With the rising cost of living, the Singaporean government has announced a one-time Cost-of-Living (COL) Special Payment of up to S$600 to assist low- and middle-income citizens. The payout will be credited in December 2025 to eligible individuals, offering financial relief to 2.9 million Singaporeans.
Understanding who qualifies, how much you will receive, and when you can expect the funds ensures you maximize your benefits.
How Much Will You Receive from the COL Special Payment?
The payout amount varies based on your income level and property ownership.
| Assessable Income (AI) | Payout Amount (S$) |
|---|---|
| Up to S$22,000 | S$600 |
| S$22,000 – S$34,000 | S$400 |
| S$34,000 – S$100,000 | S$200 |
| Above S$100,000 | Not eligible |
The lower your income, the higher your payout, ensuring financial aid reaches those who need it most.
Who Is Eligible for the COL Special Payment?
To qualify for the COL payout, you must meet these three key requirements:
1. Age Requirement
- You must be 21 years or older by 2025.
2. Assessable Income (AI) Criteria
- Your Assessable Income (AI) is your total pre-tax earnings as reported to the Inland Revenue Authority of Singapore (IRAS).
- Your AI for the Year of Assessment (YA) 2024 (reflecting income earned in 2023) will determine your payout eligibility.
3. Property Ownership Condition
- You must not own more than one property.
- This ensures financial assistance targets citizens with fewer assets.
How Can You Check Your COL Payout Eligibility?
To confirm if you qualify, follow these simple steps:
Step 1: Check Your Income
- Log in to IRAS myTax Portal to view your Assessable Income (YA 2024).
- Ensure your income falls within an eligible bracket for the payout.
Step 2: Verify Your Property Ownership
- Check your property records on the Singapore Land Authority (SLA) website.
- If you own only one property or none, you remain eligible.
Step 3: Confirm Your Bank Details
- If your bank account is registered with the government, payments will be credited directly.
- If not, you will receive a cheque by mail.
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When & How Will the Cost-of-Living Payment Be Disbursed?
The COL payout will be credited in December 2025 using two payment methods:
| Payment Method | Details |
|---|---|
| Direct Bank Transfer | If your bank details are registered with the government, the payout will be automatically deposited. |
| Cheque Payment | If you haven’t registered a bank account, a cheque will be mailed to your official address. |
Tip: Ensure your bank details are updated with the Singapore Government’s MyInfo portal to receive the funds faster.
What Additional Government Support Is Available?
Apart from the Cost-of-Living Special Payment, the Singaporean government has implemented other financial assistance programs:
1. Assurance Package (AP) MediSave Top-Up
Who qualifies?
- Singaporeans aged 20 and below or 55 and above.
What do you receive?
- An annual MediSave top-up of S$150 from 2023 to 2025 (totaling S$450).
Purpose:
- To assist with healthcare costs for seniors and young citizens.
2. AP Seniors’ Bonus
Who qualifies?
- Lower-income senior citizens aged 55 and above.
What do you receive?
- A cash bonus ranging from S$200 to S$300.
When will it be paid?
- February 2025.
Purpose:
- To provide extra financial assistance to seniors.
How Can You Maximize Your COL Payment Benefits?
To make the most of your COL Special Payment, consider the following financial strategies:
1. Pay Off High-Interest Debts
- Use the payout to reduce outstanding credit card balances or loan repayments.
- Lower debt means less interest and higher savings over time.
2. Boost Your Savings Account
- Deposit the payout into a high-interest savings account for future emergencies.
- Helps create financial stability for unexpected expenses.
3. Reduce Household Expenses
- Allocate the payout toward utility bills, groceries, or transportation.
- Helps ease daily financial burdens while maintaining essential spending.
Common Mistakes to Avoid When Claiming Your COL Payout
1. Not Updating Bank Details
- If your bank account information is outdated, the payout may be delayed.
- Update your details via MyInfo to receive automatic deposits.
2. Assuming You’ll Receive the Full Amount
- Your payout depends on income eligibility.
- Check your Assessable Income before assuming your final amount.
3. Overlooking Property Ownership Rules
- If you own multiple properties, you are not eligible.
- Verify your property records before expecting the payout.
What Is the Future of Cost-of-Living Assistance in Singapore?
The government is considering additional financial aid measures, including:
- Further one-time payouts to help offset rising inflation.
- Additional MediSave top-ups to assist healthcare affordability.
- Enhanced tax relief measures for low- and middle-income households.
FAQs
Who qualifies for the COL Special Payment?
Singaporean citizens aged 21+ with an Assessable Income below S$100,000 and owning no more than one property.
How can I check my COL payout status?
Visit IRAS myTax Portal or check GovBenefits for your eligibility and payment details.
Will the COL payout be automatically credited?
Yes, if your bank account is registered. If not, a cheque will be mailed.
What happens if I don’t receive my payment?
You can contact the Singapore Government’s support center to verify your eligibility and payment status.
Can I receive both the COL payout and MediSave top-up?
Yes, eligible citizens can receive both financial benefits.
Are permanent residents (PRs) eligible?
No, the COL payout is strictly for Singaporean citizens.
Where can I find official updates on the payout?
Visit the Singapore Government Press Release website for the latest information.
Click here to know more.
Aanchal is a passionate writer with a keen interest in storytelling, content creation, and creative expression. She enjoys exploring diverse topics and crafting engaging narratives that captivate readers.
