Budgeting

GST Vouchers Are in This July: How Much Will You Get?

singapore money

MoneySmart

0 Comments

3
Shares

The GST vouchers (and other associated bonuses) are back. I love the government. I already bought a Maserati. “I think you’re overestimating the amount.” Nonsense, says here the government’s giving out $1.2 billion. “Yeah, divided among 1.57 million people.” Excuse me, I have a bankruptcy to file. And here’s the actual details:

You should be getting an SMS or letter about the GST vouchers (GSTV) by the first week of July. The GSTV provides three main benefits:

  • Cash and Senior’s Bonus
  • Medisave Top Up
  • U-Save and Service and Conservancy Charges Rebate

 

1. Cash and Special Payment

Cash payouts will arrive by 1 August 2017. Eligible Singaporeans will get up to $500 in GSTV cash, with $300 to be paid in August, and another $200 to be paid in November. This latter amount is similar to the one-off payment that was announced in last year’s Budget.

Find out how much you’re entitled to in your 2017 GST Voucher by logging into the GST Voucher website. You can also indicate which bank account you want to receive the money in. You have the option to receive it by cheque, but it’ll take 2 weeks longer to reach you.

 

2. Medisave Top Up

Okay, this is where it gets confusing. Try to keep up.

If you are 65 and above, you will get GSTV Medisave of up to $450.

Now, in addition to that, you may also be eligible for Pioneer Generation Medisave Top-Up up to an additional $800. The only catch is, you must be born in 1949 or earlier. For those of you that aren’t good in Math like me, that means only those who turn 68 and older in 2017 are eligible for this Pioneer Generation Medisave Top-Up. Yes, that means those of you aged 67 just missed it.

However, there’s no need to flip tables just yet.

All Singaporeans aged 58 and above – and who do not already get Pioneer Generation benefits – will get a Medisave top-up.

The amount of the top up is either $100 or $200 per year. This will be paid out annually, over the course of five years from 2014 to 2018.

The $200 top up is for Singaporeans who live in HDB flats, and do not own more than one property.

 

3. U-Save

The GSTV – U-Save is given out quarterly per household and directly offsets your flat’s utilities bill. At this year’s Budget, it was announced that the U-Save rebate would be increased by up to $120 for the coming year. But before you rejoice too much, this increased rebate is meant to offset the water price hike, which kicks in at the start of July.

How much you get depends on your HDB flat type:

HDB Flat Type July 2017 Oct 2017 Jan 2018 April 2018 Total
GSTV – U-Save
Rebates each year
1- and 2-Room $95 $95 $95 $95 $380
3-Room $85 $85 $85 $85 $340
4-Room $75 $75 $75 $75 $300
5-Room $65 $65 $65 $65 $260
Executive $55 $55 $55 $55 $220

Note: If you or your household members own more than one property, your household will not be eligible for the regular GST Voucher – U-Save.

How will you use the GSTV money? Comment and let us know!

Keep updated with all the news!

Tags: ,

MoneySmart

We help people maximise their money through the provision of powerful tools and awesome content, by empowering them to make smarter financial decisions.