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The "Cost of Living (COL) U-Save" initiative was introduced in Singapore's Budget 2023 as a temporary measure to help Singaporeans defray rising utilities expenses. It came as a complement to the GST Voucher - U Save in 2023.
U Save Rebate 2024
In the Budget 2024, the government issued the Assurance Package to help local households with retirement, public goods and services, education, healthcare, and housing.
Under the Assurance Package, a regular Singaporean citizen living in a HDB flat would have received four different payouts or rebates. Here's a summary list:
- CDC Vouchers: $300 in June 2024, $300 in January 2025
- Cost of Living (COL) Special Payment: $400 (YA2023 income up to $22k), $300 (income between $22k and $34k), $200 (between $34k and $100k)
- GST & COL U Save: $950 (1, 2 room), $850 (3 room), $750 (4 room), $650 (5 room), $550 (EC, 3-Gen)
- COL HDB S&CC Rebate: 4 months free (1, 2 room), 3 months (3, 4 room), 2.5 months (5 room), 2 months (EC, 3-Gen)
2024 COL Special Payment
You will receive $200, $300 or $400 in September 2024 from the Budget 2024's Cost of Living (COL) Special Payment if you live in Singapore, are aged 21 and above in 2024, don't own more than 1 property, and have an annual income between $22,000 and $100,000 (based on your 2022 actual income).
Here's a table summary of the Budget 2024 COL Special Payment based on annual income:
| Budget 2024 COL Special Payment | Up to $22k income | $22k to $34k income | $34k to $100k income |
|---|---|---|---|
| Payout in September 2024 | $400 | $300 | $200 |
*Annual income assessed based on Year of Assessment in 2023, aka your annual income in 2022. Information from MOF website
2024 COL U Save Rebate
All the different GST and COL U Save rebates are lumped together for easier calculation here. To be eligible for the GST U Save or COL U Save, you will need to be living in a HDB flat (and you cannot own more than one property).
Your COL U Save will be disbursed to you in 4 months: April 2024, July 2024, October 2024, January 2025.
| HDB Flat Types | 1, 2 Room | 3 Room | 4 Room | 5 Room | Executive, Multi-Gen | |
|---|---|---|---|---|---|---|
| April 2024 | GST Voucher | $95 | $85 | $75 | $65 | $55 |
| COL U Save | $95 | $85 | $75 | $65 | $55 | |
| July 2024 | GST Voucher | $95 | $85 | $75 | $65 | $55 |
| Assurance Package U Save | $95 | $85 | $75 | $65 | $55 | |
| COL U Save | $95 | $85 | $75 | $65 | $55 | |
| October 2024 | GST Voucher | $95 | $85 | $75 | $65 | $55 |
| COL U Save | $95 | $85 | $75 | $65 | $55 | |
| January 2025 | GST Voucher | $95 | $85 | $75 | $65 | $55 |
| Assurance Package U Save | $95 | $85 | $75 | $65 | $55 | |
| COL U Save | $95 | $85 | $75 | $65 | $55 | |
| Total: | $950 | $850 | $750 | $650 | $550 |
*Information from MOF Website
Punggol Waterway Park Bridge
Budget 2024 HDB S&CC Rebate
If you're living in a HDB flat, you will receive rebates for HDB's Service and Conservancy Charges (S&CC) monthly fees. The HDB S&CC goes to general maintenance of all HDB estates, such as cleaning, waste disposal, and HDB estates' staffing.
| HDB Flat Types | 1, 2 Room | 3, 4 Room | 5 Room | Executive, Multi-Gen |
|---|---|---|---|---|
| April 2024 | 1 month | 1 month | 0.5 month | 0.5 month |
| July 2024 | 1 month | 0.5 month | 0.5 month | 0.5 month |
| October 2024 | 1 month | 0.5 month | 0.5 month | 0.5 month |
| January 2025 | 1 month | 1 month | 1 month | 0.5 month |
| Total: | 4 months | 3 months | 2.5 months | 2 months |
Am I eligible for U Save 2024?
According to the official GST Voucher website, only "Singaporean households living in HDB flats are eligible for the GST Voucher (GSTV) – U-Save". Owners and occupiers in your household must not own more than one property.
If your HDB flat is rented, you must still have 1 Singaporean owner or occupier, or 1 Singaporean citizen tenant.
The GST U Save and COL U Save were included in the Budget 2024.
GST & COL U Save (Budget 2023)
Here's a breakdown of the "Cost of Living U-Save" initiative in the Budget 2023:
- Eligible: Singaporean households in HDB flats
- Benefit: Doubled U-Save rebates for the rest of 2023
- Amount: This resulted in total rebates ranging from $440 for EC and 3-gen flats to $760 for 1 and 2 room flats (depending on the household's flat type).