All adult Singaporeans to receive up to S$800 in Assurance Package support in December
Some Singaporeans will be able to receive their Assurance Package cash payments from as early as Dec 5.
People buying groceries at Ghim Moh Road Market on Aug 8, 2023. (Photo: CNA/Grace Yeoh)
This audio is generated by an AI tool.
SINGAPORE: All Singaporean adults will receive between S$200 (US$148) and S$800 in December this year under the Assurance Package, which aims to help with inflation and cost of living concerns.
About 2.9 million will receive up to S$600 in Assurance Package Cash, said the Ministry of Finance (MOF) on Wednesday (Nov 15).
About 2.5 million will also receive up to S$200 in Assurance Package Cash Special Payment.
All Singaporeans aged 21 and above in 2024 are eligible, regardless of the number of properties owned.
The package was first announced at Budget 2020 to help offset additional goods and services tax (GST) expenses. Payouts are disbursed over five years, from 2022 to 2026.
Deputy Prime Minister and Minister for Finance Lawrence Wong announced at Budget 2023 that the government would enhance the Assurance Package to account for higher inflation and provide additional one-off support to Singaporeans to address immediate cost of living concerns.
"This enhancement ensures that the Assurance Package will continue to offset additional GST expenses for the majority of Singaporean households for at least five years, with around ten years offset for lower-income households," said MOF.
Mr Wong also announced in September an additional S$1.1 billion Cost-of-Living (COL) Support Package to provide more relief for Singaporean households.
The cost-of-living support package includes a S$0.8 billion enhancement to the Assurance Package, bringing the Assurance Package to over S$10 billion.
Besides the Assurance Package support in December, eligible Singaporeans will also receive further support in January and February 2024.
This comes in the form of U-Save rebates, Community Development Council (CDC) vouchers, service and conservancy charges (S&CC) rebates, an Assurance Package Seniors' Bonus and MediSave top-ups.
MODES OF PAYMENT
Singaporeans can check their eligibility for both cash payments via the Assurance Package official website by logging in with their Singpass.
The Assurance Package Cash and Cash Special Payment will be disbursed together in a lump sum, said MOF.
The ministry added that it encourages Singaporeans to link their NRIC to PayNow by Nov 19. Those who do so can receive their cash payments as early as from Dec 5.
Those without PayNow-NRIC linked bank accounts can update their bank account information at the Assurance Package website by Nov 27 to receive the payment from Dec 13.
Citizens on GovCash, which has replaced cheques as a mode of payment, can withdraw their payment at OCBC ATMs islandwide. An OCBC bank account is not required for withdrawals.
