It’s the most wonderful time of the year — the month of Assurance Package cash payouts. While the payouts were supposed to be received only from Thursday (5 December) onwards, many OCBC account holders have already received the payout.
OCBC Account Holders May Have Received Assurance Package Payout Ahead of 5 December
If you’re an OCBC account holder, you might have already received the Assurance Package cash payout today.
Yes, we’re talking about that cash payout — the one that’s part of the enhancement to the Assurance Package announced at Budget 2024; the one where you can get up to $600 cash.
If you’re now thinking: “What’s the fuss? Receive then receive lor.” Well, according to the govbenefits website, the earliest date which Singaporeans should receive the cash payout is 5 December.
So, to get the payout two days earlier than expected is quite a pleasant surprise lah. It just might be the best present you could receive this Christmas season.
How Much You Should Be Getting from the 2025 Assurance Package Cash Payout
If you’re wondering whether you’re even eligible for the 2025 Assurance Package cash payout (which will be disbursed this month, December 2024), fret not — Goody Feed’s here to tell you.
As long as you’re a Singapore citizen residing in Singapore, and will be aged 21 and above in 2025, you’re eligible for the cash payout.
I guess this is my reward for always having to see my younger cousins’ faces drop when I say I’m in my 20s.
However, the million-dollar question is this — how much can you expect to receive from the payout? Well, thankfully, the gahmen has already created a table summarising the cash payout you’ll be entitled to, based on your income and property ownership.
You should also take note that this month’s cash disbursement will be based on your assessable income for the Year of Assessment 2023.
If you’re blessed enough to not know what that means, then just take your $600 and be thankful lah.
How and When Will You Be Paid?
If you’ve already received the Assurance Package cash payouts in previous years, you likely won’t have an issue with receiving this month’s disbursement. After all, if you are eligible for the payout, the payout will automatically be credited to your PayNow-NRIC-linked bank account by default.
However, if you just went “Huh? Gong simi?” after reading the term “PayNow-NRIC-linked bank account”, it’s alright — here’s what it is.
You can link your NRIC to PayNow if you have a bank account with one of the PayNow-GIRO participating banks in Singapore. These banks include the Citibank, DBS Bank, POSB, HSBC Bank, OCBC, UOB and more. You can find the full list of participating banks here.
If you’ve already linked your NRIC to your PayNow before 23 November, you’ll likely receive this month’s cash payout from 5 December onwards.
Or for OCBC account holders, well, you might have already received it today.
However, if you didn’t manage to link your NRIC to your PayNow earlier, the cash payout will be disbursed to you either by bank transfer or by GovCash.
For disbursement by bank transfer, you must ensure that your bank account details have been provided via the govbenefits e-services by 27 November — then, you’ll likely receive the payout from 16 December onwards.
But if you also did not provide your bank account details via the govbenefits e-services earlier, then you’ll likely receive the cash payout via GovCash from 24 December onwards. Just in time for Christmas.
Here’s a useful table from the gahmen themselves summarising everything lah:
Additionally, if your eligibility for the payout was reassessed recently, you’ll receive the payment within the next two months. And don’t worry — you don’t have to do anything extra to make sure you receive the benefits.
But here’s the takeaway — if you haven’t already linked your NRIC to your PayNow, and you want to get your future payouts early in the month, you should probably link your NRIC to your PayNow right now. For most banks, you should be able to do so using the respective digital banking apps. Otherwise, you could always contact your bank for assistance.
Alternatively, if you want the payout to be disbursed via bank transfer instead, you can log into the govbenefits e-services here to register your bank account with govbenefits. The e-services portal can also be used to check how much you’re getting for this month’s disbursement.
So, don’t say Goody Feed buey brother lah, hor? We’ve already told you everything you need to know about how to get your payout.
And if you’d like to find out more about the other payouts you’ll be receiving up till March 2025, Goody Feed’s Blue Cat breaks it all down for you in this video here:
Watch this for a complete summary of what REALLY happened to Qoo10, and why it's like a K-drama:
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