The government of Singapore has affirmed payment of S$600 as Cost of Living (COL) Special Fund for eligible citizens this week. This payout is to address the inflation build-up and living expenses needs. Nevertheless, rules on eligibility have been changed; thus, many who encountered difficulties in the past and managed to qualify will now not receive the payment.
Who Will Receive the S$600 COL Payment?
This is part of Singapore’s Cost of Living Support Package announced in April 2024. The government proposed revised criteria for 2025, targeting the lower- and median-income earners of Singapore.
So to be eligible one must:
- have been a Singaporean citizen as at 1 January 2025 and be aged 21 years and above;
- have an assessable income of S$100,000 or less for the previous year of assessment;
- should not be owning more than one residential property.
Who Will Receive the S$600 COL Payment?
The S$600 payment will be credited directly to the accounts of eligible recipients through e-payment methods PayNow-NRIC or GIRO-linked accounts. As with PayNow-NRIC or GIRO setup, recipients without either option will receive cheques directly through the post that will take a much greater length of time.
When Will the Payment Be Made?
The government has refocused the eligibility rules to concentrate on the individuals who are suffering the most due to the escalating cost of living. This means that the better-established members of society must look elsewhere for relief.
Why Has Eligibility Changed?
In addition to the S$600 payment, there is this offered by the government:
- Extra U-Save Rebates for households currently discriminated against.
- Rebates on Service and Conservancy Charges (S&CC) to relieve tenants.
- Public transport vouchers that can assist those affected by fare hikes.
How to Check Your Eligibility
Via SMS or official correspondence, all qualified receivers will be informed by the government regarding payment. Furthermore, the applicants may visit the official government website or the MyInfo portal to inquire about the eligibility.
Conclusion
This payment of S$600 for the cost of living is a great help for people in Singapore living under the increasingly severe global environment. Singaporeans who are unsure if they qualify are invited to first look at the criteria in order to update their banking-record compromises, thus getting the payment sooner.