Assurance Package Scheme to Provide Financial Relief

Singaporeans are set to receive up to $440 in cost-of-living support next month, depending on their assessable income and the number of properties they own, as reported by The Straits Times. This payout is part of the Assurance Package scheme, designed to alleviate cost-of-living pressures for Singaporean households and offer better support to lower- and middle-income families.

Eligible recipients will automatically receive their payout starting in December, with specific dates varying based on their mode of receiving the payment. Additionally, some Singaporeans will also receive other benefits next month meant to offset healthcare expenses and build up retirement savings, according to CNA.

Healthcare and Retirement Savings Top-Ups

About 1.4 million citizens born in 1974-2003 will get a one-time MediSave top-up worth S$300-500, while some 1.6 million Singaporeans born in 1973 or earlier will receive a top-up of S$1,250-2,000. MediSave is the city-state’s national medical savings scheme that helps individuals save up for their healthcare needs in old age.

Around 800,000 citizens born in 1973 or earlier are also set to receive a bonus of S$1,000-1,500 in their Central Provident Fund (CPF) accounts, depending on their current savings. CPF is Singapore’s mandatory social security savings scheme that helps working citizens set aside funds for retirement, housing, healthcare and other purposes. Both the MediSave and CPF bonuses will be automatically credited to citizens’ CPF accounts starting from Dec. 18.