Assurance Package: 2.9 million Singaporeans to receive $200 to $600 cash payout in December

About 2.9 million Singaporeans aged 21 and above can look forward to receiving between $200 and $600 in cash this December.

The payout comes under the Assurance Package (AP) scheme which aims to help alleviate cost of living pressures for Singaporean households and provide more support for lower- to middle-income families.

To be eligible for this, adult Singaporeans must have an annual assessable income of not more than $100,000 and not own more than one property.

Recipients will receive AP Cash every December from 2022 to 2026. 

In a joint press release on Thursday (Nov 14), the finance, health and manpower ministries also announced measures to help offset healthcare costs as well as the upcoming increase to MediShield Life premiums.

About 1.4 million Singaporeans born between 1974 and 2003 will receive a one-time MediSave top-up of $300 to $500 in December.

Under the Majulah Package - MediSave Bonus, about 1.6 million Singaporeans born in 1973 or earlier will receive a one-time MediSave top-up of $1,250 or $2,000.

The MediSave Bonus amount will be tiered by birth year, the annual value (AV) of one's home, and whether one owns more than one property as at Dec 31, 2023.

As part of the Majulah Package, about 800,000 Singaporeans will receive a one-time Retirement Savings Bonus of $1,000 or $1,500 in their Central Provident Fund (CPF) accounts, depending on the amount of their CPF retirement savings.

To be eligible for the Retirement Savings Bonus, citizens born in in 1973 or earlier must have CPF retirement savings below the 2023 Basic Retirement Sum of $99,400, live in a residence with AV of $25,000 and below and own not more than one property.

Eligible recipients will automatically receive their payments from December, depending on their mode of receiving the payment.

Singaporeans can check their eligibility for the payouts on the govbenefits website by logging in with their Singpass.

[[nid:703950]]

lim.kewei@asiaone.com