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The Ministry of Finance (MOF) announced in a Jul. 4, 2023 press release that 1.5 million Singaporeans will be receiving up to a total of S$700 in cash from the GST Voucher scheme in Aug. 2023.
S$1.2 billion package
Additionally, 624,000 Singaporeans aged 65 and above in 2023 will receive a top-up to S$450 in their CPF MediSave Accounts.
Singaporeans born on or before Dec. 31, 1969, who do not receive the Pioneer Generation or Merdeka Generation benefits, will receive a S$100 top-up to their CPF MediSave Account in end-Aug. 2023.
This is part of the 5-year annual MediSave Top-up announced at Budget 2019 and is in its fifth year.
MOF said a total of S$1.2 billion – consisting of cash and MediSave top-ups – will be disbursed to some 1.5 million Singaporeans.
How to check how much you're getting
Singaporeans who have signed up for government disbursement schemes previously and are eligible for the GSTV scheme can check how much GSTV – Cash and MediSave they are getting at the GSTV official website by logging in with their Singpass.
How to sign up
Singaporeans who have not signed up can sign up for the GSTV scheme at the GSTV official website.
Those who have not signed up previously will be notified by end-August 2023 via the Singpass app, SMS, or hardcopy letters sent to their NRIC address if they do not have the Singpass app or a Singpass-registered mobile number.
MOF said Singaporeans should sign up by Jul. 10, 2023 to receive their payment in Aug. 2023.
Those who sign up between Jul. 11 and August will receive their payment in September 2023.
Those who sign up after September will receive their payments by the end of the following month.
The last day to sign up for the 2023 GSTV scheme is Apr. 30, 2024.
Where and when will you receive the money
Eligible recipients of the GSTV – Cash will automatically receive the payment via the PayNow linked to their NRIC, which is the default payment mode.
PayNow
MOF said Singaporeans with accounts with the 10 participating banks in Singapore are encouraged to register for PayNow-NRIC by Jul. 21, 2023 so that they can receive their 2023 GSTV as early as Aug. 1, 2023.
Direct bank crediting
Those without PayNow-NRIC linked bank accounts should update their bank account information (with DBS/POSB, OCBC or UOB only) at the GSTV official website by Jul. 30, 2023 to receive their GSTV – Cash payment via direct bank crediting from Aug. 11, 2023 onwards.
GovCash
Finally, those who have not provided their bank accounts or linked their NRICs to PayNow will receive their GSTV – Cash payment via GovCash.
Singaporeans on GovCash can withdraw their GSTV – Cash at OCBC ATMs islandwide by entering the Payment Reference Number (PRN), their NRIC, and after passing the facial verification.
The PRN will be sent to them from Aug. 21, 2023. They do not require an OCBC bank account to withdraw the payment at the OCBC ATMs.
Alternatively, GovCash recipients can use the LifeSG app to make payments 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.
Notified in August 2023
MOF said eligible recipients will be notified via Singpass or SMS in August 2023, after their GSTV – Cash and/ or GSTV – MediSave has/ have been credited.
Those who have downloaded and completed their one-time setup on the Singpass app will receive GSTV notifications in their app inbox.
Those who have not downloaded nor completed their one-time setup on the Singpass app but have registered their mobile numbers with Singpass will receive SMS notifications.
Beware of scams
To guard against scams, the SMS notification (sent by “GSTV”) will only inform Singaporeans of their benefits.
They will not be asked to reply to the SMS, click any links, or provide any information to the sender.
No messages on GSTV will be sent via WhatsApp or other mobile app messaging platforms.
Singaporeans are encouraged to download the Singpass app developed by the Government Technology Agency from the official app stores to receive secured notifications from the government.
Top image from Canva