Singaporeans are set to receive a fresh round of financial support from the government, with cash payouts ranging from $400 to $850 under a new initiative. This comes as part of ongoing efforts to help citizens cope with inflation and rising living costs.
Who Is Eligible for the Payout?
To qualify for this payout, you must be a Singapore citizen aged 21 and above in 2024. Your assessable income should be $100,000 or below in the latest tax year, and you must own no more than one property. The payout amount will vary depending on your income level and housing status.
How Much Will You Receive?
The payout is determined based on your income and property ownership. Singaporeans with an assessable income of $34,000 and below will receive $850 if they own one or no properties. Those with an income between $34,001 and $100,000 will receive $400. Individuals who own more than one property will not qualify for this payout.
When and How Will You Receive the Money?
The payout will be credited directly to your PayNow-linked bank account. If you do not have PayNow, the payment will be made via GovCash. Payments are expected to be disbursed in mid-2024.
How to Check Your Eligibility?
You can check your eligibility and the payout amount by logging into the Gov.sg portal using your Singpass.
Why Is the Government Giving This Payout?
This financial support is part of the Budget 2024 measures aimed at helping lower- and middle-income Singaporeans manage inflation. It is also intended to provide additional relief amid rising living costs and support those who need it most.
Final Thoughts
If you meet the eligibility criteria, this is free financial support from the government. Check your eligibility, update your PayNow details, and ensure you receive the payout smoothly when it is disbursed.