What you need to know about the upcoming AP Cash payout, MediSave Bonus, and more for Singaporeans in Dec 2024

Under the enhanced AP, about 2.9mn Singaporeans aged 21 and above in 2025 will receive S$200 to S$600 in cash in December 2024. 

Earlier this year, at Budget 2024, Singapore’s Prime Minister Lawrence Wong announced that various benefits from the Government will be disseminated effective December 2024. 

Of these benefits, PM Wong announced a S$1.9bn enhancement to the Assurance Package (AP) in efforts to support adult Singaporeans to alleviate cost-of-living pressures for Singaporean households, provide more support for lower-to-middle income families.  

Here is a breakdown of what the various benefits will entail, who it will be applicable to, and the range of payouts coming in next month, as shared by the Ministry of Health on 14 November (Thursday):  

AP Cash 

All eligible adult Singaporeans that fall under the following criteria will receive AP Cash in December every year from 2022 to 2026.  

• aged 21 years and above  

• with Assessable Income (AI) of not more than S$100,000, and  

• who do not own more than one property 

In total, eligible adult Singaporeans will receive between S$700 and S$2,250 of AP Cash over these five years. 

In addition, under the enhanced AP, about 2.9mn Singaporeans aged 21 and above in 2025 will receive S$200 to S$600 in cash in December 2024. 

MediSave Bonus  

As part of the Government’s efforts to help Singaporeans offset healthcare costs and build up their medical savings for old age, a one-time MediSave Bonus of S$300 to S$500 will be given to all adult Singaporeans between the ages 21 and 50 (i.e., born in 1974 – 2003). This will amount to about 1.4mn Singaporeans. 

The MediSave Bonus will be tiered by their year of birth, the Annual Value (AV) of their residence, and whether they own more than one property as at 31 December 2023.  

The bonus will then be credited to their CPF MediSave Account in December 2024. The one-time MediSave Bonus was enhanced by S$200 in October 2024, to provide added assurance for healthcare alongside the MediShield Life enhancements. The enhanced MediSave Bonus amounts are reflected below. 

Majulah Package – MediSave Bonus  

Under the Majulah Package, about 1.6mn Singaporeans born in 1973 or earlier will receive a one-time MediSave top-up of S$1,250 or S$2,000 in December 2024. 

The MediSave Bonus will be tiered based on the year of birth, the AV of residence, and whether there is ownership of more than one property as at 31 December 2023 and will be credited to the CPF MediSave Account in December 2024.  

The enhanced MediSave Bonus amounts are reflected below. 

Majulah Package – Retirement Savings Bonus  

As part of the Majulah Package, about 800,000 eligible Singaporeans born in 1973 or earlier will receive a one-time Retirement Savings Bonus of S$1,000 or S$1,500 in their CPF, depending on the amount of CPF retirement savings they have. 

Singaporeans born in 1973 or earlier will receive the Retirement Savings Bonus if they meet the following criteria:  

• Has a CPF retirement savings below the 2023 Basic Retirement Sum (“BRS”) of S$99,400 as of 31 December 2022;  

• Lives in a residence with AV of S$25,000 and below as of 31 December 2023; and  

• Owns not more than one property as of 31 December 2023.  

The Retirement Savings Bonus will be tiered by their CPF retirement savings and will be credited to their CPF Retirement Account (RA) or Special Account (SA) in December 2024. 

Eligible recipients will automatically receive their payments starting from December 2024, depending on their mode of receiving the payment. Citizens can check their eligibility on the govbenefits website by logging in with their Singpass. 

MOH shared that 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 identity card.  

---

READ MORE: Highlights from Singapore's 2024 Budget Statement impacting employers and HR leaders 

Lead image / Dr. Tan See Leng Facebook