The Singaporean government introduced the Cost-of-Living (COL) Special Payment as part of the enhanced Assurance Package at Budget 2024. This initiative aims to help Singaporean citizens cope with rising living expenses.
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Singapore COL Payout 2024
In response to rising inflation and cost-of-living concerns, the Singapore government has announced a series of payouts and assistance measures to help Singaporeans cope with the increased expenses.
Eligible Singaporeans aged 21 and above in 2024 who reside in Singapore, own no more than one property, and have an Assessable Income of up to $100,000 will receive a one-off cash payment of between $200 and $400 in September 2024.
All Singaporeans aged 21 years and older will receive additional cash payouts of up to $650 over the remaining years of the Assurance Package, in December every year.
- GST Voucher 2024
- Singapore CDC Voucher June 2024
Singapore COL Payout 2024 Eligibility Criteria
The Singapore COL Special Payment targets specific Singaporean citizens. It includes:
- You must be a Singaporean citizen.
- You must be aged 21 and above in 2024.
- Income: Your Assessable Income (AI) for the Year of Assessment (YA) 2023 must not exceed S$100,000.
- Your AI is your total income after deducting allowable expenses and approved donations. You can find this information on your IRAS Notice of Assessment (NOA).
- Property Ownership: You must not own more than one property. This includes private properties (landed houses or apartments) and Housing Development Board (HDB) flats.
- The exact amount you receive depends on your specific income within the S$100,000 limit.
- The government will assess your eligibility based on information filed with the Inland Revenue Authority of Singapore (IRAS).
- There is no application required.
Singapore COL Payout 2024 Amount
The Singapore COL Special Payment amount varies depending on your income and property ownership.
Eligibility Category | Estimated Payout Range |
Citizens with Lower Income & No More Than One Property | S$400 – S$300 |
Citizens with Mid-Tier Income & No More Than One Property | S$300 – S$200 |
- The exact amount you receive depends on your individual income within the S$100,000 limit.
- Citizens who own more than one property are not eligible for the COL Special Payment.
- The government will determine your specific payout amount based on the information filed with the Inland Revenue Authority of Singapore (IRAS).
- The COL Special Payment is a one-time disbursement in September 2024.
- The payment will be deposited directly into your bank account linked to Singpass or via GovCash (if you don’t have a bank account).
Factors affecting Singapore COL Payout 2024
There are two main factors affecting the amount you receive from the Singapore COL Payout 2024:
Assessable Income (AI) for Year of Assessment (YA) 2023:
- This is the primary factor determining your payout amount.
- The higher your AI, the lower the payout you will receive.
- There are no publicly available income tiers that define specific payout ranges.
- The government uses a system where your income within the S$100,000 limit determines your payout amount within the established ranges (S$400-S$300 or S$300-S$200).
Property Ownership:
- This is a binary factor.
- If you own no more than one property (including HDB flats and private properties), you are eligible for the COL payout.
- If you own more than one property, you are not eligible for the payout regardless of your income.
- The government will assess your eligibility based on the information you filed with the Inland Revenue Authority of Singapore (IRAS).
Singapore COL Payout 2024 Payment Methods
The Singapore COL Special Payment will be disbursed through two main methods in September 2024:
Direct Bank Deposit via Singpass:
- This is the preferred method.
- If you have a bank account linked to your Singpass, the COL payout will be deposited directly into your account.
- Ensure your Singpass details and bank account information are up-to-date with the government for a smooth transfer.
GovCash:
- This method is for those who don’t have a bank account linked to Singpass.
- GovCash is a stored value facility launched by the Singapore government.
- You can use GovCash to make payments at participating merchants or withdraw the funds at specific ATMs.
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