Some eligible residents can expect their cash disbursements as early as Dec 5.
SINGAPORE: This December, all Singaporean adults will receive financial support ranging from S$200 to S$800 under the Assurance Package, designed to alleviate inflationary pressures and address cost-of-living challenges.
According to the Ministry of Finance (MOF), approximately 2.9 million Singaporeans will receive up to S$600 as part of the Assurance Package Cash payment, with an additional S$200 Cash Special Payment provided to about 2.5 million residents.
The Assurance Package applies to all Singaporeans aged 21 and above in 2024, regardless of property ownership. Initially introduced during Budget 2020, the package offsets goods and services tax (GST) increases with payouts spread over five years, from 2022 to 2026.
Enhancements to the package were announced in Budget 2023 by Deputy Prime Minister and Finance Minister Lawrence Wong to address inflation and provide immediate cost-of-living relief. The revised Assurance Package now offsets GST expenses for most households for at least five years, extending to ten years for lower-income households.
In September, an additional S$1.1 billion Cost-of-Living (COL) Support Package was introduced, augmenting the Assurance Package by S$0.8 billion, bringing its total value to over S$10 billion.
Additional Support in 2024
Beyond December, eligible Singaporeans will receive further benefits in early 2024, including U-Save rebates, Community Development Council (CDC) vouchers, service and conservancy charges (S&CC) rebates, MediSave top-ups, and the Assurance Package Seniors’ Bonus.
Payment Details and Timeline
The Assurance Package Cash and Cash Special Payment will be disbursed as a lump sum.
PayNow: Singaporeans linking their NRIC to PayNow by Nov 19 can expect payments from Dec 5.
Bank Transfers: Individuals updating their bank account details on the Assurance Package website by Nov 27 will receive payments starting Dec 13.
GovCash: Citizens using GovCash can withdraw payments at OCBC ATMs islandwide without needing an OCBC bank account.
Residents can check their eligibility and payment status through the Assurance Package website using their Singpass login.
These measures collectively aim to ease financial burdens and provide timely relief to Singaporean households during challenging economic times.
