2.9 Million Singaporeans to Get $600 Cost-of‑Living Payment – See If You Qualify & When It Arrives

2.9 Million Singaporeans to Receive $600 Cost-of-Living Payout: By announcing that close to 2.9 million Singaporeans would receive cash payouts from S$200 to S$600, Singapore has taken a leap towards addressing increased living costs in the country.

This is part of the dimensions under the improved Assurance Package (AP) announced during Budget 2024 and is aimed at providing immediate cash transfers to households whose income is likely to be lower or middle-income to help mitigate the impact of inflation and an increase in the Goods and Services Tax (GST). The upping of the payouts, together with MediSave top-ups and CPF Retirement Savings Bonuses, underscores the long-term commitment of this government for citizens to cope with the pressures of cost of living.

Demonstrating the continued commitment by the Singapore government toward assisting its citizens in the management of escalated costs and financial uncertainties, the Assurance Package 2024 alludes to the government’s promise of a significant payout for the cost of living coupled with a MediSave top-up and CPF bonus to form a more inclusive and resilient society. Early verification of eligibility, updating of PayNow details, smart usage of the payout is expected to club in maximizing the impact to improve one’s finances.

Why Was the Assurance Package Introduced?

Earmarked for the future Goods and Services Tax increment, mention of the Assurance Package first appeared in 2020. Citizens were expected to be saved from the effect of the hike that is to increase by stages from 7% to 9%.

However, the difficult circumstances arising from global inflation and high prices of essential items led the government to further enhance the package during Budget 2024 with an extra $1.9 billion.

The Assurance Package thus has a total commitment of over S$10 billion supporting Singaporeans at different stages of life.

Who’s Eligible?

To qualify for the Cost-of-Living Payout in December 2024, you must be:

A Singapore citizen 21 years or older in 2025 Have an Assessable Income (for YA2023) of S$100,000 or less Own no more than one property Assessable Income refers to total taxable income after deduction and tax reliefs. It includes salary, rental income, and other taxable earnings.

How Much Will You Get?

The amount of cash payout that will be given to you is dependent on two factors: the amount of your income and how many properties you own.

Important: Any person who has more than one property will get the minimum payout of $200 regardless of his or her income.

Mode of Payment & Timeline

Payments will be made from December 2024, based on your selected mode:

• Pay Now-NRIC: This option allows you to receive your payment from December 5, 2024, provided that you link your NRIC to PayNow by November 23, 2024.
• Bank GIRO: If you have sent your bank details for verification at govbenefits.gov.sg by November 27, 2024, you may expect to receive your payment by December 16, 2024.
• GovCash: All those who do not have their NRIC linked to PayNow or a bank account will receive their payout via GovCash from December 24, 2024. This can be withdrawn at OCBC ATMs using an NRIC and a Payment Reference Number.

Tip: Link your NRIC to PayNow early for faster, more secure payouts.

Additional Finances and Support

MediSave Top-Ups

Eligible Singapore citizens will get a one-time MediSave top-up of:

• S$300 to S$500 for those born between 1974 and 2003.
• S$1,250 to S$2,000 for those born in 1973 and before, under the Majulah Package.

Funds will be credited into CPF MediSave accounts from December 18, 2024.

Retirement Savings Bonus

Singaporeans born in 1973 or earlier who meet CPF savings conditions will receive:

A top-up of either S$1,000 or S$1,500 directly into their CPF Retirement Account.
The objective of these bonuses is to increase retirement adequacy so that greater peace of mind is afforded in their later years.

Preparation for the Use of the $600 Cost-of-Living Payout

• Check now that your PayNow-NRIC linkage is correctly set with your bank.
• Have your CPF account details checked, especially those expecting MediSave or CPF top-ups.
• Keep track of all notifications made by Singpass, both via mobile and postal addresses.
• Establish financial plans on how to use these payouts — debt repayment, emergency savings, or medical insurance.

Common Errors to Avoid

• Do not miss the registration deadline for PayNow (November 23, 2024).
• Do not ignore official notifications, as they may affect the payout.
• Beware of scams. An official SMS will never ask for your password or bank details or ask you to click on any link.

Impact on Different Groups

• Young adults may use their payout to relieve student loans, rental payments, or savings.
• Families may spend on childcare, groceries, and utility bills.
• Retirees will much appreciate the benefits under the MediSave and CPF Retirement Savings program, enabling them to gain better health access and financial security.

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