In a bid to ease the financial strain caused by the rising cost of living, about 850,000 seniors in Singapore will receive cash payouts ranging from S$200 to S$300 under the Assurance Package Seniors’ Bonus. The Ministry of Finance (MOF) announced this in a press release on 15 January 2024.
Eligibility Criteria
To qualify for the Seniors’ Bonus, recipients must:
- Be aged 55 and above
- Not own more than one property
- Live in a property with an annual value of up to S$31,000
- 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, while those aged 65 and above will get S$300. Others living in properties valued between S$21,000 and S$31,000 will receive S$200.
Payment Timeline
The cash payouts will be disbursed as early as 5 February 2024 for those who have linked their NRIC to PayNow. For others using GIRO, payments will start on 13 February, and GovCash recipients will be able to withdraw from 21 February.
MediSave Top-Up
In addition to the cash payouts, approximately 2 million Singaporeans, including those aged 20 and below, will receive a MediSave top-up of S$150, automatically credited to their Central Provident Fund (CPF) accounts from 11 February 2024. This initiative is part of the broader Assurance Package, which aims to provide financial support over three years.
Staying Alert Against Scams
Recipients can expect an SMS notification from ‘gov.sg’ regarding their benefits. It’s essential to note that no one will ever be asked to reply or provide personal information through these messages. Those without a Singpass-registered number will receive a letter at their registered address instead.
This initiative reflects Singapore’s ongoing commitment to support its elderly citizens, acknowledging their contributions to society while addressing immediate financial challenges.