Those aged 20 and below or 55 and above will receive a top-up of $150 to their MediSave accounts by Feb 5.- ST FILE
SINGAPORE: About 2 million Singaporeans will receive Assurance Package payouts to their Central Provident Fund (CPF) MediSave accounts in February, regardless of their incomes.
Those aged 20 and below or 55 and above will receive a top-up of S$150 to their MediSave accounts by Feb 5.
Also in February, about 850,000 Singaporeans aged 55 and above who come from lower-income backgrounds will receive a payment between $200 and $300 as part of the Assurance Package Seniors’ Bonus.
These seniors are living in properties with an annual value of up to $25,000, and meet other eligibility criteria, including their income earned in 2021.
This marks the second time that the two payouts will be disbursed as part of a three-year disbursement, which totals between $600 and $900 each for seniors, and $450 each MediSave top-ups.
Those who have linked their NRIC to PayNow will receive their bonus by Feb 5, while bank crediting will take place by Feb 13. Singaporeans who have not linked their NRICs to PayNow or provided their bank account details will instead receive GovCash, which will be distributed by Feb 23.
The payments are part of the Assurance Package measures announced during Budget 2022, and are meant to help Singaporeans cope with higher inflation, as well as cushion the impact of the rise in Goods and Services Tax (GST), said the Ministry of Finance (MOF) in a statement on Jan 15.
In his maiden Budget speech on Feb 18, 2022, Deputy Prime Minister and Finance Minister Lawrence Wong announced that the Assurance Package would be increased to $6.6 billion.
During the following year’s budget, it was further beefed up to $9.6 billion, with Wong announcing an $800 million enhancement to the Assurance Package on Sept 28, 2023 bringing its total to more than $10 billion.
Citizens can check their eligibility for the payouts by logging in at the Assurance Package official website with Singpass. - The Straits Times/ANN
