In a bid to provide essential financial support, approximately two million Singaporeans are set to benefit from the Assurance Package Seniors’ Bonus and Assurance Package MediSave in February, according to a press release by the Ministry of Finance earlier today.
These measures aim to alleviate the financial burdens faced by lower-income seniors and offer relief to citizens across various age groups.
Assurance Package Seniors’ Bonus
Around 850,000 lower-income Singapore citizens aged 55 years and above will receive the Assurance Package Seniors’ Bonus, ranging from S$200 to S$300. This financial boost is specifically tailored to support seniors living in properties with an annual value of up to S$25,000.
The Assurance Package Seniors’ Bonus will be disbursed over three years, spanning from 2023 to 2025. Lower-income senior citizens are expected to receive cash payments totaling S$600 to S$900 during this period.
Assurance Package MediSave
Every Singaporean aged 20 years and below or 55 years and above will receive the Assurance Package MediSave bonus of S$150 in their CPF MediSave account. This initiative aims to bolster citizens’ healthcare savings.
All Singaporean children and seniors are entitled to the Assurance Package MediSave top-ups, amounting to S$450 over the course of three years, spanning from 2023 to 2025. This financial injection into MediSave aims to enhance healthcare affordability.
The Ministry of Finance (MOF) has emphasized that approximately two million Singaporeans will benefit from these packages, irrespective of the annual value of their homes or their assessable income. The inclusive nature of these measures seeks to provide widespread relief across the citizenry.
Background and Implementation
The Assurance Package was initially announced during Budget 2020 to help offset additional goods and services tax (GST) expenses. Payouts are set to be disbursed over five years, from 2022 to 2026.
Deputy Prime Minister and Minister for Finance Lawrence Wong, in Budget 2023, reaffirmed the government’s commitment to enhancing the Assurance Package to address rising inflation and immediate cost-of-living concerns. A significant injection of S$1.1 billion was announced as part of the Cost-of-Living (COL) Support Package.
Singaporeans can check their eligibility for the bonus on the Assurance Package official website by logging in with their Singpass. No additional action is required to receive these payments.
MOF encourages Singaporeans to link their NRIC to PayNow by Jan 26 if they have accounts with participating banks. By doing so, they can expedite the receipt of their Assurance Package Seniors’ Bonus as early as Feb 5.
Eligible citizens will be notified in February after the payments have been disbursed. Notifications will be sent via the Singpass app inbox or SMS for those who have registered their mobile numbers with Singpass. For those on GovCash, withdrawals can be made at OCBC ATMs islandwide from Feb 23 without the need for an OCBC bank account.