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Senior Bonus 2024 Payout Date
The AP Seniors’ Bonus is a financial assistance program aimed at supporting eligible seniors in Singapore. If you qualify for the bonus, you can expect to receive the benefits annually from 2024 to 2025. It is essential to be aware of the changes in the payment method, as cheques will no longer be issued starting from 2022. To expedite the receipt of benefits, individuals are encouraged to link their NRIC to PayNow.
PayNow-NRIC
Method: Nothing needs to be done regarding PayNow-NRIC.
Payment Dates: February 5, 2024
Bank Crediting
Method: Contact your bank to connect NRIC to PayNow by January 26, 2024.
Payment Dates: February 13, 2024
GovCash
Method: Utilize government e-services by January 26, 2024, for updates.
Payment Dates: February 23, 2024
What is the Senior Bonus in Singapore?
The Senior Bonus in Singapore, specifically the AP Seniors’ Bonus for 2024, is a government initiative providing cash rewards of $600 to $900 for lower-income seniors aged 55 and above. The disbursement occurs between 2024 and 2025, with the payout dates for 2024 set from February 5 to February 23.
Eligibility criteria include being a Singaporean citizen aged 55 or older, maintaining specific income and property value thresholds, and not owning multiple properties. Linking the NRIC to PayNow is encouraged for faster benefit receipt. The Senior Bonus is part of the broader AP Cash program, addressing economic challenges and offering financial assistance during periods of inflation and GST rate increase.
What Are the Eligibility Criteria for Senior Bonus?
The eligibility criteria for the Senior Bonus include being a Singaporean citizen aged 55 or above, residing in Singapore, meeting specific income deductions, adhering to property Annual Value limits, and not owning more than one property.
Age and Citizenship
- Be at least 55 years old.
- Be a citizen of Singapore.
- Reside in Singapore.
Income Deduction
- For the Year of Assessment (YA) in the Distribution Year, you can deduct up to $34,000 from your Assessable Income (AI) for income earned in the Disbursement Year.
Property Annual Value
- Maintain the property’s Annual Value (AV) below $21,000 for the Disbursement Year 2024.
- For Disbursement Years 2024 and 2025, ensure the AV is below $25,000, as indicated by your NRIC as of July 31 of the preceding year.
Property Ownership
- You must not be the owner of more than one property.
