Financial Support for Singapore's Senior Citizens

In a significant move to support its elderly population, the Singaporean government has announced a cash bonus of up to US$220 for eligible senior citizens. This initiative is part of the Assurance Package Seniors’ Bonus, targeting seniors who own no more than one property and have an annual income of SGD34,000 or less. Additionally, the annual value of their property must not exceed SGD31,000.

Expanding the Assurance Package

Last year, the Assurance Package program received a substantial boost with a $1.9 billion increase to enhance citizen support. As part of this expansion, every Singaporean aged 20 years and below, or 55 years and above, will also benefit from an AP MediSave top-up of $150 in their accounts. This comprehensive support is expected to reach approximately two million locals, marking a significant step towards financial inclusivity and security for Singapore's population.