With the GST increase, what is being done to help Singaporeans cushion the impact of premium increase?
The Government has announced the enhanced Assurance Package for GST to cushion the impact of the planned GST increase for at least 5 years for most Singaporean households. This includes MediSave top-up of $150 each year from 2023 to 2025, for Singaporeans aged 20 years and below, or 55 years old and above, which may be used to offset the premium increase.
The Assurance Package for GST also includes cash payouts of $700 to $1,600 over five years, for all Singaporeans aged 21 years and above.
Older Singaporeans aged 65 and above, whose residential address is a property that does not exceed an Annual Value of $21,000 and who own only one property will also continue to receive an annual MediSave top-up of up to $450. This is beyond the transitional support covered by the Assurance Package.
