In a press release on July 4, 2023, the Ministry of Finance (MOF) announced that around 1.5 million Singaporeans will be receiving up to S$700 in cash through the GST Voucher scheme in August 2023.
As part of a S$1.2 billion package, approximately 624,000 Singaporeans aged 65 and above in 2023 will receive a top-up of S$450 in their CPF MediSave Accounts. Singaporeans born on or before December 31, 1969, who do not receive Pioneer Generation or Merdeka Generation benefits, will receive a S$100 top-up to their CPF MediSave Account by the end of August 2023. This top-up is part of the 5-year annual MediSave Top-up program announced in Budget 2019, now in its fifth year.
MOF stated that a total of S$1.2 billion, consisting of cash and MediSave top-ups, will be disbursed to approximately 1.5 million eligible Singaporeans.
To check the amount they are eligible to receive, Singaporeans who have previously signed up for government disbursement schemes and are eligible for the GSTV scheme can log in with their Singpass on the official GSTV website here.
For those who have not signed up, registration for the GSTV scheme can be done on the GSTV official website. Individuals who haven’t signed up previously will receive notification by the end of August 2023 through 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).
To ensure receipt of payment in August 2023, MOF advised Singaporeans to sign up by July 10, 2023. Those who sign up between July 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 final day to sign up for the 2023 GSTV scheme is April 30, 2024.
Regarding the disbursement of funds, eligible recipients of the GSTV – Cash will automatically receive the payment via PayNow linked to their NRIC, which is the default payment mode. Singaporeans with accounts at the 10 participating banks in Singapore are encouraged to register for PayNow-NRIC by July 21, 2023, to receive their 2023 GSTV as early as August 1, 2023.
For individuals without PayNow-NRIC linked bank accounts, they should update their bank account information (with DBS/POSB, OCBC, or UOB only) on the GSTV official website by July 30, 2023, to receive their GSTV – Cash payment via direct bank crediting starting from August 11, 2023.
Recipients who have not provided their bank accounts or linked their NRICs to PayNow will receive their GSTV – Cash payment via GovCash. Individuals using GovCash can withdraw their GSTV – Cash at OCBC ATMs islandwide by entering the Payment Reference Number (PRN), their NRIC, and completing facial verification. The PRN will be sent to them from August 21, 2023. No OCBC bank account is required for withdrawal at the OCBC ATMs.
Alternatively, GovCash recipients can use the LifeSG app to make payments to merchants by scanning PayNow or NETS QR codes or transfer payments to their bank accounts via PayNow if they subsequently register for PayNow-NRIC.
Eligible recipients will be notified in August 2023 through Singpass or SMS after their GSTV – Cash and/or GSTV – MediSave has/have been credited.