Around 2 Million Singaporeans Will Receive Assurance Package Medisave Top-Ups From February 2024
About 850,000 low-income citizens aged 55 or older can look forward to receiving the Assurance Package (AP) Seniors’ Bonus from as early as 5 Feb.
The Seniors’ Bonus ranges between S$200 and S$300.
In addition, they will be among the 2 million Singaporeans who will get an AP Medisave top-up of S$150 in their CPF Medisave accounts.
Those aged 20 and under will benefit from this as well.
Assurance Package meant to help citizens cope with rising inflation & GST increase
The Ministry of Finance (MOF) provided more details about the AP Seniors’ Bonus and AP Medisave top-ups in a press release on Monday (15 Jan).
It stated that the AP is meant to tide Singaporeans through higher inflation and cushion the impact of the GST hike.
Support will come in the following forms:
- Cash payments
- Rebates
- Community Development Council (CDC) vouchers
- MediSave top-ups
Source: MJ_Prototype from Getty Images on Canva, for illustration purposes only
Under the AP, all Singaporean children as well as seniors will receive a total of S$450 in AP MediSave top-ups.
MOF will disburse these funds over three years from 2023 to 2025.
This will benefit about two million Singaporeans, regardless of their assessable income or the annual value of their homes.
Starting in February, Singaporeans aged 20 and below or 55 and up will receive S$150 in their CPF MediSave accounts as part of the AP.
On top of that, roughly 850,000 lower-income senior citizens who are 55 and older will receive the AP Seniors’ Bonus of between S$200 and S$300.
The bonus will go to seniors living in properties with an annual value of up to S$25,000 as of 2023.
Image by MS News
Previously, MOF announced that it would be raising the annual value threshold to S$25,000 starting 1 Jan.
Seniors can get bonus as early as 5 Feb if they link NRICs to PayNow
No action is required on the part of Singaporeans to receive the AP payments.
Seniors who wish to receive their bonuses as early as 5 Feb should ensure that they have linked their NRICs to their PayNow accounts by 26 Jan.
Alternatively, they can update their bank account information on the official AP website by 26 Jan to receive the payment by 13 Feb.
Citizens who are on GovCash can withdraw their payment at all OCBC ATMs in Singapore starting from Feb 23.
Since 2022, GovCash has replaced cheques as a mode of payment for those without NRIC-linked PayNow accounts or those who have not updated their bank information.
An OCBC bank account is not necessary for withdrawals, said MOF.
Eligible Singaporeans should also receive the other AP MediSave payments by 5 Feb.
Those who received the payments will get notifications via their Singpass app or SMS.
Also Read: Eligible S’poreans Receive Assurance Package Payouts Ahead Of 5 Dec
Eligible S’poreans Receive Assurance Package Payouts Ahead Of 5 Dec
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Featured image by MS News.
