The Majulah Package will benefit around 1.4 million older Singaporeans aged 50 and above in 2023.
SINGAPORE: Central Provident Fund top-ups will be given to Singaporeans who are aged 50 and above this year - or those born in 1973 or earlier - as part of a new S$7 billion package to boost retirement savings.
Eligible individuals will receive this bonus yearly as long as they are working, whether it is part-time or full-time work. The third element of the package is a one-time MediSave Bonus of up to S$1,000. This will help provide “some extra buffer” to help pay medical expenses and insurance premiums, explained Mr Lee.
The Ministry of Finance will create a new fund to meet the full lifetime costs of the Majulah Package, using resources from this term of government, said Mr Lee. “We will honour this commitment without burdening future generations,” he added. The Silver Support scheme provides a quarterly cash supplement to seniors who had low incomes during their working years and have less in retirement, while the Workfare Income Supplement scheme tops up the salaries of lower-income workers to help them save for retirement.
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