In 2025, the Singaporean government will be increasing monetary support for seniors through the Assurance Package (AP) set to alleviate cost-of-living compression and encourage saving for retirement.
Eligible seniors would receive cash benefits of up to $900, in addition to top-ups to the MediSave scheme.
Assurance Package Senoirs’ Bonus
The AP Seniors’ Bonus provides cash payouts for lower-income Singaporean seniors distributed in a triennium periodic basis (2023-2025). In February 2025, about 850,000 seniors aged 55 and above will receive a cash payout of S$200 to S$300 with the payout varying by age and property details.
For the seniors aged 55-64, the cash payouts would be based on property holding and income levels. The higher pay-outs are for seniors 65 years old and above. Starting from February 5, 2025, these payments will be credited via PayNow-NRIC. Seniors who do not have PayNow-NRIC-linked accounts are allowed to provide their bank details for payments through Giro from February 13.
Assurance Package MediSave Top-Ups
All Singaporeans under the age of 20 or over the age of 55 will receive a one-time AP MediSave top-up of $150 payable into their CPF accounts in February 2025, regardless of property ownership or income levels. Payment will be credited from February 11, 2025.
Eligibility Criteria
To be eligible for these benefits, seniors have to fulfill the following conditions:
They must be Singapore citizens residing in Singapore.
They would have attained the age of 55 years as of the year that the benefit is disbursed (2025).
They must not be owners of more than one property having an AV of up to $31,000.
They ought to have an assessable income (AI) not exceeding $34,000 for the Year of Assessment 2023 (income earned in 2022).
How to Claim
Eligible seniors need not put in an application for either disbursement as the payments are made automatically by the government machinery. For the purposes of avoiding potential delays in payment, seniors are advised to link their bank account to their NRIC number through PayNow or otherwise provide their bank account details for the Giro disbursement.
Apart from that, seniors can also call the Ministry of Finance for queries or refer to the official government website for its benefits claims