The government of Singapore plans to enhance its Assurance Package (AP) Seniors’ Bonus to financially support its senior citizens in February 2025. The changes are meant to relieve cost-of-living pressures for poor and middle-income families and rise assistance levels for the elderly.
Higher Bonus Amounts
Around 850,000 seniors aged 55 and above in Singapore would be given cash payouts of between $200 to $300 under the AP Seniors’ Bonus in February 2025. This is a substantial boost to the already existing support that the government has provided for the financial needs of its aging population.
Eligibility Criteria
To be eligible for the AP Seniors’ Bonus, seniors ought to be aged 55 years and above, residing in Singapore, and should not own more than one property. The annual value of their property should be up to $31,000. Their assessable income should not be above $34,000 based on the Year of Assessment 2023 (i.e. income earned in 2022). These conditions ensure that the funds are directed to seniors in dire need of financial support.
Details of Disbursement
The payouts to eligible seniors can be disbursed through various channels. Seniors registered for PayNow-NRIC will be able to receive their payments as early as February 5, 2025. For those who haven’t registered for PayNow-NRIC, the funds will be credited directly to their bank accounts. In case no bank account is linked, cheques will be issued.
The government will send SMS or letter notifications to recipients after the benefits have been credited. To protect recipients from scams, these notifications will never ask for any personal data or require any actions from the recipients.
Extra MediSave Top-Ups to be Provided
In addition to the cash payout, all Singaporeans aged 55 and above, as well as those 20 years and below, will receive an AP MediSave top-up of $150 into their CPF accounts. The purpose of this initiative is to assist in alleviating healthcare costs while building up medical savings for old age. Almost 2 million Singaporeans resident in Singapore will benefit from this top-up regardless of their property’s annual value and assessable income. These payments will be automatically credited to citizens’ CPF accounts from February 11, 2025.
Key Dates to Note
From February 5, 2025, cash payouts under the AP Seniors’ Bonus will be disbursed via PayNow-NRIC. On February 11, 2025, the AP MediSave top-ups will be credited directly to eligible CPF accounts.
Conclusion
The enhanced AP Seniors’ Bonus and MediSave top-ups represent Singapore’s government’s commitment towards supporting its senior citizens. Increased financial and healthcare support will improve these seniors’ lives and allow them to be comfortable living in their own homes.