About 850,000 older Singaporeans are set to receive financial assistance in February through the Assurance Package Seniors’ Bonus. According to the Ministry of Finance (MOF), lower-income senior Singaporeans will be receiving between S$200 to S$300 as part of the Assurance Package. Additionally, about 2 million Singaporeans will also benefit from a MediSave top-up of S$150 next month. The Assurance Package aims to provide significant financial assistance to eligible seniors over the span of three years. As MOF highlighted, recipients aged between 55 to 64 could receive S$250 in February, while those aged 65 and above are entitled to S$300. The disbursements are part of a S$1.9 billion enhancement to the Assurance Package, announced last year to support lower-income Singaporean households and provide a buffer against cost-of-living pressures for families.
Under the eligibility criteria, seniors aged 55 and above residing in Singapore, owning not more than one property and living in properties with an annual value of up to S$31,000 are eligible to receive the payout. Recipients whose property falls within the annual value thresholds specified by MOF will receive different amounts such as S$250 for those aged 55-64 and S$300 for those aged 65 and above.
The MOF stated, “Eligible recipients will be notified via SMS after the benefit(s) have been credited,” demonstrating their commitment to transparent communication with recipients. The MediSave top-up will benefit Singaporeans aged 20 and below or 55 and above, with payments automatically credited to their CPF accounts starting from February 11. The ministry emphasized that recipients should be cautious of potential scams and clarified that official notifications will only come through SMS from ‘gov.sg’ and not through other mobile messaging platforms.
This financial assistance initiative is a significant step in supporting vulnerable seniors and ensuring their well-being during these challenging times.
