This year, Singapore will help low-income seniors aged 55 years old and above with cash ranging from $200 to $300 under the Assurance Package (AP) Seniors’ Bonus initiative, scheduled to be paid to about 850,000 eligible older citizens in February 2025.
This assistance is envisioned to soothe their overall rising cost of living, making sure that senior citizens themselves receive the required support to live well.
What is the Assurance Package (AP)?
The Assurance Package was announced by the Government of Singapore to keep residents afloat with the innumerable rising costs, especially paying the amount you pay for consuming goods and services; that is also known as the GST.
The package includes:
- cash payouts to the qualified individuals.
- MediSave top-up allowances to reduce healthcare costs.
- Community Development Council (CDC) vouchers for essential household items.
These benefits are quite relevant to low-income households and therefore give them much support.
Details of the Seniors’ Bonus – Up to $900 in Total
The Assurance Package Seniors’ Bonus will provide cash payouts of $600 to $900 over three years (2023-2025). In 2025, the amount received by seniors will be influenced by the annual value (AV) of their house and their age.
AV below $13,000
- Seniors aged 55 to 64: $250
- Seniors aged 65 and above: $300
AV between $13,001 and $21,000
- Seniors aged 55 and above: $200
Eligibility Criteria for the Assurance Package Seniors’ Bonus
- Must be a Singapore citizen residing in the country.
- Must own no more than one property.
- Assessable income must not exceed $34,000 (based on the 2023 assessment).
- Home’s annual value must be $21,000 or less (as per the 2023 AV assessment).
Added Health services- $150 MediSave top-up
Also, cash payouts would be supplemented with a $150 CPF MediSave top-up in February 2025 for eligible seniors; as with all benefits extending to all Singaporeans aged below 20 or above 55, it is income and home-value-agnostic.
He will hence MediSave top-up and help offset increasing medical costs, which worry the aging population, since seniors have to manage increasing medical costs with another amount provided to ease future burdens.
Payment Notification & Disbursement Process
The eligible seniors will receive formal notifications via SMS in February 2025 once the payments have been credited. The others who will not use Singpass or have missed the SMS will receive a letter sent to their registered address.
For them to receive all their payments earlier on 5 february 2025, senior citizens have to link their NRIC to PayNow by 26 January 2025.