SINGAPORE: The annual value (AV) threshold for social support schemes will be raised in 2025, the government announced on Friday (Nov 29).
The annual value of a property is the estimated rent that could be collected annually if it were to be rented out, and it is determined based on the market rate of comparable properties.
Social support schemes - such as the GST Voucher scheme, MediShield Life premium subsidies, and the Workfare Income Supplement scheme - provide benefits based on two AV tiers.
The AV threshold for the first tier will remain at S$21,000 (US$15,700). This was raised from S$13,000 to S$21,000 in 2024.
The second tier has a current threshold of between S$21,000 and S$25,000. This will be raised to between S$21,000 and S$31,000 from 2025, announced the Ministry of Finance (MOF).
With this change, more than three in four homeowners, including those who live in lower-value private properties, can be eligible for social benefits, said MOF.
The first tier will continue to cover all Housing and Development Board (HDB) flat owners.
An individual or household's eligibility for social support schemes in a given year is determined by the preceding year's annual value.
This means that for benefits in 2025, the household’s 2024 annual value will be used to determine if it is eligible for the first or second tier of benefits.
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The annual value of a property is the estimated rent that could be collected annually if it were to be rented out, and it is determined based on the market rate of comparable properties.
Social support schemes - such as the GST Voucher scheme, MediShield Life premium subsidies, and the Workfare Income Supplement scheme - provide benefits based on two AV tiers.
The AV threshold for the first tier will remain at S$21,000 (US$15,700). This was raised from S$13,000 to S$21,000 in 2024.
The second tier has a current threshold of between S$21,000 and S$25,000. This will be raised to between S$21,000 and S$31,000 from 2025, announced the Ministry of Finance (MOF).
With this change, more than three in four homeowners, including those who live in lower-value private properties, can be eligible for social benefits, said MOF.
The first tier will continue to cover all Housing and Development Board (HDB) flat owners.
An individual or household's eligibility for social support schemes in a given year is determined by the preceding year's annual value.
This means that for benefits in 2025, the household’s 2024 annual value will be used to determine if it is eligible for the first or second tier of benefits.
Continue reading...