In a significant move to support citizens amid rising living costs, the Singapore government has announced that eligible adult Singaporeans will receive various financial benefits in December. This initiative aims to alleviate financial burdens, offset healthcare expenses, and bolster retirement savings.
Approximately 2.9 million Singaporeans aged 21 and above will benefit from the enhanced Assurance Package (AP) introduced in Budget 2024. The cash payouts, ranging from $200 to $600, will be determined based on assessable income and the number of properties owned. Those who link their National Registration Identity Card (NRIC) to PayNow by November 23 will receive their AP Cash payments starting December 5. For those without a PayNow-NRIC-linked bank account but who hold accounts with DBS Bank, POSB, OCBC Bank, or UOB, they can provide their account details on the govbenefits website by November 27 to receive their payments via Giro from December 16. Individuals without linked NRIC and PayNow accounts or valid bank accounts will receive their payments later through GovCash.
In addition to the cash payouts, around 1.4 million Singaporeans born between 1974 and 2003 will receive a one-time MediSave top-up ranging from $300 to $500. For those born in 1973 or earlier, a more substantial MediSave top-up of either $1,250 or $2,000 will be provided under the Majulah Package – MediSave Bonus, benefiting approximately 1.6 million citizens. These MediSave top-ups were previously announced in October as part of the government’s efforts to mitigate the impact of rising MediShield Life premiums and enhance the health insurance scheme.
Another key component of the December disbursements is the Retirement Savings Bonus, also part of the Majulah Package. About 800,000 Singaporeans born in 1973 or earlier will receive a one-time bonus of $1,000 or $1,500 in their Central Provident Fund (CPF) accounts, depending on their existing retirement savings.
The MediSave and CPF payments will be automatically credited to citizens’ CPF accounts starting December 18. Eligible recipients can verify their eligibility by logging in with their Singpass at the govbenefits.gov.sg website. Notifications regarding the benefits will also be sent via SMS in December after the credits are made.
To ensure security against scams, the government has advised that SMS notifications from gov.sg will only inform citizens of their benefits without requesting replies, clicks on links, or personal information. No notifications will be sent through WhatsApp or other messaging platforms.
For further inquiries regarding these schemes, Singaporeans can contact the hotline at 1800-222-2888 or visit govbenefits.gov.sg for more information. This initiative reflects the government’s commitment to supporting its citizens during challenging economic times and ensuring their financial well-being.