About two million Singaporeans will receive support through the Assurance Package Seniors’ Bonus and Assurance Package MediSave as early as Feb 5 2024.
In February, approximately two million of you will be receiving support through the Assurance Package Seniors’ Bonus and Assurance Package MediSave. Here’s a quick rundown of what you can expect.
Assurance Package Seniors’ Bonus
For around 850,000 lower-income Singapore citizens aged 55 and above, the Assurance Package Seniors’ Bonus ranging from S$200 to S$300 is on its way. This bonus is targeted at seniors living in properties with an annual value of up to S$25,000. The disbursement will take place over three years, from 2023 to 2025, ensuring eligible seniors receive cash payments of S$600 to S$900 through this scheme.
Assurance Package MediSave
Every eligible Singaporean aged 20 and below or 55 and above will receive the Assurance Package MediSave bonus of S$150 in their CPF MediSave account. In addition, all Singaporean children and seniors will continue to receive MediSave top-ups totaling S$450 over the course of three years from 2023 to 2025.
Approximately two million Singaporeans will benefit from these packages, irrespective of the annual value of their home or assessable income.
Enhancements and Support
The Assurance Package, initially introduced in Budget 2020 to offset additional goods and services tax (GST) expenses, has seen enhancements. Deputy Prime Minister and Minister for Finance Lawrence Wong announced at Budget 2023 an additional S$1.1 billion Cost-of-Living (COL) Support Package, including a S$0.8 billion enhancement to the Assurance Package, bringing the total to over S$10 billion.
Modes of Payment
To check your eligibility for the bonus, log in to the Assurance Package official website using your Singpass. If you wish to receive your Assurance Package Seniors’ Bonus payments sooner, consider linking your NRIC to PayNow by Jan 26. By doing so, they can receive their Assurance Package Seniors’ Bonus as early as Feb 5.
For those on GovCash, which has replaced cheques as a mode of payment, you can withdraw your payment at OCBC ATMs islandwide from Feb 23. No OCBC bank account is required for withdrawals.
Eligible citizens will be notified in February after the payments have been disbursed. Keep an eye on your Singpass app inbox or SMS notifications (for those who have registered their mobile numbers with Singpass) for updates.
To check your eligibility, visit go.gov.sg/assurancepackage or supportgowhereupportgowhere.life.gov.sg/budget/support-calculator
