As a result of rising inflation and stunted growth in income, life in Singapore has become tougher over the years, especially for those in the lower-income strata. However, you have reasons to feel relieved because the government realises your predicaments.
To address these concerns, the government had launched the GST Voucher (GSTV) scheme back in 2012. This scheme mainly tries to alleviate the financial burden that low-income households face due to imposition of GST. The government offers grants in three forms – cash, Medisave Account top-ups, and U-save grant.
Here, we’re primarily going to focus on U-save benefits.
If you belong to one of the lower income households in Singapore, you’ll receive financial support from the government to meet your utility expenses. The U-Save payouts are made every three months. However, not everyone in the country receives this grant. The government has set the following criteria to determine whether you’re deserving of its support:
Every eligible household in Singapore can receive a maximum of 1 U-Save GST Voucher in a year, depending on the type of HDB flat owned.
If you’re eligible for this grant, you may not be required to sign up for it separately. As soon as you open a utility account for your HDB flat, money from this scheme will get credited to it.
The amount of money you can claim under the GSTV Scheme – U-Save, would depend on the type of HDB property owned by you. However, since it is paid every three months, your savings on utility could be substantial, if you manage your finances well. Here’s how much you can receive per quarter depending on your flat type:
|GSTV- U-Save Benefits||Type of HDB Property|
|1- and 2-room flats||3-room flat||4-room flat||5-room flat||Executive flats and multi-gen properties|
|Total payout from July 2018 to April 2019||S$390||S$350||S$310||S$270||S$230|
Note: Starting 2019 and going up to 2021, eligible households will receive an additional U-save benefit of S$20 per year.
The answer in one word is “no”. The government allows eligible households to rollover unused U-save monies into the future to offset expenses. It may, however, lapse if you terminate the utilities’ account for your household.
However, you won’t be able to encash unused monies on your GST - U-save voucher because the primary purpose of this programme is to help you offset your recurring utility expenses. Unused monies, for instance, can’t be used for discretionary spending.
Have you ever felt sorry because you had to turn down your child’s plea for an ice cream cone because you knew you still had your house rent or utility bills to settle? Did you ever feel stifled by your meagre income and constant failure at improving your living conditions?
GST Voucher – U-Save can help you deal with your financial responsibilities better and provide the people you care about with those little but invaluable pleasures of life!