Check out the latest updates on the Assurance Package 2024: What is Assurance Package Payout? Eligibility, Amount, Payment Dates Here. For individuals facing financial issues due to the increasing cost of living, the Singaporean Government is delivering an Assurance Package to alleviate the stress. The package is like a small payment amount in the form of a token to help individuals spend on their basic needs.
Assurance Package 2024
The Assurance Package was set in motion in 2012 as a result of increasing the cost of living and GST rates. As the rising cost of living is a major concern for millions of citizens, the government has launched an enhanced Assurance package Budget for the financial year 2024. As per the reports, approximately 2.9 million residents will receive the package in 2024.
The rise in utility bills, public transportation, food prices and many more have created financial pressure on individuals with low and moderate incomes. Under this scheme, the Government will deliver cash payments to qualified individuals ranging from $700 to $2,250.
What is Assurance Package Payout?
Under these packages, qualifying individuals can enjoy various benefits to support them in tough times. We would like to inform you that the Assurance Package is not a monthly payment but a one-off payment made to eligible individuals. The modification to the package rate is made to deliver extra extra vouchers to qualifying families.
Apart from this, the AP also covers utility rebates, top-ups for SkillsFuture Credit and training benefits for employees. As per the reports publicized on the leading portal, the payment will be deposited in December for over five years, starting from 2022 until 2026. Continue reading to acquire more information on the Assurance Package 2024.
Assurance Package Overview
| Scheme | Assurance Package |
| Benefit | Cash |
| Country | Singapore |
| Target Beneficiaries | Low-income Singapore households |
| Payout Date | December 2024 |
| Official Website | supportgowhere.life.gov.sg |
Assurance Package Eligibility
To qualify for the Assurance Package, you need to meet specific requirements set by the Singaporean Government.
- The applicant must be a Singaporean or someone with permanent residency in Singapore.
- The claimant needs to be aged 21 years or over to be eligible for the AP Cash Payout.
- A person not holding more than a property is eligible. Individuals with more than one property under their name will be terminated from the scheme.
- If you work or live in Singapore and possess a valid visa, you could claim an Assurance package.
- The Assessable Income for the Year of Assessment 2023 will not surpass $100,000 to avail of the AP.
These are a few eligibility criteria shared by the officials. If you still have any queries regarding the eligibility, we advise you to reach out to the leading portal of the Singapore Government or click here.
Assurance Package Amount 2024
If you believe you are eligible for the payment, you do not have to undergo any application process. The official will determine your eligibility based on what you own and earn. Kindly retrieve the table we have shared here to know the exact payment amount you can receive.
| Year | Disbursement Period | AI up to $34,000 | AI from $34,000 to $100,000 | AI more than $100,000 | Owns more than 1 property |
|---|---|---|---|---|---|
| 2023 | December 2022 | $200 | $150 | $100 | $100 |
| 2024 | December 2023 | $600 | $350 | $200 | $200 |
| 2025 | December 2024 | $600 | $350 | $200 | $200 |
| 2026 | December 2025 | $600 | $350 | $100 | $100 |
| 2027 | December 2026 | $250 | $150 | $100 | $100 |
| Total | $2,250 | $1,350 | $700 | $700 |
If you encounter any issues regarding the payment or the eligibility, it is advisable to contact the officials at 1800 2222 888. Calls on this number are free of charge if dialed from regular landlines in Singapore. Individuals with foreign citizenship are ineligible for the payment.
AP Payment Dates
Each year, the Assurance Package payment is made in December. The payment amount you get paid depends on the claimant’s income assessed by IRAS for the preceding year and the property holding. The Cost of Living Special Payment is anticipated to be credited in November 2024.
If you fulfil all the eligibility conditions, the payment will be automatically credited to your bank account. To ensure a streamlined payment process, make sure you have linked your Singpass to your bank account. We request our viewers to visit our Home Page to collect more information on such Government Allowance.
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