Updated on February 6, 2024
Important Information for Elderly Singaporeans: Learn About the Senior Bonus 2024 Payout Date, Eligibility Criteria, and How to Claim It – Here’s What You Need to Know.
Senior Bonus 2024
In 2024, the Singaporean government has outlined plans to offer an array of supplementary services to its residents. As per a January announcement from the Ministry of Finance (MOF) of Singapore, approximately two million citizens are set to receive the Seniors’ Bonus and CPF MediSave account top-ups in February 2024.
The AP Seniors’ Bonus aims to offer cash rewards ranging from $600 to $900 to lower-income senior Singaporeans. This incentive targets seniors living in residences valued at up to S$25,000 annually. The AP Seniors’ Bonus will be distributed over a three-year period, from 2023 to 2025.
If you’re interested in learning more about the Senior Bonus 2024, we highly recommend reading this post.
What is Senior Bonus in Singapore?
Under the Seniors Bonus plan, eligible Singaporean citizens aged 55 or above can receive cash awards ranging from $600 to $900 over a three-year period, from 2023 to 2025. The AP Seniors’ Bonus specifically targets lower-income seniors who meet the eligibility criteria and are also aged 55 or older.
The AP Cash program is exclusively open to Singaporean nationals, with no perks available to dual citizens. These reimbursements form part of the suite of AP policies previously outlined in Budget 2022.
The Assistance Package (AP) encompasses cash payments, refunds, Community Development Council (CDC) vouchers, and MediSave top-ups. Its primary objective is to aid Singaporeans in navigating a period of increased inflation and to alleviate the impact of the rise in Goods and Services Tax (GST) rates.
Senior Bonus Overview 2024
| Article Title | Senior Bonus 2024 |
| Implementing Country | Singapore |
| Package | Assured Package |
| Senior Bonus Payment Date | Feb 5-23, 2024 |
| Senior Bonus Amount | $300-$900 |
Senior Bonus Payout Date
Payments for eligible AP Cash beneficiaries will occur from December 2023 to December 2025. The processing of Senior Bonus payments for this year is scheduled from February 5 to February 23, 2024.
- If your NRIC and PayNow are already linked, the payment will be finalized on February 5, 2024.
- For those whose NRIC is not yet connected to PayNow, it’s advisable to contact your bank before January 26, 2024, to facilitate the connection. In such cases, the money will be credited to your bank account on February 13, 2024.
- Individuals without a bank account can update their bank information using the government’s e-services by January 26, 2024. In this scenario, the money will be credited on February 23, 2024, using GovCash.
Therefore, consider linking your NRIC to PayNow to expedite the receipt of your rewards.
Who is Eligible for Senior Bonus?
To qualify for the AP Seniors’ Bonus, please ensure you meet the following requirements:
- You must be at least 55 years old and a Singaporean citizen.
- For the Year of Assessment (YA) of the Distribution Year, you can deduct up to $34,000 from your Assessable Income (AI) for income earned in the Disbursement Year.
- Maintain the property’s Annual Value (AV) below $21,000 for the Disbursement Year 2023 and $25,000 for the Disbursement Years 2024 and 2025, as indicated by your NRIC as of July 31 of the preceding year.
- You must not be the owner of multiple properties.
To verify your eligibility for the AP Seniors’ Bonus, log in to the e-services on the official website of the Assured Package. Additionally, to estimate the potential benefits for you and your household from the government, you can utilize the Support For You Calculator.
How do you claim it?
The Seniors Bonus is automatically disbursed by the Singaporean government, requiring no application process. If you meet the eligibility criteria for AP Cash, payments will commence in December 2023 and continue until December 2025.
If you are eligible, you won’t need to take any action; the bonus will be automatically granted to you. However, attaching your NRIC to PayNow is advisable if you wish to receive your benefits more promptly.
If you have not received your senior bonus payment, it is advisable to first verify your eligibility. If you qualify and have not yet received your payment, it is recommended to contact the appropriate authorities for further assistance and guidance.
We’re delighted that you’ve taken the time to read through this article on the Senior Bonus 2024 with us. Thank you for your interest and attention!