Growth Dividends Overview

All adult Singaporeans aged 21 and above will receive Growth Dividends as part of the Government's move to share the nation's surpluses with Singaporeans. Lower- and middle- income groups will receive more. Older Singaporeans will receive additional Growth Dividends. NSmen, ex-NSmen and NSFs (including those below the age of 21) will also receive an additional $100 of Growth Dividends to recognise their contributions to national security.

Singaporeans who have signed up for their GST Credits will automatically qualify for the Growth Dividends. They need not sign up again to receive the Growth Dividends. Singaporeans who have yet to sign up for their GST Credits will have to do so in 2008 to receive their Growth Dividends.

In view of the current inflationary climate, Prime Minister Lee Hsien Loong, in his National Day Rally Speech, has announced that Singaporeans will receive a 50% increase to the second installment of Growth Dividends in October 2008 to help them cope with the increased cost of living.

The increase in Growth Dividends will benefit about 2.4 million Singaporeans and cost the Government an additional $190 million. This brings the total Growth Dividends that Singaporeans will receive in 2008 to $1.06 billion.

Who can get the Growth Dividends?

To receive the Growth Dividends, you must:

• Be a living Singapore citizen; and
• Be aged 21 or above in 2008; and
• Have signed up to receive your GST Credits.*

*If you have signed up for your GST Credits, you do not need to sign up again in 2008. You will automatically get your Growth Dividends if you are eligible.

How much Growth Dividends can I get?

The amount of Growth Dividends that you can receive depends on the following:

The Annual Value of your home in 2007 as assessed by IRAS (based on your NRIC address as of 31 December 2007); and

Your Assessable Income for the Year of Assessment 2007 (i.e. income earned in calendar year 2006 as assessed by IRAS); and

Your age as of 31 December 2008; and

Your NS status in 2008.

Structure of Enhanced Growth Dividends for 2008

Figures in brackets show the first installment of the Growth Dividends and enhanced second installment of the Growth Dividends announced at National Day Rally respectively.

How and when can I get my Growth Dividends?

You will receive a letter from CPF Board in mid April 2008 to inform you of the amount of Growth Dividends and 2008 GST Credits you can receive.

If you have already signed up for your GST Credits in 2007, you will automatically receive your Growth Dividends through the same mode as your GST Credits (i.e. bank account / cheque) in two installments, the first on 30 April 2008, and the second on 1 October 2008.

If you have not signed up for your GST Credits, we encourage you to sign up online, though you may also do so by hardcopy forms available at CPF Service Centres, Community Centres/Clubs and Community Development Councils.

Please sign up by 23 September 2008 (or by 13 September 2008 if you sign up via hardcopy form) to receive the second installment of Growth Dividends on 1 October 2008 (your 2008 GST Credits and the first installment of Growth Dividends will be credited to your account within 4 to 15 working days after you sign up). If you sign up online after 23 September 2008, you will receive your 2008 GST Credits and both installments of your Growth Dividends after 1 October 2008, between 4 to 15 working days after the sign-up.

The final deadline to sign up to receive your Growth Dividends and your 2008 GST Credits is 31 December 2008.

Can I donate my Growth Dividends to a charity?

You can donate your Growth Dividends to a charity of your choice.

If you have signed up for your GST Credits in 2007 and wish to donate your Growth Dividends and 2008 GST Credits, you may do so from 15 April to 23 April 2008 at www.gstoffset.gov.sg. If you miss the 23 April 2008 deadline, you can still donate the second installment of your Growth Dividends via the website by 23 September 2008.

Those who have not signed up for their GST Credits can donate their Growth Dividends and 2008 GST Credits when they sign up for their 2008 GST Credits.

Who can I contact for further information?

For further queries on the Growth Dividends, you can call CPF Board at 1800-2222-888 or email growthdividends@cpf.gov.sg.