SINGAPORE: Over 570,000 eligible Singaporean seniors will receive their first Earn and Save Bonus of up to S$1,000 later this month, the Ministry of Manpower (MOM) announced on Thursday (March 20).
The annual Earn and Save Bonus, part of the S$9 billion Majulah Package introduced last year, aims to help working Singaporeans born in 1973 or earlier, especially young seniors born between 1960 and 1973, boost their retirement savings. It will be automatically credited to citizens’ CPF accounts, MOM said in a statement.
Working Singaporeans born in 1973 or earlier will receive the annual Earn and Save Bonus if they earned an average monthly income of S$500 to S$6,000 in the previous year, and if they live in a property with an annual value of S$31,000 or less, and do not own more than one property.
Seniors with lower monthly incomes will receive higher bonuses:
- S$500 to S$2,500: S$1,000
- Above S$2,500 to S$3,500: S$700
- Above S$3,500 to S$6,000: S$400
Citizens can check if they qualify for the Earn and Save Bonus by logging into the govbenefits website with their Singpass.
MOM said that eligible recipients will be notified via SMS in April 2025 after the bonus has been credited to their CPF accounts. Those without a Singpass-registered mobile number will receive a letter at the address on their Singapore identity card.
The ministry also warned against scams, stating that SMS notifications from “gov.sg” will only inform citizens about their benefits. They will not be asked to reply, click any links, or provide any information. No messages about the payment will be sent via WhatsApp or other messaging apps.
For more information, citizens can visit the govbenefits website or call 1800-2222-888. /TISG
Featured image by Freepik (for illustration purposes only)