Senior Bonus 2024 Payout Date – When will you receive the payment?

In the event that you qualify for the AP Seniors’ Bonus, you will be paid the benefits in February of each year between 2023 and 2025. An estimated 850,000 senior Singaporeans who are 55 years of age or older and have lower incomes will get $600 to $900 in February 2024 as part of the AP Seniors’ Bonus. 

Senior Bonus 2024 Payout Date

The goal of the Senior Bonus 2024 AP is to lessen the effects of the GST rate rise and assist Singaporeans in navigating a period of increased inflation. Cash payments, rebates, vouchers from the Community Development Council (CDC), and MediSave top-ups are all included in the package.

The Singaporean government plans to provide its residents with an abundance of additional forms of aid in 2024. If you have already provided the government with your bank account details but do not currently have a bank account linked to PayNow-NRIC, you will receive the payments by bank transfer. 

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Your benefits will be credited to GovCash if you do not have a bank account. The following lists the dates for the 2024 senior bonus distribution.

Senior Bonus Payment Method  Senior Bonus Payment Date 
PayNow-NRIC 5 February 2024
For Bank crediting 13 February 2024
For GovCash 23 February 2024

How much Senior Bonus 2024 will be paid?

Singapore’s Ministry of Finance (MOF) announced that 850,000 senior Singaporeans aged 55 and above with lower incomes will receive the S$200-S$300 AP Seniors’ Bonus in February 2024, with the AV level increasing to S$25,000.

Two million Singaporeans will benefit from a top-up to their MediSave accounts in February 2024 if they are 55 years of age or older. This is one of the AP initiatives from Budget 2022 that is meant to assist Singaporeans in managing inflation and the increase in the GST rate.

All Singaporean seniors will get the AP MediSave top-ups totaling S$450, while eligible seniors will receive the AP Seniors’ Bonus, formerly known as the GST Voucher–Cash (Seniors’ Bonus), totaling S$600 to S$900 under the AP. The payments will be distributed between 2023 and 2025, a period of three years.

Senior Bonus Payout Date

How and Where will I receive my Senior Benefit 2024?

Eligible Singaporeans can get these AP payments without having to take any action. However, individuals should link their NRIC to PayNow if they would want to receive their AP Seniors’ Bonus payments sooner. 

If a person has an account with one of the participating banks in Singapore, the government encourages them to link their NRIC to PayNow by January 26, 2024. 

According to MOF, those who comply can start receiving their AP Seniors’ Bonus as early as February 5, 2024. HSBC, ICBC, Maybank, OCBC, RHB, Standard Chartered Bank, UOB, Bank of China, CIMB, Citibank, DBS / POSB, and other collaborating banks are listed for PayNow-NRIC.

The payment will be made through GovCash or directly paid to the bank account that was previously used for prior payments, if any, if the PayNow-NRIC is not connected to any of the partner banks.

Senior Bonus 2024 Eligibility

Those who are eligible for bonus payment will get the payment in February 2023-2025. For you to be qualified for the AP Seniors’ Bonus, you must fulfil the following conditions:

  • You have to be a citizen of Singapore and live there. 
  • You must be 55 years of age or older during the payment year.
  • You are only allowed to possess one property. An individual cannot get the AP Seniors’ Bonus if they own several properties.
  • Income generated in the Payment Year may be subtracted up to a maximum of $34,000 from your Assessable Income (AI) for the Year of Assessment (YA) of the Distribution Year.
    • Your Notice of Assessment or IRAS tax bill will contain your AI, which is your total taxable income from work, trade, business, and rental sources.
  • As of July 31, the year prior to the Distribution Year, the Annual Value (AV) of the property you own, as reported on your NRIC, cannot exceed $21,000 for the Disbursement Year 2023. 
    • The estimated gross annual rent (AV) is a crucial factor in calculating property tax, as it includes the annual property tax bill received from IRAS.
  • Your home’s estimated value (AV) for the Disbursement Years 2024 and 2025 cannot exceed $25,000 based on your NRIC as of July 31, the year prior to the Payment Year. 

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