In 2024, the Singaporean government plans to offer a variety of additional services to its residents. In January, the Ministry of Finance (MOF) announced that approximately two million citizens would receive the Seniors’ Bonus and top-ups to their Central Provident Fund (CPF) MediSave account in February 2024.
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$900 Senior Bonus 2024 Payout Date
The AP Seniors’ Bonus aims to provide financial support to lower-income senior Singaporeans. Key details include:
- Cash Rewards: Ranging from $600 to $900.
- Eligibility: Seniors living in residences valued at up to S$25,000 per year.
- Duration: Payments will be made over three years, from 2023 to 2025.
What is the Seniors’ Bonus?
The Seniors’ Bonus provides financial aid to eligible Singaporean citizens who are 55 years old and above. It gives cash grants of $600 to $900 to elderly individuals with lower incomes, provided that they meet the eligibility requirements.
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AP Cash Program
The program called AP Cash is specifically for citizens of Singapore and comes with the following:
- Cash Payments
- Refunds
- Community Development Council (CDC) Vouchers
- MediSave Top-ups
The program aims to help Singaporeans cope with higher inflation and mitigate the impact of the Goods and Services Tax (GST) rate increase.
Senior Bonus Overview 2024
Article Title |
Senior Bonus 2024 |
|---|---|
Implementing Country |
Singapore |
Package |
Assured Package |
Payment Date |
Feb 5-23, 2024 |
Amount |
$300-$900 |
Complete Information |
Read Here |
Senior Bonus Payout Date
Payments for eligible AP Cash beneficiaries will be made from December 2023 to December 2025. The processing of the Senior Bonus payment for this year will occur between February 5-23, 2024.
- February 5, 2024: Payment will be completed if your NRIC and PayNow are already connected.
- February 13, 2024: Payment will be credited if you connect your NRIC to PayNow by January 26, 2024.
- February 23, 2024: Payment will be credited using GovCash if you update your bank information by January 26, 2024.
Eligibility for Seniors’ Bonus
To be eligible for the AP Seniors’ Bonus, you must:
- Age and Citizenship
- Age Requirement: You must be at least 55 years old. This means that you should have celebrated your 55th birthday by the time you apply for the Seniors’ Bonus.
- Citizenship: You must be a Singaporean citizen. This program is exclusively available to individuals who hold Singaporean citizenship. Permanent residents or foreigners are not eligible for this bonus.
- Assessable Income (AI)
- Income Limit: Your Assessable Income (AI) should not exceed $34,000 for the Year of Assessment (YA) of the Distribution Year.
- Definition of AI: Assessable Income includes all income earned in the Disbursement Year, such as salary, rental income, and other sources of income, before any deductions or reliefs.
- Year of Assessment (YA): The YA refers to the year in which your income is assessed for tax purposes. For example, if you are applying for the bonus in 2024, your income for the year 2023 will be assessed.
- Property’s Annual Value (AV)
- Annual Value (AV) Limit for 2023: The AV of your property should be below $21,000 for the Disbursement Year 2023.
- Annual Value (AV) Limit for 2024 and 2025: Your property’s AV should be below $25,000 for the Disbursement Years 2024 and 2025.
- Definition of AV: The Annual Value is the estimated yearly rent that your property could fetch if it were rented out, excluding furniture, furnishings, and maintenance fees. The Inland Revenue Authority of Singapore (IRAS) determines this value.
- NRIC Address: The AV is based on the address stated on your National Registration Identity Card (NRIC) as of July 31 of the preceding year.
- Property Ownership
- Single Property Ownership: You must not own multiple properties. This means that you should only own one property, which is your primary residence. Owning additional properties, whether in Singapore or overseas, will disqualify you from receiving the Seniors’ Bonus.
By meeting these criteria, you can ensure that you are eligible for the AP Seniors’ Bonus and receive the financial support the Singaporean government provides.
How to Claim the Seniors’ Bonus
The Seniors’ Bonus is an automatic payment made by the Singaporean government. No application is needed. Payments will begin in December 2023 and last through December 2025.
- Automatic Payment: If you meet the requirements, the bonus will be given to you automatically.
- PayNow Connection: Connecting your NRIC to PayNow is recommended for faster receipt of benefits.
If you have not yet got the senior bonus, verify if you meet the requirements and reach out to the relevant authorities for help.
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