GSTV – Cash (Seniors’ Bonus)
GSTV – Cash (Seniors’ Bonus)
Lower-income senior Singapore citizens will receive cash payments of $600 to $900 through the GSTV – Cash (Seniors’ Bonus). The payment will be disbursed over three years, from 2023 to 2025.| Property Ownership | Owns 0 to 1 property | ||||
|---|---|---|---|---|---|
| Assessable Income (AI) | AI≤$34,000 | Annual Value (AV) of home | AV≤$13,000 | $13,000 <AV≤$21,000 | |
| Payment Period | Age of Singaporean in Disbursement Year | 55 to 64 years | 65 years and above | 55 to 64 years | 65 years and above |
| Feb 2023 | 2023 | $250 | $300 | $200 | |
| Feb 2024 | 2024 | $250 | $300 | $200 | |
| Feb 2025 | 2025 | $250 | $300 | $200 | |
| Total | $750 | $900 | $600 | ||
1. To receive the GSTV – Cash (Seniors’ Bonus), you must fulfil the following criteria:
i. You must be a Singapore citizen residing in Singapore;
ii. You must be aged 55 and above in the disbursement year;
iii. Your Income Earned in (Disbursement Year – 2) as assessed by IRAS (Assessable Income (AI) for the Year of Assessment (YA) of Disbursement Year – 1) must not exceed $34,000[1];
iv. The Annual Value (AV) of your home (as indicated on your NRIC) as at 31 July of the year preceding the Disbursement Year must not exceed $21,000; and
v. You must not own more than one property
[1] For example, for the first disbursement in 2023, Income Earned in 2021 as assessed by IRAS (YA 2022) must not exceed $34,000.
You may login to the e-services to view your eligibility for the 2023 GSTV – Cash (Seniors’ Bonus).
Common terms related to the GSTV – Cash (Seniors’ Bonus) eligibility criteria
| Term(s) | Description |
|---|---|
| Assessable Income (AI) | Your AI includes all forms of income from trade, business,
profession or vocation, employment, as well as rental income that
is taxable. Your AI can be found on your tax bill (or Notice of Assessment) that you receive from IRAS each year if you are required to pay taxes. You may visit iras.gov.sg [log in to myTax Portal using your Singpass > Notices/Letters > Individual, select Year of Assessment] to view your Notice of Assessment. |
| Annual Value (AV) | The AV is the estimated gross annual rent of the property if it were to be rented out. It is used to calculate the property tax of your
home. The AV can be found on the property tax bill that the
property owner receives from IRAS each year. To find out your exact AV, you may refer to your property tax bill at iras.gov.sg [log in to myTax Portal using your Singpass > Notices/Letters > Property, select the property address] to check the AV of your residence. |
| Singapore Citizen | Those who hold foreign citizenship will not be eligible for the GSTV – Cash (Seniors’ Bonus), regardless of whether they simultaneously hold Singapore citizenship. Please approach the Immigration and Checkpoints Authority (ICA) on issues relating to your citizenship. |