Xmas comes early: Up to $4,100 in Assurance Package & more for Dec
Singaporeans can look forward to up to S$4,100 in a trio of Assurance Package (AP), MediSave and CPF bonuses in one-off government payout benefits this December.
From 5 Dec 2024, approximately 2.9 million Singaporeans aged 21 and above will receive one-time Assurance Package cash payouts between S$200 and S$600 as part of the government’s enhanced AP. These payouts are designed to ease the cost-of-living pressures.
They will be supplemented with one-off payments to MediSave and CPF accounts.
Here is a breakdown of what government benefits you will receive based on your age, income, property ownership and CPF account balance.
Assurance Package (AP)
When: From 5 Dec 2024
Who: Citizens born 2004 or earlier
How much:
S$200 – Own more than 1 property and/or earned >S$100,000 in 2023
S$350 – Own 0 or 1 property & earned S$34,000-S$100,000 in 2023
S$600 – Own 0 or 1 property & earned <S$34,000 in 2023
You can find out more on the GovBenefits site.
MediSave top-up (one-off payment)
The Assurance Package also includes other support measures. Singaporeans born between 1974 and 2003 will receive a one-time MediSave top-up of between S$300 and S$500.
For older citizens, a larger MediSave top-up ranging from S$1,250 to S$2,000 will be granted to about 1.6 million Singaporeans born in 1973 or earlier under the Majulah Package – MediSave Bonus.
When: From 18 Dec 2024
Who: Citizens born 2003 or earlier
How much:
S$300-S$500 – Born between 1974 and 2003
S$1,250 – Born in 1959 or earlier
S$1,250 – Born between 1960 and 1973, own 1 or more properties & Home AV >S$25,000
S$2,000 – Born between 1960 and 1973, own 0 or 1 property & Home AV <S$25,000
These MediSave top-ups aim to offset rising healthcare costs, including increases in MediShield Life premiums. They will be paid from 18 Dec.
You can find out more on the GovBenefits site.
Majulah Package – Retirement Savings Bonus (one-off)
Additionally, the Majulah Package will provide a Retirement Savings Bonus to approximately 800,000 eligible Singaporeans born in or before 1973. This one-time bonus of S$1,000 or S$1,500 will be credited directly into recipients’ Central Provident Fund (CPF) accounts based on their existing retirement savings.
When: From 18 Dec 2024
Who: Citizens born 1973 or earlier
How much:
S$1,500 – CPF RA + CPF LIFE balance <S$60,000 for those 55 and above
S$1,500 – CPF OA + CPF SA balance <S$60,000 for those aged below 55
S$1,000 – CPF RA + CPF LIFE balance = S$60,000-S$99,400 for those 55 and above
S$1,000 – CPF OA + CPF SA balance = S$60,000-S$99,400 for those aged below 55
These financial benefits will be automatically credited to eligible recipients starting 18 Dec. You can find out more on the GovBenefits site.
How to get Assurance Package payments
Link your NRIC to PayNow by 23 Nov to receive your payments from 5 Dec. If you have a DBS, POSB, OCBC or UOB account, provide your details through the GovBenefits website by 27 Nov to receive payments via Giro starting 16 Dec.
If you don’t do either of these, you will receive your benefits through GovCash later.
If you have linked your SingPass to a mobile number, an SMS will advise you once payments are processed. Those without a SingPass-registered mobile number will receive a letter instead.
For further information on the Assurance Package and other government payout benefits, visit the govbenefits website or contact the hotline at 1800-222-2888.
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