2 million S’poreans to receive Assurance Package payout to MediSave accounts in February

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Those aged 20 and below or 55 and above will receive a top-up of $150 to their MediSave accounts by Feb 5. PHOTO: ST FILE

SINGAPORE – About two million Singaporeans will receive Assurance Package payouts to their Central Provident Fund MediSave accounts in February, regardless of their incomes.

Those aged 20 and below or 55 and above will receive a top-up of $150 to their MediSave accounts by Feb 5.

Also in February, about 850,000 Singaporeans aged 55 and above who come from lower-income backgrounds will receive a payment of between $200 and $300 as part of the Assurance Package Seniors’ Bonus.

These seniors are living in properties with an annual value of up to $25,000, and also meet other eligibility criteria, including their income earned in 2021.

Those who turn 55 in 2024, as well as babies born by the end of the year, will qualify for the payouts.

This marks the second time that the two payouts will be disbursed as part of a three-year disbursement, which totals between $600 and $900 each for seniors, and $450 each in MediSave top-ups.

Those who have linked their NRICs to PayNow will receive their bonus by Feb 5, while bank crediting will take place by Feb 13.

Singaporeans who have not linked their NRICs to PayNow or provided their bank account details will receive the payouts via GovCash, which acts as a mode of payment in lieu of cheques, by Feb 23.

Those using the GovCash service can withdraw their payments at any OCBC Bank automated teller machine (ATM) by entering their payment reference number and NRIC.

An OCBC bank account is not necessary for this, although there will be a facial verification check at the ATM.

The payments are part of the Assurance Package measures announced during Budget 2022, and are meant to help Singaporeans cope with higher inflation, as well as to cushion the impact of the rise in the goods and services tax (GST), said the Ministry of Finance in a statement on Jan 15.

Among the beneficiaries of the two payouts are Mr Chow Yong Fatt, 83, and his wife.

The retired teacher said he was thrilled to be receiving $300 in cash, as it would help him and his wife tide over rainy days.

“Everything is expensive now, with GST going up. It’s good that there’s support by the Government to help people,” he said.

Mr Chow, who lives with his wife in a one-room Housing Board flat in MacPherson, added that the MediSave top-up would be helpful in times of emergency as well.

In his maiden Budget speech on Feb 18, 2022, Deputy Prime Minister and Finance Minister Lawrence Wong announced that the Assurance Package would be increased to $6.6 billion.

During the following year’s Budget, it was further beefed up to $9.6 billion, with DPM Wong announcing an $800 million enhancement to the Assurance Package on Sept 28, 2023, bringing its total to more than $10 billion.

Citizens can check their eligibility for the payouts by logging in to the Assurance Package official website with Singpass.

This article was originally published on The Straits Times. Its inclusion on this website is solely for education purposes.