Earn and Save Bonus to help boost retirement savings for over 570,000 working seniors

Over 570,000 senior Singaporeans in the workforce can expect to receive between $400 and $1,000 this March, as part of the Earn and Save Bonus component of the Majulah Package.

This is the first payment of the annual bonus, which will provide an additional boost to the retirement savings of senior citizens.

Singaporeans born in 1973 or earlier will receive the bonus if they are working and have an average monthly income of $500 to $6,000 in the preceding Year of Assessment.

They must also live in a property with an Annual Value of $31,000 and below and own not more than one property.

One can check their eligibility on govbenefits.gov.sg by logging in with Singpass.

The bonus amount is tiered, with a higher bonus given to eligible working seniors with lower monthly incomes.

The amount will be credited to recipients' CPF accounts, who will be notified of the top-up via SMS in April.

Those without a Singpass-registered mobile number will be notified through a letter sent to the address on their IC.

Under the Majulah Package, about 1.6 million Singaporeans born in 1973 or earlier received the MediSave Bonus in December 2024.

About 800,000 eligible Singaporeans from the same age group have also received a one-time Retirement Savings Bonus in their CPF.

lim.kewei@asiaone.com

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