Assurance Package: 850,000 Singaporean seniors to receive $200 to $300 cash payout in February

About 850,000 Singaporean seniors will receive between $200 and $300 from the Assurance Package Seniors’ Bonus in February to help alleviate the rising cost of living.

The cash payout will be given to those aged 55 and above who do not own more than one property, said the Ministry of Finance (MOF) on Wednesday (Jan 15).

They must also be living in a property with an annual value of up to $31,000, as well as an annual accessible income not exceeding $34,000. 

This payout is part of the $1.9 billion enhancement to the Assurance Package announced at Budget 2024 to cushion the GST increase, said MOF. 

Singaporeans can check their eligibility for the seniors' bonus at the govbenefits website by logging in with their Singpass.

Eligible seniors with an NRIC-linked PayNow can receive their payments from Feb 5. 

Those without PayNow-NRIC linked bank accounts, but have a DBS/POSB, OCBC, or UOB bank account, can update their account information at the govbenefits website by Jan 27 in order to receive payments via GIRO from Feb 13.

Eligible Singaporeans who have not done the above will get their payouts via GovCash.

They can withdraw the payments from OCBC ATMs from Feb 21 by entering their payment reference number, which can be found at the govbenefits website, and their NRIC number, along with passing a facial verification.

An OCBC bank account is not required for withdrawals of payouts at OCBC ATMs.

Medisave top-up

All Singaporeans aged 20 years and below or 55 years and above will also receive a MediSave top-up of $150 as part of this package, which will be automatically be credited to their CPF accounts from Feb 11.

About two million Singaporeans residing in Singapore will benefit from this top-up, regardless of their income and the type of property they live in. 

To safeguard against scams, recipients will be informed of their benefits via an SMS notification sent by gov.sg. They do not have to reply, click on any links or provide any information to the sender.

Those without a Singpass-registered mobile number will be notified through a letter sent to their address. 

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bhavya.rawat@asiaone.com