SG Gov Payout Feb 2024 – Payment Date, Amount and Eligibility!

MediSave accounts of youth under 20 and seniors over 55 will get a $150 SG Gov Payout Feb 2024 top-up by Feb 5. NRIC-linked PayNow users will get their bonuses by Feb. 13, while bank crediting occurs on Feb. 23, 2024.

SG Gov Payout Feb 2024

Regardless of their income, over two million Singaporeans will receive Assurance Package reimbursements to their Central Provident Fund MediSave accounts in February. By February 5th, those who are 55 years of age or older, or those who are under 20, will have $150 added to their MediSave accounts.

As part of the Assurance Package Seniors’ Bonus, about 850,000 Singaporeans who are 55 years of age or older and hail from lower-income families will get a payout in February that ranges from $200 to $300.

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This is the second time that the two reimbursements will be made as part of a three-year dividend that will total $450 in MediSave top-ups and between $600 and $900 for seniors. The incentive will be paid out to those who connected their NRICs to PayNow by February 5; bank crediting will happen by February 13.

Singapore Gov Payout Date 

Furthermore, all Singaporeans who are 20 years of age or younger and 55 years of age or older would get a S$150 top-up to their MediSave accounts in February 2024. Approximately two million individuals are eligible for the top-up, irrespective of their assessable income or the average value of their property.

Payment Date  What you need to do to receive your 2024 AP Seniors’ Bonus (if eligible)
For Bank crediting: 13 February 2024 No action is required
For GovCash: 23 February 2024 If you have not already, please contact your bank to connect your NRIC to PayNow no later than January 26, 2024.   
For PayNow-NRIC: 5 February 2024 Alternatively, you have the option to use our e-services to update your bank account data with us by January 26, 2024.

All Singaporean children and 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.

SG Gov Payout Feb

How to receive the AP Seniors’ Bonus and AP MediSave?

Eligible Singaporeans get AP payments without action. AP Seniors’ Bonus payments may be received sooner by linking their NRIC to PayNow.

  • Singaporeans with accounts at participating banks should connect their NRIC to PayNow by 26 January 2024, according to the government. 
  • MOF said those who do so may collect their AP Seniors’ Bonus on 5 February 2024. 
  • PayNow-NRIC banks include Bank of China, CIMB, Citibank, DBS / POSB, HSBC, ICBC, Maybank, OCBC, RHB, Standard Chartered Bank, and UOB.
  • If PayNow-NRIC is not connected to any partner banks, the money will be immediately deposited to the bank account used for earlier payments or via GovCash. Logging in with Singpass on the AP website lets citizens verify their eligibility for AP Seniors’ Bonus and AP MediSave.
  • However, individuals without PayNow-NRIC connected bank accounts may change their DBS/POSB, OCBC, or UOB bank account information via the AP website by 26 January 2024 to receive the payment by 13 February 2024.
  • After receiving the AP Seniors’ Bonus and AP MediSave payments, eligible beneficiaries will be informed in February 2024. 
  • For individuals who have registered their mobile numbers with Singpass but have not downloaded or finished their one-time app setup, recipients will get SMS alerts or Singpass app inbox notifications.

Eligibility for SG Gov Payout Feb 2024

To be eligible for the SG Gov Payout Feb 2024, you must fulfill the following requirements:

  • The Ministry of Finance announced on January 15 that about 850,000 lower-income Singaporeans who are 55 years of age or older would receive S$200 to S$300 as part of the Assurance Package Seniors’ Bonus.
  • This is a portion of the benefits that the government will provide to almost two million Singaporeans under the Assurance Package Seniors’ Bonus and Assurance Package MediSave in February 2024.
  • As early as February 5, the Seniors’ Bonus for the Assurance Package will be disbursed.
  • To get payments, you need to be 55 or older during that year.
  • Seniors residing in homes with an annual value of up to S$25,000 will get the funds once the threshold is increased to that amount on January 1, 2024.
  • The Assurance Package Seniors’ Bonus will total between S$600 and S$900 and be distributed over three years in 2023, 2024, and 2025.
  • You have to be a Singaporean citizen and live in Singapore.

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