SINGAPORE: More than 1.5 million Singaporeans will receive up to S$850 (US$670) in cash payouts as part of the Goods and Services Tax Voucher (GSTV) scheme next month, the Ministry of Finance said on Monday (Jul 7).

The assessable income threshold for GSTV – Cash payouts will also be raised from S$34,000 to S$39,000 "as the incomes of lower- and middle-income Singaporeans have improved", MOF said in a media release.

This will "maintain the coverage of the scheme", the ministry added.

Adult Singaporeans with assessable incomes of up to S$39,000 and living in homes with annual values of up to S$21,000 will receive S$850, while those whose homes have annual values of between S$21,000 and S$31,000 will receive S$450.

At the same time, about 690,000 eligible Singaporean seniors will also receive between S$150 and S$450 in MediSave top-ups as part of GSTV – MediSave.

Singaporeans can check their eligibility for the payouts on the govbenefits website.

Eligible recipients will automatically receive their payments from Aug 6 if they have signed up for GSTV – Cash and GSTV – MediSave previously. They will be notified via SMS or a letter when their benefits have been credited.

A total of S$1.5 billion will be disbursed in this GSTV exercise, MOF said.