SINGAPORE: Around 850,000 lower-income senior Singaporeans will receive S$200 (US$146) to S$300 in February as part of the Assurance Package Seniors’ Bonus, the Ministry of Finance (MOF) said on Wednesday (Jan 15).
About 2 million Singaporeans will also receive a MediSave top-up of S$150 next month, it said in a press release.
Under the Assurance Package, eligible Singaporean seniors will receive S$600 to S$900 over three years. All Singaporeans aged 20 years and below, and 55 years and above, will also receive MediSave top-ups totalling S$450 over three years.
The benefits were first announced in Budget 2022 and disbursements have been made annually since 2023.
A S$1.9 billion enhancement to the Assurance Package, which included extra cash payouts for lower-income Singapore seniors, was announced during the Budget last year to help alleviate cost-of-living pressures for Singaporean households and provide more support for lower- to middle-income families.
The payout under the Assurance Package Seniors’ Bonus will be given to seniors, aged 55 and above, who are residing in Singapore and do not own more than one property, said MOF.
They must also be living in properties with an annual value of up to S$31,000 and have an assessable income not exceeding S$34,000.
Seniors, aged 55 to 64, whose property has an annual value of up to S$21,000 will receive S$250 in February. Those aged 65 and above will receive S$300.
Seniors whose property has an annual value greater than S$21,000 and up to S$31,000 will receive S$200.
Eligible seniors could receive their cash payouts as early as Feb 5, depending on their mode of receiving payment, said the finance ministry.
Recipients who have linked their PayNow to their NRIC can receive the payouts from Feb 5. Their NRIC must be tied to bank accounts under any of these banks:
Those who are using GIRO or GovCash to get the payout will receive it from Feb 13 and Feb 21 respectively.
As for the MediSave top-up, Singaporeans aged 20 and below or 55 and above will be receiving the benefit.
Those eligible will have the payments automatically credited to their Central Provident Fund (CPF) accounts from Feb 11, said MOF.
About 2 million Singaporeans residing in Singapore will benefit from this top-up, regardless of the annual valuation of their homes or their assessable income, it added.
“Eligible recipients will be notified via SMS after the benefit(s) have been credited,” said MOF.
“Recipients without a Singpass-registered mobile number or who do not receive an SMS will be notified through a letter sent to their address on their NRIC.”
MediSave recipients aged 16 and below will receive a letter addressed to their parents or guardian after the benefit is credited to their child’s CPF account.
“To safeguard against scams, the SMS notification sent from 'gov.sg' will only inform citizens of their benefit(s),” said MOF.
Citizens will not be asked to reply to the SMS, click any links, or provide any information to the sender.
No messages regarding the payments will be sent through WhatsApp or other mobile messaging platforms, said the ministry.
Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.