In an effort to support lower-income seniors and help them cope with the rising cost of living, the Singapore government has introduced the Assurance Package (AP) Seniors’ Bonus. In February 2025, eligible seniors will receive cash payments ranging from $200 to $300, with the total payout over three years (2023-2025) reaching up to $900. This initiative is expected to benefit approximately 850,000 Singaporean seniors aged 55 years and above.
Understanding the Assurance Package (AP)
The Assurance Package (AP) was launched to mitigate the impact of the Goods and Services Tax (GST) increase and provide financial relief to Singaporeans. The AP includes various benefits such as cash payouts, MediSave top-ups, and Community Development Council (CDC) vouchers. These measures aim to cushion the financial strain on households, especially those in the lower-income brackets.
Explaining the $900 Seniors’ Bonus
The AP Seniors’ Bonus will be disbursed based on the Annual Value (AV) of the senior’s residence. For seniors residing in homes with an AV of less than $13,000, payments will be $250 for those aged 55-64 and $300 for those aged 65 and above. Meanwhile, seniors living in homes with an AV between $13,001 and $21,000 will receive $200 regardless of age. These payments will be credited in February 2025.
Eligibility Criteria
To qualify for the AP Seniors’ Bonus in 2025, seniors must meet specific criteria. They must be Singapore citizens residing in Singapore, own no more than one property, and have an Assessable Income not exceeding $34,000 for the Year of Assessment 2023. Additionally, the Annual Value of their home should be up to $21,000, based on 2023 property values.
AP MediSave Top-Ups
In addition to the Seniors’ Bonus, eligible Singaporeans aged below 20 years or above 55 years will receive a MediSave top-up of $150 in their CPF MediSave account. This benefit is designed to help offset healthcare costs and will be disbursed in February 2025, regardless of the recipient’s income level or home value.
Notification and Disbursement Process
Eligible seniors will be notified via SMS once the payments are credited. Those without a Singpass-registered mobile number will receive a physical letter at their registered address. To ensure timely receipt of the AP Seniors’ Bonus, seniors are encouraged to link their NRIC to PayNow by January 26, 2025. Payments for those with PayNow-NRIC linkage will begin as early as February 5, 2025.
Avoiding Scams
The government has urged citizens to be cautious of scams related to the AP Seniors’ Bonus. Official SMS notifications will be sent from “gov.sg” and will not request personal information, responses, or contain clickable links. The government has also clarified that no messages regarding the payments will be sent via WhatsApp or other mobile messaging platforms.
The Assurance Package Seniors’ Bonus and MediSave top-ups demonstrate the Singapore government’s commitment to supporting its elderly population amidst rising living costs. Eligible seniors should ensure their PayNow-NRIC linkage for a smooth disbursement process and remain vigilant against scams. With these measures in place, the financial well-being of seniors in Singapore will be better safeguarded in 2025 and beyond.
