Over 1.5 million eligible adult Singaporeans who are aged 21 and above will receive up to $850 in cash as part of the Goods and Services Tax Voucher (GSTV) scheme in August, said the Ministry of Finance (MOF) on Monday (July 7).

In addition to the cash payouts, around 690,000 eligible seniors will benefit from MediSave top-ups of up to $450. Those who are eligible will also receive $150 to $450, depending on their age and Annual Value (AV) of their home.

These will be automatically credited to the eligible senior's CPF MediSave Accounts, with the amount determined by the recipient's age and AV of their home.

The government will also raise the Assessable Income (AI) threshold for GSTV — Cash payouts from $34,000 to $39,000 as "the incomes of lower- and middle-income Singaporeans have improved", said MOF. 

The ministry added that this will "maintain the coverage of the scheme".

Eligible Singaporeans can check their eligibility for the payouts on the govbenefits website by logging in with their Singpass.

According to MOF, a total of $1.5 billion will be disbursed this year through both the GSTV — Cash and GSTV — MediSave components. This is in addition to other forms of support that Singaporeans can expect in Financial Year 2025.

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eriko.lim@asiaone.com