Senior Bonus 2024 Payout Date, Who is Eligible, and how you claim it, All We Know

Updated on March 1, 2024

Senior citizens of Singapore should read this post to learn all there is to know about the Senior Bonus 2024 Payout Date, Eligibility, and Claim Process. Everything We Know.

Senior Bonus 2024

In 2024, the Singaporean government intends to offer a plethora of new services to its citizens. Approximately two million Singaporeans would receive the Seniors’ Bonus and top-ups to their Central Provident Fund (CPF) MediSave account in February 2024, as per a January announcement from the Ministry of Finance (MOF) of that nation.

Senior Singaporeans with lower incomes would receive cash rewards from the AP Seniors’ Bonus, which range from $600 to $900. Seniors living in homes worth up to S$25,000 annually will be eligible for the incentive. The three-year period between 2023 and 2025 will see the payment of the AP Seniors’ Bonus.

If you want to learn more about Senior Bonus 2024, we suggest that you read this post.

What is Senior Bonus in Singapore?

Under the Seniors Bonus plan, eligible Singaporean citizens 55 years of age or older can receive cash awards ranging from $600 to $900 for three years, from 2023 to 2025. Lower-income seniors who meet the eligibility requirements—those who are 55 years of age or older—are meant to receive the AP Seniors’ Bonus.

Only Singaporean citizens are eligible for the AP Cash program. Dual citizens are not eligible for any benefits. The set of AP policies that were previously revealed in Budget 2022 includes these reimbursements.

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Cash payments, refunds, vouchers from the Community Development Council (CDC), and MediSave top-ups make up the AP. Its objective is to lessen the impact of the Goods and Services Tax (GST) rate increase and help Singaporeans weather a period of higher inflation.

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
Complete Information Read Here

Senior Bonus Payout Date

December 2023 will mark the beginning of payments for eligible AP Cash recipients, which will conclude in December 2025. This year, the Senior Bonus payment will be processed from February 5–23, 2024.

If your NRIC and PayNow are already linked, the payment will be finished on February 5, 2024.
If your NRIC is not yet linked to PayNow, please get in touch with your bank by January 26, 2024, so that the connection can be established. On February 13, 2024, the funds will be credited to your bank account.

Anyone without a bank account by January 26, 2024, will be able to use the government’s e-services to update their bank information. On February 23, 2024, the funds will subsequently be credited via GovCash.

Thus, to expedite the receipt of your rewards, consider linking your NRIC to PayNow.

Who is Eligible for Senior Bonus?

Kindly ensure that you fulfill the following prerequisites to qualify for the AP Seniors’ Bonus:

You have to be a citizen of Singapore and at least 55 years old.
You may deduct up to $34,000 from your Assessable Income (AI) for income you earned in the Disbursement Year for the Year of Assessment (YA) of the Distribution Year.
As stated by your NRIC as of July 31 of the previous year, keep the property’s Annual Value (AV) below $21,000 for the Disbursement Year 2023 and $25,000 for the Disbursement Years 2024 and 2025.
You can’t own a lot of properties, surely?

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Go into the e-services on the Assured Package website to see if you qualify for the AP Seniors’ Bonus. You can also use the Support For You Calculator to estimate the benefits that you and your household could receive from the government.

How do you claim it?

The Singaporean government automatically pays the Seniors Bonus; there is no need to apply. If you are eligible for AP Cash, you will start receiving payments in December 2023 and they will continue until December 2025.

You won’t need to do anything; if you qualify, the bonus will be awarded to you immediately. It is advised to attach your NRIC to PayNow in order to expedite the delivery of your benefits.

You should confirm your eligibility if you haven’t received your senior bonus amount. If you meet the requirements and have not received your senior bonus payment, get in contact with the relevant authorities for additional assistance.

We are overjoyed that you would want to read this Senior Bonus 2024 article with us.

 

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