Enhanced support for Singaporeans to receive assurance package cash, Medisave bonus, and retirement saving bonus under the Majulah package. In December 2024, eligible adult Singaporeans will receive various benefits from the government of Singapore, to alleviate the cost of living pressures, offset healthcare costs, and build up their saving for retirement.
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$400-950 Cash Deposit
Budget 2024, a $1.9 billion enhancement to the Assurance package was announced to help alleviate cost of living pressure for Singaporean households and provide more support for lower to middle-income families
Singaporeans born from 1974 to 2003 (inclusive) will receive a one-time MediSave Bonus to help offset healthcare costs and build up medical savings for old age. Eligible Singaporeans born in 1973 or earlier will receive a MediSave Bonus and Retirement Bonus under the Majulah Package. The lifetime cost of the Majulah Package will increase from $8.2 billion to $9 billion, with the enhancements to the Medisave Bonus in October 2024.
Assurance Package (AP)
Under the enhanced about 2.9 billion Singaporeans aged 21 and above in 2025 will get $ 200 to $600 in the month of December 2024.
MediSave Bonus
- About 1.4 billion Singaporeans born in 1974 to 2023 will receive one time Medisave top up $300 to $500 in December 2024.
- Under the Majulah Package, MediSave bonus about 1.6 billion Singaporeans born in 1973 or earlier will receive a one-time Medisave top of $1250 to $2000 in December 2024.
- These Medisave top-ups were enhanced in October 2024 as part of additional government support to offset Medishield Life premium increases, alongside upcoming enhancements to Medishield life. Collectively, these will provide support for the health costs of about 3 million singaporeans.
Retirement Saving Bonus
As a part of the Majulah package eligible 8,00,000 Singaporeans born in 1973 or earlier will receive a one-time retirement saving bonus of $1000 to $5100 in their CPF depending on the amount of CPF retirement savings they have.
Who is eligible?
- Eligible recipients will automatically receive their payments starting from December 2024, depending on their mode of receiving the payment (see details in Annex B). Citizens can check their eligibility on the govbenefits website (govbenefits.gov.sg) by logging in with their Singpass.
SMS and Letters as Modes of Notification
- Eligible recipients will be notified via SMS in December 2024 after the benefit(s) have been credited. Recipients without a Singpass-registered mobile number will be informed through a letter sent to their address on their Singapore Identity Card.
- To safeguard against scams, the SMS notification sent from “gov.sg” will only inform citizens of their benefit(s). Citizens will not be asked to reply to the SMS, click any links, or provide any information to the sender. No messages regarding the payments will be sent through WhatsApp or other mobile messaging platforms. For more information on the schemes, citizens may call the hotline at 1800-2222-888 or visit govbenefits.gov.sg.
About the Assurance Package by the Singapore Government
The Assurance Package (AP) complements the permanent GST Voucher (GSTV) scheme and provides help to Singaporean households with their cost-of-living concerns.
The AP benefits will be paid over five years and comprises (i) cash payouts to all adult Singaporeans (AP Cash) in December 2022 to 2026, (ii) cash payouts to eligible seniors (AP Seniors’ Bonus) in February 2023 to 2025, (iii) additional GST Voucher (GSTV) – U-Save for eligible HDB households in 2023 to 2026 (AP U-Save), (iv) MediSave top-ups for children (aged 20 years and below) and seniors (aged 55 years and above) in February 2023 to 2025 (AP MediSave), and (v) CDC Vouchers for each Singaporean household in January 2023 and 2024. Under the AP, the Government will also top up $5 million to the Citizens’ Consultative Committee (CCC) ComCare Fund over five years and provide a total of $12 million over four years to Self-Help Groups.
Furthermore, the AP includes one-off cost-of-living (COL) support measures in 2023 to 2025 comprising
- (i) cash payouts to eligible adult Singaporeans in June 2023 (2023 COL Special Payment), December 2023 (AP Cash Special Payment), September 2024 (B2024 COL Special Payment)
- (ii) cash payouts to eligible senior Singaporeans in June 2023 (2023 COL Seniors’ Bonus)
- (iii) additional CDC Vouchers for Singaporean households in January 2024, June 2024
- (iv) additional U-Save rebates to eligible HDB households in 2023 to 2025,
- (v) additional S&CC Rebate to eligible HDB households in 2024 and -2025
- (vi) top-ups to the Child Development Account, Edusave Account, and Post-Secondary Education Account in 2023.
About the Majulah Package by the Singapore Government
The Majulah Package provides Singapore Citizens born in 1973 or earlier, especially those born in 1960 to 1973 (“Young Seniors”, currently in their 50s and early 60s), with an additional boost for their retirement. It comprises the following: (a)Annual Earn and Save Bonus; (b) One-time Retirement Savings Bonus; and (c) One-time MediSave Bonus.
The total lifetime cost of the Majulah Package is estimated at $9 billion. Every Singaporean born in 1973 or earlier will receive at least one component of the Majulah Package. The Package will benefit about 1.6 million Singaporeans.
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