Finance

Singapore Budget 2020 Payout – What You Need To Know

The Singapore Budget 2020 Payout was delivered by Heng Swee Keat. The country’s Finance Minister, at 3 pm on February 18th. And while it is some ways similar to the previous budget of 2019, there are some key differences that you need to be on the lookout for, especially if they apply to you in these times of global crisis and following uncertainty. The global pandemic regarding the COVID-19 virus is but one of the issues surrounding this budget because this is also under the sign of Singapore’s weakest economic growth from the past 12 years. However, keeping this and more in mind, the budget seems to address these particular challenges while at the same time keeping an eye out for long-term planning and continuous stability.

Singapore Budget 2020 Payout – What You Need To Know

This being said, it is noticeable that the government has prioritized the welfare of its citizens by increasing the Care and Support Package. Compared to previous years, the payout you can expect is considerably larger, which is good news for the people who will unfortunately truly need these extra finances to maintain a decent lifestyle. It is essential to know that this Care and support package comes on top of the money already given to Self-Help Groups, and the Community Development Councils, as announced by https://www.straitstimes.com/singapore/singapore-budget-2020-all-adult-singaporeans-to-get-one-off-cash-payout-ranging-from-100.

Different categories of Singapore budget 2020 payout

Read through and find out if you are eligible and what you can expect from this year’s budget, and when.

1. Care and Support

This involves a one-off cash payout to be made for all Singaporeans above 21 years of age.

These will also be made towards families with children and elderly citizens.

The amount will vary depending on income and is based on the following scheme:

  • $300 – those who earn between $0-$28.000
  • $200 – those who earn between $28.001-$100.000
  • $100 – those who earn $100.001 and above or those who have more than 1 property
  • +$100 – those who are parents

If you are eligible, you will be notified in August of 2020 and should expect to receive the money between the end of August and the month of September.

2. GTS Voucher – U Save

This aid is usually given to lower-to-middle income households to offset their utilities and other expenses. This year’s budget implies receiving double the usual amount, and simultaneously, families with five or more members are going to receive and extra U-Save rebate.
The rates will fluctuate between $480 and $1.000 depending on the household’s criteria. The payout is in four quarters (April, July, October, and January 2021). While the rebate will be directly credited in their utility account.

3. PAssion Card Top-Up

For those citizens aged 50years and above, the 2020 budget brings an additional $100 top-up on their PAssion card. Those aged 50-59 who do not have such a card, can apply for a complimentary one either online or through their nearest Community Centre from March 1st, 2020.
The amount will be available to those eligible from May 2020 onwards.

4. Grocery Voucher

Singaporeans who are 21 years of age and above, and live in a 1 or 2 room apartment (without owning an additional property). Will be eligible for Grocery Vouchers. These imply the sum of $100 for the year 2020 and 2021, and these can be spent in participating supermarkets. As of now. There is still no date for when these amounts will roll out, but they will be announced shortly.

5. Workfare Special Payment

The WSP dedicate to those lower-wage workers whose earnings fall in the bottom 20% of salaries; this means that all those citizens that were in the Workers Income Supplement for the year 2019. Will be eligible for WSP in the current year if they are 35years-old and above.
The amounts given out in cash with a minimum of $100 and a maximum of $720. These rates calculated on the bases of both age and income. The money can expect as of November 2020.

6. Service and Conservancy Charges Rebate

This fund aim at covering some of the costs associated with maintaining and upgrading estates. And as such, it varies across town councils. However, households in which a member owns a private property or has rented out. The entire apartment is not eligible for such rebates.

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Anees Saddique

I am fully ambitious and highly dedicated to digital marketing, in particular content creation, link building, and content marketing. With an ample of experience (around 6 years) helps businesses’ online presence to be more visible in search results as well as among the related audience. Join me on Twitter @built4kill2004

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