Assurance Package Seniors’ Bonus and AP Medisave 2024 – Approximately 2 million Singaporeans are poised to benefit from the Assurance Package Seniors’ Bonus and AP MediSave in February 2024.
An estimated 850,000 senior Singaporeans aged 55 and above, falling into the lower-income bracket, will receive between $200 and $300 under AP Seniors’ Bonus scheme. The bonus is eligible for seniors Singaporeans residing in properties with an Annual Value (AV) not exceeding $25,000. This AV threshold by the Ministry of Finance (MOF) is effective as from January 1, 2024.
Individuals aged 20 and below, or above 55, will also receive $150 in their CPF MediSave Account through the AP MediSave program. Around 2 million Singaporeans will reap these rewards, irrespective of their property value or Assessable Income.
The payments are part of the comprehensive measures released during Budget 2022. Please keep reading to learn more details about Singapore Assurance Package Senior Bonus 2024.
What Is Singapore Assurance Package?
The Singapore Assurance Package (AP) is a set of support measures to help Singaporeans cope with higher inflation and the impact of the Goods and Services Tax (GST) increase. It includes: cash payments, additional cash for lower-income seniors, rebates, MediSave top-ups for children and seniors, Community Development Council (CDC) Vouchers, and grants to self-help groups.
- Utility Rebates: Financial incentives or discounts provided by utility companies or government agencies for low-income families to reduce the cost of essential services such as electricity, water, and gas.
- MediSave Top-ups: Additional contributions made by the government or employers into individuals’ MediSave accounts, which are dedicated to covering healthcare expenses in Singapore. These top-ups bolster healthcare financing, ensuring citizens have adequate funds for medical needs.
- Cash Payouts: Direct cash provided by the government to eligible Singaporeans. These payments aim to alleviate economic burdens, stimulate consumer spending, and support individuals during challenging times.
- Community Development Council (CDC) Vouchers: Redeemable vouchers distributed by the Community Development Councils in Singapore. These vouchers aim to assist low-income households and vulnerable individuals by providing subsidies for essential goods and services, such as groceries, healthcare items, and educational materials.
Assurance Package Cash (AP Cash)
The AP Cash is a key component of the package, providing cash payments to all adult Singaporeans aged 21 years and above. The payments are disbursed over five years, from 2022 to 2026, and the amounts vary based on the individual’s income and property ownership.
For example, in December 2023, Singaporeans aged 21 years and above received payments ranging from $200 to $1,000, depending on their income and property ownership.
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The AP was enhanced at Budget 2023 to $9.6 billion, ensuring that the AP cash payout senior bonus will continue to offset additional GST expenses for the majority of Singaporean households for at least five years, with around ten years offset for lower-income households, even with higher inflation.
Assurance Package Cash Special (AP Cash Special)
In addition to the AP Cash, the AP includes a one-off AP Cash Special Payment of up to $200 for eligible adult Singaporeans aged 21 years and above in 2024, disbursed together with the AP Cash in December 2023.
The AP also includes additional GSTV – U-Save rebates for HDB households, MediSave top-ups for children and seniors, and CDC Vouchers for all Singaporean households.
To receive the AP Cash, individuals must be Singapore citizens residing in Singapore and aged 21 years and above in the reference year. The disbursement of AP Cash in December 2023 is based on the Assessable Income for Year of Assessment 2022 (income earned in 2021).
The AP is on top of the permanent GST Voucher (GSTV) scheme introduced by the Government in Budget 2012 to help lower- and middle-income Singaporean households defray their GST expenses.
How much GST voucher will I get in 2024?
Up to $850 enhanced cash payouts in 2024. This is to financially assist lower-income Singaporeans with the daily living expenses.
What Is the Seniors Bonus Cash In Singapore 2024?
$600 to $900 via AP Seniors’ Bonus. The Assurance Package (AP) Seniors’ Bonus, previously known as GSTV – Cash is a cash payment for lower-income senior Singapore citizens. Eligible seniors will receive the cash payments over three years, from 2023 to 2025.
The disbursement schedule is as follows:
- 2023: $250 for those aged 55 to 64 years, $300 for those aged 65 years and above.
- 2024 and 2025: $250 for those aged 55 to 64 years, $300 for those aged 65 years and above.
Who Is Eligible for AP Seniors’ Bonus In Singapore?
To be eligible, seniors must be Singapore citizens residing in Singapore, aged 55 and above in the disbursement year, and their assessable income (AI) must not exceed $34,000 in the Year of Assessment (YA) preceding the disbursement year.
Assurance Package (AP) Seniors’ Bonus Payout 2024
The table below is an overview of Assurance Package (AP) Seniors’ Bonus:
Table: AP Seniors’ bonus:Disbursement year 2024:
| Property Ownership: owns 0-1 Property | ||||
| Assessable Income (AI): Up to $34,000 | ||||
| Disbursement Period | Age of Singaporean in Disbursement Year | Age | Up to $21,000 | More than $21,000, and up to $25,000 |
| Feb 2024 | 2024 | 55 – 64 years | $250 | $200 |
| Feb 2024 | 2024 | 65 years and above | $300 | $200 |
- For Disbursement Year 2023, the Annual Value (AV) of the home as at 31 July 2022 must not exceed $21,000. For Disbursement Year 2024 and 2025, the AV must not exceed $25,000.
