Some days ago, the Singapore government announced enhanced support for Singaporeans that will be paid in December 2024. The government intends to reduce the cost-of-living pressure, save up for retirement, and support healthcare expenses through the December payout.
Singapore December Payout 2024
The Singapore Ministry of Health, Ministry of Finance, and Ministry of Manpower on 14 Nov 2024 in a press release confirmed the benefits – Assurance Package cash payment, MediSave bonus, Retirement Saving Bonus under the Majulah package for eligible Singaporeans.
The Singaporean government introduced $1.9 billion in enhanced support for Adults in the 2024 Budget to support lower-to-moderate income-earning households to survive the rising cost of living. Now that the payment is confirmed, adult Singaporeans will receive the following payout in December 2024 from the government based on the benefit they qualify for:
- Assurance Package Cash: Under AP Cash, the payment ranges from $200 to $60 depending upon your 2023 accessible income, and number of properties you own, and their annual value.
- MediSave Bonus: The MediSave has two top-ups – one for Singaporeans born between 1973 and 2003 and the other under the Majulah package for people born in 1973 or earlier. The payout is a $300 – $500 payment for Medi-Save top-up and $1250 to $2000 for MediSave under the Majulah package.
- Retirement Saving Bonus: Eligible recipients will receive a one-time retirement bonus of $1000 to $1500 under this benefit.
Who will receive the Singapore December 2024 benefits?
Singaporeans who meet the following eligibility requirements will receive the announced benefits to be processed in December 2024:
Assurance Package Cash:
- You are a Singaporean living in Singapore
- Your age is 21 or above in the 2025 (reference year)
MediSave Bonus:
- Your age to receive the top-up MediSave bonus should be between 21 and 50, your birth year between 1974 and 2003 and your property value should not exceed $25,000.
- Singaporeans born in 1973 or earlier and have an annual value of one property that should not exceed $25,000 would receive the MediSave top-up under the Majulah package.
Retirement Saving Bonus:
- Singaporeans born in 1973 or earlier would be entitled to receive the Retirement Savings bonus.
Singapore December Payout Dates
The eligible Singaporeans will receive the respective benefits they qualify for in December 2024. Singaporeans can mark the following payout dates of these benefits:
- Assurance Package:
The AP Cash payment date depends on the payment mode you will receive the payment, for instance, people who have their PayNow-MRIC linked will receive the payment on 05 December 2024, and people who do not have their NRIC linked with PayNow can receive the payment on their bank account from 16 Dec 2024, and people who neither have PayNow-NRIC or bank account can receive the payment via GovCash from 24 December 2024.
- MediSave Bonus
The eligible Singaporeans will receive the December Medisave Bonus automatically in their CPF Medisave account from 18 December 2024.
- Retirement Saving Bonus
People eligible for the Retirement Saving Bonus will receive the bonus automatically in the CPF Retirement account or special account from 18 December 2024.
Singaporeans should keep in mind that if they are aged 55 or above, the bonus will be paid to the RA, whereas if they are aged below 55, their bonus will be paid to the Special Account.
Do you need to claim the Singapore Enhanced December Payments?
As per the announcement, the December payments will be automatically processed to eligible Singaporeans based on their assessable income and government data via the payment method they have selected to receive the payout.
Singaporeans can check if they have an account in the participating banks to receive the payment on time and ensure all their information is correct. If they are not sure of the payment date, they can check the upcoming payout in SingPass.
The Singaporeans would know about the benefit disbursement as the authority will send a notice or SMS in December 2024 after sending your payments to the respective payment method or account. The recipients with no Singpass registered mobile number will get a letter from the authority about the payment disbursed.
Important Note:
- The Ministry has warned citizens to stay vigilant of potential scams and not click on any links or provide their private information to scammers impersonating Singapore Support. The recipients should know the only message they will receive will be about sending the payment where you don’t need to do anything. The authority will never send the message via WhatsApp or other messaging platform to reach you, so stay alert and informed.
- If you have any questions about the scheme or benefits, you can contact us at 1800 2222 888.
Impact of Singapore December Enhanced Support
The December enhanced payment for the adult citizen will help the citizens in many ways, such as:
- As per government data, around 1.4 million and 1.6 million people will receive AP cash and MediSave bonuses, respectively, which will lower their financial burden and help them offset their healthcare expenses.
- Singaporeans will be able to save money for their retirement with a retirement savings bonus and ensure a secure retirement life.
- With the New Year and Christmas ahead, the support will help the citizens cover the extra cost and enjoy a blissful time with their family members.
- The one-time Medisave bonus will help millions of people suffering from serious illness or disability to cover their extra medical costs.
- With the GST increase and the cost of living rising, Singaporeans can cover their expenses with cash and lead a decent lives
The Singapore government will process the December enhanced payouts soon, the eligible Singaporeans should mark the date to plan their finances.
