Lower and middle income citizens to receive CPF and MediSave top-ups for retirement and medical needs Read more at straitstimes.com.
SINGAPORE - Lower and middle income Singaporeans aged 50 and above this year will get more help to boost their retirement savings under a new package announced on Sunday.
A means test will be applied and factors such as income, annual value of residence, number of properties owned and CPF savings will be considered. The eligibility criteria will be announced in 2024. As the Singaporean population continues to age, the Majulah Package is targeted at Singaporeans in their 50s and early-60s, a group that Mr Lee refers to as “young seniors”. The segment comprises those who are younger than the Pioneer Generation who are born between 1950 and 1959, and the Merdeka Generation who are born in 1949 or earlier.
The first component of the package is the Earn and Save Bonus, which provides lower- and middle-income workers with a CPF bonus of between $400 and $1,000 yearly, as long as they remain in the workforce, whether full-time or part-time. This bonus will be credited into the recipient’s CPF account, on top of the usual employer and employee contributions.
To further prepare older Singaporeans for retirement, the package will also include a Retirement Savings Bonus , for those whose CPF balances have not reached the CPF BRS. They will receive a one-time CPF bonus of between $1,000 and $1,500.Initiatives in place to tackle ageing issues as S’pore hits ‘super-aged’ status in 2026: Health Minister
With the cost of healthcare a cause of concern for many Singaporeans, especially as they age, the Majulah Package will also include a MediSave Bonus comprising a one-time top-up of between $500 and $1,000.
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