- Seniors who own more than one property are not eligible for the AP Seniors’ Bonus.
AP MediSave
The AP MediSave is a cash top-up for every Singaporean aged 20 years and below, or 55 years and above, with the following details:
- Eligible individuals receive up to $450 in their Central Provident Fund (CPF) MediSave account over three years, from 2023 to 2025.
- The disbursement schedule is as follows:
- 2023: $150
- 2024: $150
- 2025: $150
- To be eligible, individuals must be Singapore citizens residing in Singapore, aged 20 and below, or 55 and above, in the disbursement year.
- Those who hold foreign citizenship will not be eligible for the AP MediSave.
The AP Seniors’ Bonus and AP MediSave are part of the Assurance Package (AP) aimed at cushioning the impact of the Goods and Services Tax (GST) rate increase for Singaporeans residing in Singapore.
How to Check Assurance Package Eligibility
With the Assurance Package eligibility login, recipients need not take any action to receive their entitlements. However, those keen on expediting the process can link their NRIC to PayNow and amend their bank account details with UOB, DBS/POSB, or OCBC by January 26, 2024 to receive payments by February 13, 2024.
Checking eligibility for the AP Seniors’ Bonus and AP MediSave can be done via the Assurance Package official website (go.gov.sg/assurancepackage) by logging in using your Singpass credentials.
PayNow-NRIC lets you receive a cash payout senior bonus straight into your bank account without revealing your bank details. This mode of payment has been in use since 2021, with the Ministry of Finance leveraging it as the default option for citizens who’ve linked their NRIC to PayNow via participating banks in Singapore.
Assurance Package Payment Dates
Recipients can expect notification of their eligibility and subsequent disbursement of the AP Seniors’ Bonus and AP MediSave on February 5, 2024. Notifications will be disseminated either through the Singpass app inbox or via SMS, particularly for individuals who’ve registered their mobile numbers with Singpass but are yet to complete the setup of the app.
Singaporeans are urged to stay vigilant for updates regarding these financial benefits and to take full advantage of the opportunities presented by the Assurance Package Seniors’ Bonus and AP MediSave
Overview of Assurance Package Payout Date Singapore
Table: Assurance Package Payout Date Singapore:
| Singaporeans aged 21+ reference year | Payment Date | Income up to $34,000 | Income $34,000 to $100,000 | Income $100,000+ | More than 1 property ownership |
| 2023 | Dec 2022 | $200 | $150 | $100 | $100 |
| 2024 | Dec 2023 | $600 | $350 | $200 | $200 |
| 2025 | Dec 2024 | $600 | $350 | $200 | $200 |
| 2026 | Dec 2025 | $600 | $350 | $200 | $100 |
| 2027 | Dec 2026 | $250 | $150 | $100 | $100 |
Benefits of Assurance Package In Singapore
The primary objective of the Assurance Package is to offset the impact of the GST hike on the cost of living for Singaporeans. Recognizing the necessity of the GST increase for government funding, the package aims to alleviate the strain on Singaporean households. With rising expenses looming, this initiative aims to cushion the blow and maintain affordability for essential goods and services.
The Assurance Package prioritises support for vulnerable segments of society, including lower-income families and seniors. By ensuring these groups are not disproportionately affected by the GST hike, the government demonstrates its commitment to social equity and inclusivity. This targeted assistance aims to provide a safety net for those most in need, fostering a sense of security and stability within the community.
Unlike short-term relief measures, the Assurance Package offers sustained assistance, reflecting the government’s long-term vision for citizen welfare. By structuring the package to provide ongoing support, Singapore reaffirms its dedication to fostering sustainable living conditions for its populace. This approach instil confidence in the future and reinforces the government’s pledge to prioritise the well-being of its citizens.
Frequently Asked Question about Assurance Package, Seniors’ Bonus and AP MediSave
What is the eligibility criteria for the assurance package (AP) medisave bonus?
The Assurance Package (AP) MediSave bonus is available to Singaporean citizens aged 20 and below, or 55 and above, residing in Singapore. Eligible individuals will receive up to $450 in their CPF MediSave account over three years, from 2023 to 2025, without the need for application.
What is the difference between the Assurance Package (AP) seniors’ bonus and the Assurance Package (AP) MediSave bonus?
The AP Seniors’ Bonus is a cash payment for lower-income seniors living in properties with an AV of up to $25,000, while AP MediSave is a cash top-up to a CPF MediSave account for all eligible Singaporeans aged 20 years and below, or 55 years and above. Both benefits are paid automatically to eligible individuals without the need for application.
How often are the assurance package (AP) seniors’ bonus and the assurance package (AP) medisave bonus paid out?
The Assurance (AP) Seniors’ Bonus and AP MediSave are paid out annually to eligible Singaporean citizens. The AP Seniors’ Bonus is paid in February over three years, from 2023 to 2025, with up to $300 for seniors aged 55 and above. The AP MediSave top-up is also paid in February, with $150 for all Singaporeans aged 20 and below, or 55 and above.
