Cost-of-living cash benefits coming to 2.9 million Singaporeans in December

In December 2024, eligible adult Singaporeans will receive various benefits to counter cost of living, manage health care expenses, and add to their retirement pot.

A media release from the Ministry of Health in Singapore said: “Under the enhanced [Assurance Package], about 2.9 million Singaporeans aged 21 and above in 2025 will receive SGD 200 to SGD 600 in cash in December 2024.”

The Assurance Package (AP) got an enhancement of SGD 1.9 billion in the Singapore Budget 2024. The cash aid under this package is meant to “help alleviate cost-of-living pressures for Singaporean households and provide more support for lower- to middle-income families”, said the release.

Detailing the health care expense support, the media release said: “Singaporeans born in 1974 to 2003 (inclusive) will receive a one-time MediSave Bonus to help offset health care costs and build up medical savings for old age. Eligible Singaporeans born in 1973 or earlier will receive a MediSave Bonus and Retirement Bonus under the Majulah Package. The lifetime cost of the Majulah Package will increase from SGD 8.2 billion to SGD 9 billion, with the enhancements to the MediSave Bonus in October 2024.”

● About 1.4 million Singaporeans born in 1974 to 2003 (inclusive) will receive a one-time MediSave top-up of SGD 300 to SGD 500 in December 2024.

● About 1.6 million Singaporeans born in 1973 or earlier will receive a one-time MediSave top-up of SGD 1,250 or SGD 2,000 in December 2024, under the Majulah Package – MediSave Bonus.

The release informed that “MediSave top-ups were enhanced in October 2024 as part of additional government support to offset MediShield Life premium increases, alongside upcoming enhancements to MediShield Life”. Collectively, these top-ups support health care costs of about 3 million Singaporeans.

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 SGD 1,000 or SGD 1,500 in their CPF, depending on the amount of CPF retirement savings they have.

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

The beneficiaries will be notified via SMS after the payouts or top-ups have been credited. Those without a Singpass-registered mobile number will be sent a letter.