SINGAPORE: Approximately two million Singaporeans are set to benefit from a top-up to their CPF Medisave accounts as part of the government’s Reassurance and Assistance Package.
Additionally, about 850,000 lower-income elderly Singaporeans will receive the Senior Citizen Bonus, a move aimed at providing financial support to vulnerable groups.
The Ministry of Finance (MOF) announced that lower-income senior citizens aged 55 and above who reside in a home with an annual value not exceeding $31,000 and whose taxable income is below $34,000 will be eligible to receive the Senior Citizen Bonus.
This bonus, ranging from $200 to $300, will be credited via PayNow, with payments starting as early as Feb 5.
In addition to the Senior Citizen Bonus, eligible Singaporeans aged 20 and below, as well as those aged 55 and above, will receive a $150 health savings top-up next month. This top-up will be automatically deposited into their CPF health savings accounts starting on Feb 11.
Upon distribution of the funds, recipients will be notified via SMS or mail. The authorities have stated that they will send notifications only through “gov.sg” to prevent fraud. For those aged 16 and below, notifications will be sent to parents or guardians.
