The Assurance Package (AP) Seniors’ Bonus is a pivotal initiative by the Singaporean government, aimed at providing financial assistance to lower-income senior citizens in light of the Goods and Services Tax (GST) increase. Scheduled from 2023 to 2025, this program offers annual cash payments ranging from $600 to $900, depending on individual eligibility criteria. The objective is to mitigate the impact of rising living costs and ensure that seniors can maintain a comfortable standard of living.
Eligibility for the AP Seniors’ Bonus is determined by several factors:
- Age: Applicants must be Singaporean citizens aged 55 and above in the disbursement year.
- Assessable Income (AI): The AI for the Year of Assessment 2023 (income earned in 2022) should not exceed $34,000.
- Property Ownership: Individuals owning more than one property are ineligible.
- Annual Value (AV) of Home: The AV of the residence must not exceed specified thresholds, which have been adjusted over the years to accommodate more seniors.
The payout amounts for 2025 are structured as follows:
- Annual Value up to $21,000:
- Ages 55 to 64: $250
- Ages 65 and above: $300
- Annual Value between $21,001 and $31,000:
- Ages 55 to 64: $200
- Ages 65 and above: $200
These payments are automatically credited to eligible seniors’ bank accounts in April each year. To receive the payout via PayNow-NRIC, individuals should link their NRIC to their bank account by April 25, 2025. Alternatively, bank account details can be updated through the government’s e-services portal by April 27, 2025. Those without bank accounts will receive their benefits via GovCash.
Complementing the AP Seniors’ Bonus, the government has introduced the Earn and Save Bonus under the Majulah Package, targeting Singaporeans born in 1973 or earlier who are working and meet specific income criteria. This initiative aims to further bolster retirement savings for seniors, with eligible individuals receiving notifications via SMS in April 2025 after the bonus has been credited to their CPF accounts.
These programs underscore Singapore’s commitment to supporting its aging population through structured financial assistance, ensuring that seniors can navigate their retirement years with greater financial security.