additional GSTV - Cash Special Payment.

Other transfers

About 575,000 Singaporeans aged 65 and above will also have up to S$450 credited into their CPF MediSave Account in August, as part of the GSTV scheme.

Those born on or before Dec. 31, 1969, and not already receiving Pioneer or Merdeka Generation benefits will also have S$100 credited into their MediSave accounts by the end of next month.

The Ministry of Finance (MOF) said on July 12 the payments are part of the government's continuing support for those from lower-income backgrounds, as well as the elderly, to help defray their GST expenses and costs of living.

Can withdraw money from OCBC ATMs

Eligible recipients of the GSTV – Cash and GSTV – Cash Special Payment will automatically receive the payment if they have signed up for government disbursement schemes previously.

Those who have not previously signed up for the GSTV scheme can do so at the GSTV official website, before April 30, 2023.

GovCash will replace cheques as the mode of payment from this year for Singaporeans who have not provided their bank accounts or linked their NRICs to PayNow.

Those on GovCash can withdraw their GSTV – Cash and GSTV – Cash Special Payment at OCBC ATMs islandwide by entering their NRIC and payment reference number that will be sent to them at the end of August.

They do not require an OCBC bank account to withdraw the payment at the ATMs.

"GovCash recipients can also use the LifeSG app to make payment to merchants by scanning their PayNow or NETS QR code, or transfer payments to their bank accounts via PayNow if they subsequently register for PayNow-NRIC," it added.

More government transfers

Singaporeans would have received CDC Vouchers, two tranches of U-Save and S&CC rebates and top-ups to their Edusave account or Post-Secondary Education Account (PSEA) earlier in 2022.

"They can expect further support in the form of cash payouts, utilities credits, top-ups to Child Development Account (CDA), and another two tranches of U-Save and S&CC rebates in the coming months," MOF said.

Top photo via Unsplash