Nearly three million Singaporeans will receive additional ‘ammunition’ for their festive shopping in the form of Assurance Package (AP) benefits.
In a press release published on Thursday (14 Nov), the Ministry of Finance announced that about 2.9 million Singaporeans will receive the payouts from 5 Dec.
In addition to the AP payouts, older Singaporeans will also receive retirement bonus in their CPF accounts.
To be among the earliest to receive the AP payouts, eligible Singaporeans are encouraged to link their NRIC to PayNow by 23 Nov.
The PayNow-linked account must also belong to one of these 14 banks:
Those without PayNow-NRIC can provide their DBS/POSB, OCBC, or UOB bank account information through the govbenefits website.
Eligible citizens who do so by 27 Nov can expect to receive the payouts via GIRO from 16 Dec.
As for Singaporeans not on PayNow-NRIC or without a valid bank account, they will receive the payouts via OCBC ATMs.
The steps needed to withdraw cash through this method can be found in MOF’s press release here.
About 2.9 million adult Singaporeans, aged 21 and above, will receive the AP payouts.
The payouts range from S$200 to S$600, depending on their assessable income and the number of properties owned. A detailed breakdown can be found here.
Singaporeans will also receive additional assistance, on top of the AP payouts.
Some 1.4 million Singaporeans born between 1974 and 2003 (inclusive) will receive a one-time MediSave top-up of S$300 to S$500.
Meanwhile, older citizens born in 1973 or earlier will receive a larger MediSave top-up of either S$1,250 or S$2,000. MOF estimates that about 1.6 million seniors will receive this disbursement.
Additionally, some 800,000 Singaporeans born in 1973 or earlier will receive a one-time Retirement Savings Bonus of either S$1,000 or S$1,500 in their CPF accounts. The amount received will depend on the amount of CPF retirement savings they have.
The MediSave top-ups and Retirement Savings Bonus will be disbursed in Dec 2024.
Here’s a breakdown of the benefits eligible Singaporeans can expect next month as well as their respective eligibility criteria.
Source: Ministry of Finance
Singaporeans can find out more about their eligibility via the govbenefits website here.
Also read: 1.2 million national servicemen to receive S$200 LifeSG credits by 30 Nov, valid for 1 year
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Featured image adapted from PJMixer on Flickr.
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