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