The government of Singapore has been providing various social security benefits to its elderly citizens so that they can live a comfortable life in their old age. One such Singaporean government benefit program is Assurance Package (AP) Seniors’ Bonus. This program primarily offers monetary benefits directly to the eligible individual as per satisfaction of associated eligibility criteria. This article will assist such Singaporean individuals in getting relevant information on the associated Eligibility criteria along with expected Amount and Increment for this Singapore Senior’s Bonus.
Singaporean Senior’s Bonus 2024
This cash benefit program is intended for Singaporean citizens who have attained a certain age and are qualified to receive these benefits. There are certain eligibility criteria to qualify for this AP Seniors’ Bonus which will be discussed later in this article. The amount of the Singaporean Senior’s Bonus is disbursed annually in the month of February every year.
Singaporean Senior’s Bonus 2024 Highlights
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Article’s title |
Singaporean Senior’s Bonus 2024 |
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Associated Country |
Singapore |
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Related Authority |
Singapore Government |
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Expected Amount (Including 2023, 2024 and 2025) |
Up to $900 |
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Disbursement Date |
In the month of February, 2025 |
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Minimum Eligibility Age |
At least 55 years |
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Singaporean Senior’s Bonus 2024 Eligibility Criteria
The associated eligibility criteria are as follows:
- The individual applying for the AP Seniors’ Bonus has to be a Singaporean Citizen who is residing in Singapore itself while applying for these benefits.
- The individual has to have attained at least the age of 55 years for disbursement of these cash benefits.
- The individual must not be an owner of more than one property in Singapore for qualifying.
- The individual’s Assessable Income for the AP Disbursement Year must not be more than $34,000.
- The individual’s home’s Annual Value must not be more than $21,000 for AP Disbursement Year 2023 and $25,000 for AP Disbursement Year 2024 and 2025.
$700 Government Payout 2024- When it is Coming for Singaporeans, Eligibility & Amount
Singaporean Senior’s Bonus 2024 Distributed Amount
The following amount shall be disbursed to the qualified Singaporean individuals under the Assurance Package Seniors’ Bonus program:
For the year 2023:
- For the individual aged between 55 to 64 years of age having Annual Value of home up to $13,000 – $250;
- For the individual aged 65 years and more having Annual Value of home up to $13,000 – $300;
- For the individual aged between 55 to 64 years of age having Annual Value of home between $13,000 and $21,000 – $200;
- For the individual aged 65 years and more having Annual Value of home between $13,000 and $21,000 – $200.
For the year 2024:
- For the individual aged between 55 to 64 years of age having Annual Value of home up to $21,000 – $250;
- For the individual aged 65 years and more having Annual Value of home up to $21,000 – $300;
- For the individual aged between 55 to 64 years of age having Annual Value of home between $21,000 and $25,000 – $200;
- For the individual aged 65 years and more having Annual Value of home between $21,000 and $25,000 – $200.
For the year 2025:
- For the individual aged between 55 to 64 years of age having Annual Value of home up to $21,000 – $250;
- For the individual aged 65 years and more having Annual Value of their respective home up to $21,000 – $300;
- For the individual aged between 55 to 64 years of age having Annual Value of their respective home between $21,000 and $25,000 – $200;
- For the individual aged 65 years and more having Annual Value of their respective home between $21,000 and $25,000 – $200.
It is clear from the aforementioned information that there hasn’t been any increment in the cash benefits for the current and coming years. Only the aforesaid cash benefits will be disbursed under the Assurance Package Seniors’ Bonus by the Singaporean Government as of now. However the Annual Value for the individual’s home has been increased for the Disbursement Year 2024 and 2025 respectively.
Assurance Package Seniors’ Bonus 2024
- Assessable Income refers to the total income that includes income from employment, trade or income from any other source such as rental. However it excludes any allowable expenses and donations that are approved by relevant authority. The Assessable Income is the income that is earned during the second-last preceding year of income assessment based on the income earned in the year prior to this. For instance, the Assessable Income of the year 2022, as per income earned in 2021, will be taken in consideration for the AP Disbursement Year 2024.
- The Annual Value of an individual’s home is the estimation of the gross annual rent value that will be received by the individual if the said home is rented out. The Annual Value of the individual’s home will be the indicated value mentioned on their National Registration Identity Card (NRIC) as of the 31st July of the preceding AP Disbursement Year. The Annual Value of an individual’s home is estimated for incurring property tax.
- It is important to note here that any individual who holds any foreign citizenship simultaneously with the Singaporean citizenship will be ineligible for the Assurance Package Seniors’ Bonus.
FAQs on Singaporean Senior’s Bonus 2024
Q : What is the upcoming Singaporean Seniors’ Bonus amount to be disbursed?
Ans : The collective amount of the years 2023, 2024 and 2025 may range between $600 to $900 for any eligible individual based on their qualifications under the Assurance Package Seniors’ Bonus program.
Q: Where can the information on Singaporean Seniors’ Bonus be found?
Ans: The information is easily available on the official website of the Singapore Government at http://www.govbenefits.gov.sg.
Q: What is the minimum age for receiving the Singaporean Seniors’ Bonus?
The minimum age that has to be attained in order to qualify for Seniors’ Bonus is 55 years.
