OCBC users among first to receive Assurance Package payouts ahead of Dec 5

SINGAPORE: Some Singaporeans have received their share of the Assurance Package early, with OCBC clients being among the first to see the payouts reflected in their accounts.

Last month, the Ministry of Finance (MOF) announced that every Singaporean adult would be receiving S$200 to S$800 from the Assurance Package AP Cash and AP Cash Special Payment in December.

“The Assurance Package (AP) aims to help Singaporeans tide through the period of higher inflation and cushion the impact of the GST rate increase. The package includes cash payments, rebates, Community Development Council (CDC) vouchers, and MediSave top-ups,” MOF said in a Nov 15 press release.

Every Singaporean from the age of 21 and up will receive cash payments yearly from 2022 to 2026. The amounts to be given out are dependent on the individual’s income and property ownership.

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Last year, OCBC clients were also early recipients of the cash payments. And this year, while the payouts had been scheduled to be given out by Dec 5, some OCBC clients received them early, posting screenshots in the wee hours on Friday morning (Dec 1) on the online HardwareZone. Mustsharenews reported that people with accounts with DBS/POSB as well as UOB began to receive theirs later that day.

When the national Budget was rolled out for this year, Deputy Prime Minister and Minister for Finance Lawrence Wong said that the Government would be enhancing the Assurance Package to address higher inflation levels, giving more support to Singaporeans to help with higher living costs.

For most Singaporean households, the enhancement will offset additional expenses due to the higher Goods and Services Tax (GST) for at least five years. For lower-income households, the enhancement will take effect for around 10 years.

Mr Wong also announced on Oct 28 an additional $1.1 billion Cost-of-Living (COL) Support Package that will especially help lower- to middle-income households, bringing the total AP to over S$10 billion.

This month, adults in Singapore aged 21 and up in 2024 will be receiving cash payouts. While around 2.9 million adult Singaporeans will get up to S$600 in AP Cash, about 2.5 million among them will also receive as much as S$200 in AP Cash Special Payment.

More information about AP Cash and AP Cash Special Payment may be found here. Read MOF’s latest announcement about the Assurance Package here.

Read also: Donate your unused 2023 CDC vouchers to charity starting Dec 1/TISG