The Assurance Package would provide assistance to almost 2 million Singaporeans in February.

SINGAPORE: In February, the Assurance Package Seniors’ Bonus and Assurance Package MediSave will provide assistance to about 2 million citizens of Singapore.

The Assurance Package Seniors’ Bonus, which ranges from S$200 (US$150) to S$300, will be given to almost 850,000 lower-class Singaporeans who are 55 years of age and older, the Ministry of Finance announced on Monday, January 15.

Seniors residing in properties with an annual value of up to S$25,000 will receive the incentive. Late last year, MOF announced that the yearly value barrier would be increased to that amount starting on January 1, 2024.

The Seniors’ Bonus for the Assurance Package will be paid out over three years, from 2023 to 2025. Senior Singaporeans with lower incomes will be eligible for cash payments ranging from S$600 to S$900.

Furthermore, the Assurance Package MediSave incentive of S$150 will be deposited into each Singaporean’s CPF MediSave account, regardless of age—20 years and under or 55 years and over.

Over the course of three years, from 2023 to 2025, all Singaporean seniors and children would receive MediSave top-ups totaling S$450 as part of the Assurance Package.

Approximately 2 million Singaporeans, regardless of their home’s yearly worth or their assessable income, will gain, according to MOF.

The program was initially unveiled in Budget 2020 as a means of offsetting rising goods and services tax (GST) costs. The payout period is five years, spanning from 2022 to 2026. In December, the most recent payment of S$800 was made to all adult Singaporeans.

At Budget 2023, Deputy Prime Minister and Finance Minister Lawrence Wong declared that the government would improve the Assurance Package to take rising inflation into consideration and give Singaporeans more one-time assistance to deal with their immediate cost of living issues.

In order to further assist Singaporean households, Mr. Wong also announced in September 2023 an additional S$1.1 billion Cost-of-Living (COL) Support Package.

The Assurance Package is enhanced by S$0.8 billion as part of the cost-of-living support package, making it worth over S$10 billion.

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