2.9 million Singaporeans to receive cash payouts of between S$200 and S$600 in December

In a bid to support Singaporeans amid rising costs of living, approximately 2.9 million citizens aged 21 and above will receive cash payouts ranging from S$200 to S$600 in December 2024, according to a joint announcement by the Ministry of Finance (MOF), Ministry of Health (MOH), and Ministry of Manpower (MOM) on 14 November.

The initiative, part of the government’s Assurance Package, is designed to provide additional support to lower- and middle-income families, helping them to better manage inflationary pressures. This package was expanded by S$1.9 billion at Budget 2024, further increasing its scope and effectiveness in addressing current economic challenges.

The Assurance Package, initially introduced to offset the financial impact of rising goods and services costs, will include a variety of payouts aimed at alleviating financial burdens for Singaporeans. The Ministry highlighted that the payouts are structured based on income brackets, with lower- and middle-income citizens expected to receive the maximum amounts.

“In December 2024, eligible adult Singaporeans will receive various benefits from the government, to alleviate cost of living pressures, offset healthcare costs, and build up their savings for retirement,” said the ministries in their statement.

In addition to cash payouts, approximately 1.4 million Singaporeans born between 1974 and 2003 will receive a one-time MediSave top-up of between S$300 and S$500 in December. This top-up is intended to bolster healthcare funding for younger adults and families, as MediSave savings can be used for approved medical expenses, including hospitalisation and specific treatments.

For older citizens, the Majulah Package – MediSave Bonus will provide additional support. Around 1.6 million Singaporeans born in 1973 or earlier are set to receive a larger one-time MediSave top-up of either S$1,250 or S$2,000.

This top-up, enhanced in October 2024, is part of broader government measures designed to mitigate increases in MediShield Life premiums. The ministries noted that these top-ups will collectively aid approximately 3 million Singaporeans in managing healthcare expenses more effectively.

Further retirement support will be provided through the Majulah Package’s Retirement Savings Bonus.

Approximately 800,000 eligible Singaporeans born in 1973 or earlier will receive an additional one-time contribution of either S$1,000 or S$1,500 into their Central Provident Fund (CPF) accounts.

The exact bonus amount is determined by the individual’s existing CPF retirement savings, aiming to encourage continued retirement fund accumulation among older Singaporeans.

The government has structured these payouts to be automatically credited to eligible recipients starting from December, with payment methods tailored to each individual’s preferred payment mode.

Those eligible will be notified via SMS once the payments are processed and credited to their accounts. Singaporeans who have not registered a mobile number with Singpass will receive a notification letter.

For those seeking to confirm their eligibility status, the govbenefits website provides an online portal where individuals can log in using their Singpass.

This service aims to improve accessibility and transparency, allowing Singaporeans to view the details of their eligibility for upcoming payments and top-ups.

These payouts and top-ups are part of the Singapore government’s ongoing efforts to provide financial stability for its citizens amidst evolving economic conditions.

By addressing rising living costs, healthcare needs, and retirement savings, the Assurance and Majulah Packages reflect a commitment to supporting Singaporean households across income and age groups.

The Ministry of Finance stated that these measures represent an investment in the country’s social welfare infrastructure, aiming to ensure that financial support remains available to those most affected by inflationary and healthcare cost pressures.