SINGAPORE: In a bid to enhance retirement savings for seniors, over 570,000 eligible Singaporeans will receive their first annual Earn and Save Bonus payment in March 2025. According to the latest Singapore Business Review report, this payment, ranging from S$400 to S$1,000, is part of the government’s Majulah Package, a significant initiative aimed at boosting the retirement security of older citizens.
The “Earn and Save Bonus” will be directly credited to citizens’ Central Provident Fund (CPF) accounts, offering a seamless and efficient way for recipients to access the funds. This bonus targets individuals born in 1973 or earlier, with a particular focus on those born between 1960 and 1973, who are likely to benefit most from this retirement enhancement. The initiative is part of the broader Forward Singapore Exercise launched in 2024.
Eligibility criteria and payment details
To qualify for the Earn and Save Bonus, recipients must meet several conditions—they must be employed with an average monthly income ranging from S$500 to S$6,000 in the previous year, live in a property with an annual value of S$31,000 or less, and own no more than one property.
Eligible Singaporeans will be notified in April 2025 once the bonus has been credited to their CPF accounts. Notifications will be sent via SMS from the official “gov.sg” domain to ensure authenticity. Citizens are advised not to respond to any suspicious messages or links, as these could be potential scams. Those without a Singpass-registered mobile number will receive a letter sent to their registered address.
The Earn and Save Bonus is just one element of the government’s comprehensive efforts to support retirement savings. In December 2024, about 1.6 million Singaporeans born in 1973 or earlier received the MediSave Bonus, while approximately 800,000 eligible citizens also received a one-time Retirement Savings Bonus in their CPF accounts. Together, these measures are designed to provide much-needed financial assistance for seniors as they prepare for a secure retirement.