About 2 million Singaporeans set to benefit from Assurance Package in February

SINGAPORE: In February, the Assurance Package Seniors’ Bonus and Assurance Package MediSave will provide support to approximately two million Singaporeans, as announced by the Ministry of Finance (MOF) on Monday (15 January).

According to MOF’s press release, around 850,000 Singapore citizens aged 55 and above, with lower incomes, will receive the Assurance Package Seniors’ Bonus ranging from S$200 to S$300 (approximately US$225).

The bonus will be granted to seniors residing in properties with an annual value of up to S$25,000, a threshold raised from 1 Jan 2024.

The Assurance Package Seniors’ Bonus will be distributed over three years, from 2023 to 2025, offering lower-income seniors cash payments ranging from S$600 to S$900.

Furthermore, Singaporeans aged 20 and below or 55 and above will receive the Assurance Package MediSave bonus of S$150 in their CPF MediSave account.

All Singaporean children and seniors will receive the Assurance Package MediSave top-ups totaling S$450 from 2023 to 2025.

MOF assured that approximately two million Singaporeans will benefit from the package, irrespective of their home’s annual value or assessable income.

The package, initially introduced in Budget 2020 to alleviate additional goods and services tax (GST) expenses, will be disbursed over five years, from 2022 to 2026.

In the latest payment in December, all adult Singaporeans received up to S$800.

Deputy Prime Minister and Minister for Finance Lawrence Wong, during Budget 2023, announced the enhancement of the Assurance Package to address higher inflation and immediate cost-of-living concerns.

In September 2023, an additional S$1.1 billion Cost-of-Living (COL) Support Package was introduced, with a S$0.8 billion enhancement to the Assurance Package, bringing it to over S$10 billion.

Modes of Payment for AP Seniors’ Bonus

To check their eligibility for the bonus, Singaporeans can log in with their Singpass on the official Assurance Package website.

While no action is needed to receive these payments, individuals desiring quicker Assurance Package Seniors’ Bonus payments are advised to link their NRIC to PayNow.

MOF encourages Singaporeans with accounts in participating banks to link their NRIC to PayNow by 26 Jan.

By doing so, they can receive their Assurance Package Seniors’ Bonus as early as 5 Feb.

For those lacking PayNow-NRIC linked bank accounts, updating their bank information on the Assurance Package website by Jan 26 ensures payment by 13 Feb.

GovCash, replacing cheques as a mode of payment, allows citizens to withdraw their payments at OCBC ATMs islandwide from 23 Feb. An OCBC bank account is not required for withdrawals, as stated by MOF.

The Assurance Package MediSave payments are scheduled to be made by 5 Feb.