SINGAPORE: On Wednesday (15 Nov), the Ministry of Finance (MOF) in Singapore announced that all adult Singaporeans, regardless of property ownership, are set to receive a financial boost ranging from S$200 to S$800 (approximately US$594) in December through the Government’s Assurance Package.
This benefit is targeted towards Singaporeans aged 21 and above in 2024, and it encompasses approximately 2.9 million individuals.
Among this demographic, about 2.5 million people will receive an additional payment of up to S$200 based on their assessable income earned in 2021, which must not exceed S$100,000.
In a statement issued on Wednesday, MOF highlighted that the Assurance Package (AP) aims to “help Singaporeans tide through the period of higher inflation and cushion the impact of the GST rate increase”.
The package includes cash payments, rebates, Community Development Council (CDC) vouchers, and MediSave top-ups.
On 28 September, Deputy Prime Minister and Finance Minister Lawrence Wong announced an additional S$1.1 billion (US$800 million) Cost-of-Living Support Package to further aid Singaporean households, particularly those in the lower- to middle-income brackets.
This includes an S$800 million boost to the Assurance Package, bringing its total to over S$10 billion.
Eligibility for payouts can be checked through the official Assurance Package website using Singpass.
To receive the cash payments as early as Dec 5, citizens are encouraged to link their NRICs to PayNow by a specified deadline.
For citizens without PayNow-linked bank accounts, updating bank information with DBS Bank/POSB, OCBC Bank, or UOB through the official Assurance Package website by Nov 27 ensures receipt of payments from Dec 13.
Using the GovCash service, individuals can withdraw their payments from OCBC ATMs across Singapore using a provided payment reference number starting from Dec 22.
An OCBC account is not mandatory for this withdrawal, with facial verification required.
Aside from December’s cash payouts, additional support from the government will be available to Singaporeans at the beginning of 2024:
- In January, households will receive S$500 worth of CDC vouchers, claimable digitally from Jan 3, 2024, valid until the end of that year.
- Also in January, a 0.5- to one-month rebate of service and conservancy charges (S&CC) and U-Save rebates ranging from S$130 to S$210 will be disbursed.
- Starting February 2024, eligible lower-income seniors aged 55 and above will receive an AP Senior’s Bonus ranging from S$200 to S$300.
- In the same month, Singaporeans aged 20 years and below, or 55 years and above, will receive S$150 in their CPF MediSave account.