Government Raises Annual Value Thresholds for Social Support Schemes from January 2024

1.   Various government social support schemes provide higher benefits to individuals or households with lower means. Alongside criteria such as income, the Annual Value (AV) of an individual’s or household’s residential property may be used as an indicator of means. These social support schemes include the GST Voucher scheme, MediShield Life premium subsidies, and the Workfare Income Supplement scheme.  

2.   Social support schemes currently provide benefits based on two AV tiers: (i) Up to $13,000; and (ii) More than $13,000 and up to $21,000. Individuals living in properties with lower AVs receive more support. 

3.   In view of the general rise in market rents for residential properties since 2022, the AVs of most residential properties were increased on 1 January 2023 and will be further increased from 1 January 2024. 

4.   To ensure that Singaporeans with greater needs continue to receive support, the Government will increase the AV thresholds used across social support schemes with effect from 1 January 2024. The changes are as follows:

5.   The revised AV threshold of $21,000 will cover all HDB flats; while the AV threshold of $25,000 will cover about 75% of residential properties, including some lower-value private properties. 

6.   Individual or household eligibility for social support schemes in a given year is determined by the preceding year’s AV. For 2024 benefits, the household’s 2023 AV will be used to determine if it is eligible for the first or second tier of benefits. Please refer to Annex for an illustration on the use of AV in determining eligibility for social support schemes.

7.   The Government will continue to review our social support schemes, including their eligibility criteria, to ensure that Singaporeans with greater needs receive support.

Issued by:

Ministry of Finance
Singapore
30 November 2023