The Assurance Package (AP) is a payout by the Singapore government that only a few people know about. Under this benefit, approx. 850,000 Singaporeans with lower incomes will receive about $200 to $300 from the Assurance Package (AP) in April 2025. To know about the Assurance Package in detail, keep reading the article given below.
Singapore Government Payout That Only A Few People Know About
The Singapore Government is launching a payout named the Assurance Package and it will be distributed to the eligible individuals only. The main aim of this payment is to provide monetary aid to those who are facing a challenging time and are financially unstable. This payment will help millions of Singaporeans, especially those with no or low sources of income.
Assurance packages are of many types, such as:
- Assurance Package (AP) Cash
- Assurance Package (AP) MediSave
- Assurance Package (AP) Seniors Bonus
- Assurance Package (AP) U-Save
- Cost of living (COL) Support Measures
Types of Assurance Packages, Eligibility and Payment Amount
Assurance Package (AP) Cash
Under this payment, all the individual citizens or permanent residents of Singapore who are aged 21 and above will receive payments in cash of between $700 and $2,250. The amount may vary according to the individual’s income and property ownership. This payment will be distributed to the eligible citizens in April every year from 2022 to 2026. No application is required for this benefit and it will be directly transferred to your account.
Assurance Package (AP) MediSave
Assurance Package (AP) MediSave offers a total of $450 in funding over three years (2023-2025) to assist with healthcare expenses. In April 2025, the final payment will be distributed of $150. This program is intended for individuals under the age of 20 and those aged 55 and above. You must be a citizen or permanent resident in order to claim this benefit. The payments will be credited in April from 2023 to 2025. No application is required for this benefit and it will be directly transferred to your account.
Assurance Package (AP) Seniors Bonus
This Assurance Package is for senior citizens with low income to help them keep pace with inflation and the rise in the costs of living. The payment will be a total of $600 to $900 cash, which will be distributed to eligible citizens who are aged 55 and above. You must be a citizen or permanent resident in order to claim this benefit. The payouts will be distributed in April over 3 years from 2023 to 2025. For the year of assessment 2023, assessable income must not exceed $34,000. The annual value of the home, as indicated on the NRIC, must not exceed $31,000 as of 31 July 2024. Moreover, the individual must not own more than one property. No application is required for this benefit and it will be directly transferred to your account.
Assurance Package (AP) U-Save
Under the Assurance Package, all the HBD households that are eligible will get extra U-Sav rebates from 2023 to 2026. You may receive $550 to $950 for eligible HBD households. Payments will be received quarterly in April, April, July, and October. The amount received will be different for all U-Save packages. No application is required for this benefit and it will be directly transferred to your account with SP services. Eligibility criteria are as follows:
- You must be Singaporean households living in HBD flats.
- If the HBD flat is partially rented out or not rented at all, there must be at least one Singaporean citizen owner or occupier in the household.
- A minimum of one tenant must be a citizen of Singapore if the entire HBD flat is rented out.
- Ownership or interest in more than one property is prohibited for immediate family members residing in the same flat.
Cost of living (COL) Support Measures
This scheme is launched to provide additional support for households. There has been an official announcement by the government that the Assured Package will be increased in 2024 and along with it the COL special payment for support measures. This is a one-time cash payment of $200 to $400 for each eligible individual. The individual must be a citizen or permanent resident in order to claim this benefit. The individual must be aged 21 and above in 2024. Assessable income for Year of Assessment 2023 must not surpass $100,000. The applicant must not own more than 1 property. No application is required for this benefit and it will be directly transferred to your account.
These are all the assurance packages you must know about. To know more about the benefits in Singapore, you can refer to the official website of the Singapore Government. Thanks for reading the article.