Eligibility 2024 Assurance Package - go.gov.sg/assurancepackage

Assurance Package 2024 – The Singaporean government increased the GST from 8% to 9%, and to help the citizens during this increase, the government created a program called the Assurance Package. This scheme will provide support for citizens and help cushion the impact of the increase made in the GST.

The government designed the Assurance Package (AP) with high hopes of helping Singaporeans weather the inflation period and mitigate the negative consequences of the increase in the GST rate. It aims to ensure that Singaporeans can continue to meet their day-to-day needs and maintain their standard of living even though costs for goods and services are increasing.

This article discusses information you need to be aware of concerning the Assurance Package 2024 and what it means for you. It will provide updated information on what the Assurance Package is, the package payout, its eligibility, and the amount.

What is the Assurance Package?

The government of Singapore made the Assurance Package initiative which aims to help reduce the financial effect of the GST increase on citizens. The program focuses on inhabitants within the lower and middle classes. The Assurance Package plays a vital role for Singaporeans in lower-income groups as it helps provide financial stability. It also gives citizens both immediate and long-term support. This government-supported program included initiatives such as the Household Support Package, upgrades to the GST Voucher scheme, and a program called the Assurance Package for GST. This passage will discuss the following inclusions for the Assurance Package, what they entail, and how citizens can benefit from them. Keep reading.

Components of the Assurance Package

Cash Payout

This support is given out to Singaporeans who are 21 years and older. Qualified citizens get to receive cash payouts between $700 and $1,600. This financial support which is to be disbursed for 5 years is given based on the income and property ownership of the citizens. Individuals who have foreign citizenship are not qualified for this package. Individuals who have issues relating to their citizenship should go to the Immigration and Checkpoints Authority (ICA). The cash payout will be given to individuals based on your Assessable Income for the year of assessment.

To get the Assurance Package Cash Payout, an individual must have to satisfy the following:

Individuals must be a Singapore citizen. The individual must also reside in Singapore.
Individuals must be 21 years and older in the reference year.

Medi Save

The scheme makes provision for Medisave top-up. The Medisave top-up bonus is provided for eligible citizens of Singapore and it is worth $150. To receive this bonus, individuals must be 20 years or less or 55 years and older. Qualified individuals will receive a total of $450 in their CPF MediSave account from 2023 to 2025.

To qualify for the Assurance Package MediSave, individuals must satisfy the following:

Individuals must be a citizen of Singapore. You must be a resident of Singapore.
Individuals must be 20 years of age and less; or 55 years and older. Individuals must meet the age levels in the year of disbursement.

Seniors Bonus

The government gives the Seniors’ Bonus to low-income senior citizens of Singapore. It provides a bonus worth $600 to $900 over three years. Individual’s age group, income level, and property ownership all have a role in determining the amount. The government gives this financial assistance to individuals who do not own more than one property.

To qualify for the Assurance Package Seniors’ Bonus, individuals must satisfy the following:

Individuals must be a citizen of Singapore. You must be a resident of Singapore.
Individuals must be 55 years and older in the year the bonus will be disbursed.
Individuals’ Assessable Income earned in the year of disbursement must be $34,000 or less. That is if your disbursement year is 2024, your Assessable income for 2021 will be considered as 2022 will be the Year of Assessment.
If an individual’s year of disbursement is 2024, the Annual Value (AV) of their home as of 31 July 2023 must not be more than $25,000.
Individuals must not be an owner of property more than one

U-Save

The Assurance Package provides this financial assistance to help reduce household spending on utilities. The package will give eligible households U-Save rebates. It will disburse this assistance for the period of four years from 2023-2026. The U-Saves rebates are an addition to the normal GSTV – U-Save that households receive as part of the GSTV scheme.

The government will credit them in conjunction with the regular GSTV – U-Save that households receive during the relevant months. The GSTV-USave will be disbursed by the government to eligible households over four quarters, beginning in January, April, July, and October. The government will disburse the U-Save amount to households depending on the size of their HDB flat.

To be eligible for this program, individuals must satisfy the following:

A household can only be eligible if it has at least one Singaporean owner or occupant living in it, regardless of whether it is partially rented or not.
If the entire HDB is rented out, at least one Singaporean citizen must reside in the house.
Households in which members own more than one property are not qualified for this assistance

CDC Voucher

The Singaporean government provides CDC Vouchers to help local companies and community engagement. This includes disbursing cash for essential products and services. The government makes the vouchers available at participating heartland shops and hawker centers. It also provides them at major supermarkets and grocery stores such as NTUC Fairprice, Giant, and Sheng Shiong. The government provides vouchers to every qualified household in Singapore.

Assurance Package Eligibility

The government offers the Assurance Package to provide financial aid to Singaporean citizens. It aims to assist them in coping with the effects of the increase in the Goods and Services Tax (GST) rate. The government considers some factors to determine eligibility for the Assurance Package. These factors are as follows:

Income and Property Ownership

The Assessable Income (AI) of an individual is a vital factor that is considered for the eligibility of the Assurance Package. To be qualified for the Assurance Package, the AI of an individual must not exceed $100,000 in the year of assessment.

Age and Family Composition

Another factor that is widely considered is the Age and family Composition. To qualify for the Assurance Package, an individual must be a citizen of Singapore. You must also reside in Singapore and be within the age range of 21 years and above in the year 2024. Senior citizens that have lesser incomes and households that are large and have children will qualify for programs such as additional cash payments, MediSave top-ups, and Community Development Council (CDC) Vouchers.

The verification of the Assurance Package Seniors Bonus and the MediSave eligibility can be done by logging in with your Singpass on the official page.

How To Apply

The government allows applications for the Assurance Package on Singpass as it provides a more convenient process. Using Singpass is easy and simple. The government issues Singpass, a digital identity that gives access to electronic services made available by different government agencies. An individual requires a Singpass account to apply for the Assurance Package 2024 online.

After getting a Singpass account, you can submit an application. The application process will require personal details, including your National Registration and Identification Card (NRIC) number and your bank account details.

You will need to link your NRIC to PayNow to receive your benefits. You can also receive the benefits by linking your bank account to the digital wallet known as GovCash. GovCash enables users to receive payments from government organizations as well as make payments to such agencies.

Individuals who prefer to submit their application manually can do so at any Community Centre/Club (CC) or any Community Development Council (CDC). To make the payment for the application, individuals will need to bring along their National Registration Certificate (NRIC) as well as the details of their bank account.

Another way it can be done is by visiting the office of the Inland Revenue Authority of Singapore (IRAS). You will have to go ther with your application.