In 2025, Singapore continues its commitment to supporting its ageing population with significant financial assistance. Two key schemes the Assurance Package (AP) Seniors’ Bonus and the Silver Support Scheme offer eligible seniors a combined payout that could amount to $1,080 or more, depending on individual circumstances. Here’s what you need to know about the eligibility, payout details, and how to receive your funds.
What Is the Assurance Package Seniors’ Bonus?
The Assurance Package (AP) was introduced to cushion the impact of GST increases and help Singaporeans cope with rising living costs. As part of this initiative, eligible seniors will receive a one-time cash bonus in 2025.
To qualify, you must be a Singapore citizen aged 55 or above in 2025. You should also reside in Singapore and own no more than one property. In addition, your assessable income for the Year of Assessment 2023 (based on income earned in 2022) should not exceed $34,000, and your home must have an annual value not exceeding $31,000 as of July 31, 2024.
The payout varies based on age. Seniors aged 55 to 64 may receive between $200 and $250, while those 65 and above could get between $200 and $300. This cash bonus is expected to be disbursed in February 2025.
What Is the Silver Support Scheme?
Beyond the Assurance Package, the Silver Support Scheme provides quarterly cash supplements to lower-income seniors who had little savings during their working years and now receive limited family support. It is a long-term initiative aimed at helping those in the most vulnerable financial positions.
To qualify for the Silver Support Scheme in 2025, you must be a Singapore citizen aged 65 or older. Your total CPF contributions by the time you reached 55 should not exceed $140,000. You and your spouse must not own any private property or multiple homes, and your monthly household income per person should be no more than $2,300. The scheme also takes into account the type of HDB flat you live in, with those residing in 1- to 5-room flats considered.
The payout ranges depending on your living situation and income bracket. For instance, if you’re living in a 1- or 2-room flat and your monthly household income per person is below $1,500, you may receive a quarterly payout of $1,080. Those with higher household incomes or living in larger flats will receive lower payouts accordingly. The first payment for 2025 is scheduled to be made on December 31, 2024, with further payments made every quarter.
How Will You Receive the Money?
Payouts will be deposited via PayNow-NRIC or GIRO if your bank account details are registered. For seniors who do not have a bank account, the government will issue the payment through GovCash, which can be withdrawn at OCBC ATMs using your NRIC. You’ll receive a notification via SMS or letter before the payout is made. It’s important to ensure your contact and banking details are current to avoid any delays.
Note that government messages will never include clickable links or request personal details always verify the source to protect yourself from scams.
Extra Help for Seniors
The government is also rolling out other forms of support for the elderly. The Matched Retirement Savings Scheme (MRSS) encourages voluntary CPF top-ups by matching them dollar-for-dollar up to $2,000 annually. There’s also the upcoming Matched MediSave Scheme, running from 2026 to 2030, which will match MediSave contributions up to $1,000 per year.
In addition, seniors who choose to downsize their homes may benefit from the Silver Housing Bonus, which offers a cash bonus of up to $40,000 if proceeds are used to top up their CPF Retirement Accounts.
Final Thoughts
Singaporean seniors have multiple financial avenues to look forward to in 2025, particularly those from lower- and middle-income households. With the Assurance Package and Silver Support Scheme, eligible seniors could receive up to $1,080 or more in cash payouts a timely boost amidst economic uncertainties.
To ensure you don’t miss out, check your eligibility early and keep your contact details updated. If you’re unsure, you can log into government platforms like Singpass for personalized information closer to the disbursement date.