Singapore's Assurance Package 2024, A Simple Guide to Extra Cash

Discover the essentials of Singapore's Assurance Package 2024, who's eligible, and how you could receive extra cash ranging from $700 to $2,250. 

Sometimes, we all could use a little financial boost. 

Whether you're planning a big purchase or trying to manage your everyday expenses better, additional cash can come in handy. 

This is where the Singaporean government's Assurance Package (AP) steps in.

In a bid to enhance the well-being of its citizens, the government is set to disburse cash payments ranging from $700 to $2,250 to Singaporeans aged 21 and above from 2022 to 2026. 

Let's delve into the details of the AP for 2024.

Assurance Package Cash Disbursement: A Breakdown

The AP disbursement varies depending on the recipient's income and property ownership. 

The scheme is designed so that those with a lower income receive a higher amount, to help alleviate financial pressure.

Year	Disbursement Period	Owns 0 to 1 property (AI ≤ $34,000)	Owns 0 to 1 property ($34,000 < AI ≤ $100,000)	Owns 0 to 1 property (AI > $100,000)	Owns >1 property
2023	Dec 2022	$200	$150	$100	$100
2024	Dec 2023	$600	$350	$200	$200
2025	Dec 2024	$600	$350	$200	$200
2026	Dec 2025	$600	$350	$100	$100
2027	Dec 2026	$250	$150	$100	$100
Total		$2,250	$1,350	$700	$700

Eligibility for the Assurance Package Cash

To qualify for the AP Cash, the following criteria must be met:

Criteria	Details
Citizenship	Must be a Singapore citizen residing in Singapore
Age	Must be aged 21 and above in the reference year

Assessable Income (AI)

Your AI is a significant factor in determining your AP Cash eligibility and the amount you receive. 

AI includes all forms of income from trade, business, profession, employment, and taxable rental income. 

You can find your AI on your tax bill (or Notice of Assessment) that you receive from IRAS each year if you are required to pay taxes.

Conclusion

Singapore's Assurance Package 2024 offers a fantastic opportunity for eligible citizens to receive a much-needed financial boost. 

Make sure you understand your eligibility status and keep an eye on the disbursement periods to reap the full benefits of this scheme.

Sources: Assurance Package (AP) Cash