This post is for Singaporeans aged 65 and older. It contains information on the Senior Bonus Payout Date 2024, who is eligible, and how to claim it. All We Know.
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Senior Bonus 2024
Singapore plans to offer a variety of services to its residents in 2024. According to an announcement made by Singapore’s Ministry of Finance in January, two million Singaporeans will receive the Seniors Bonus and top-ups for their Central Provident Fund MediSave accounts in February 2024.
The AP Seniors’ bonus would reward Singaporeans of lower income with rewards ranging between $600 and $900. The incentive will be given to seniors who live in homes valued up to S$25,000 annually. The AP Seniors Bonus will be distributed between 2023 and 2020, a three-year period.
If you want to learn more about the Senior Bonus 2024, we recommend that you read this article.
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What is the Senior Bonus in Singapore?
The Seniors Bonus Plan offers cash rewards ranging between $600 and $900 to Singaporean citizens 55 years or older. This plan will run for three years from 2023-2025. The AP Seniors’ bonus is designed to help seniors with lower incomes who meet the requirements, i.e. those who are 55 or older.
Singaporeans are the only ones who can access AP Cash. Dual citizens are not eligible for any perks. These reimbursements were part of the set AP policies previously announced in Budget 2022.
The AP consists primarily of cash payments, Community Development Council vouchers (CDC), and MediSave top ups. The aim is to help Singaporeans weather a period of rising inflation and ease the impact of the Goods and Services Tax rate increase.
Senior Bonus 2024 Overview
| Article Title | Senior Bonus 2024 |
| Implementing Country | Singapore |
| Package | Assured package |
| Senior Bonus Payment Date | Feb 5 – 23, 2024 |
| Senior Bonus Amount | $300-$900 |
| Complete Information | Click Here to Read More |
Senior Bonus Payment Date
Payments to qualified AP Cash Beneficiaries will begin in December 2023, and end in December 2025. The Senior Bonus payment for this year will be processed between February 5 and 23 of 2024.
- If your NRIC is already linked to PayNow, the payment will be complete on February 5, 2024.
- Contact your bank by January 26, 2024 if you have not connected your NRIC to PayNow. Your bank account will be credited with the money on February 13, 2024.
- Anyone without a bank can update their information on January 26, 2024 using e-services from the government. GovCash will credit the money on February 23, 2020.
Connecting your NRIC with PayNow will help you receive your rewards faster.
Who is eligible for the Senior Bonus?
You must meet the following requirements to qualify for the AP Seniors’ bonus:
- You must also be a Singaporean national.
- You can deduct up $34,000 of your assessable income (AI) in the year of assessment (YA) of the distribution year for the income you earned during the disbursement period.
- Keep the Annual Value of your property below $21,000 in the Disbursement Year of 2023, and below $25,000. This is based on the NRIC you provided as of August 31, the previous year.
- You cannot own many properties.
Log in to Assured Package’s online website and log into the eServices section. You can use the Support For You Calculator to estimate the benefits you and your family could receive from the government.
How can you claim it back?
Singapore’s government automatically pays the Seniors Bonus. No application is required. If you meet the AP Cash requirements, payments will start in December 2023. They will continue until December 2025.
You will receive the bonus immediately if you qualify. If you want your benefits faster, it is recommended that you attach your NRIC with PayNow.
If you haven’t gotten your senior bonus yet, check to see if you are eligible. If you are eligible but have not received your senior bonus, contact the relevant authorities.
We are delighted that you chose to read this article about Senior Bonus 2024.
