SINGAPORE: In a nod to Singapore’s ageing society, Deputy Prime Minister and Finance Minister Lawrence Wong announced additional support for older senior citizens and younger seniors (in their late 50s and early 60s) as he rolled out the National Budget for 2024 in Parliament on Friday (Feb 16).
While all Singaporeans from the age of 21 and above will be receiving additional cash support between S$200 and S$2,150, as well as an amount between S$100 and S$1,650 for their CPF MediSave Accounts, older Singaporeans can look forward to more support for their retirement and health needs.
Singaporeans can expect more support from #SGBudget2024.
Check out this infographic for more details.🤩 pic.twitter.com/ptG3737rm5
— MOFsg (@MOFsg) February 16, 2024
Read related: SG Budget 2024: Lawrence Wong announces S$1.9B to enhance Assurance Package
For these purposes, Mr Wong said the Majulah Package, announced on National Day 2023 by Prime Minister Lee Hsien Loong, to benefit 1.6 million Singaporeans born in 1973 or earlier, would cost around S$8.2 billion.
However, to prevent further generations from having to be burdened by this amount, he added that S$7.5 billion would be set aside in a new fund called the Majulah Package Fund.
We are doing more to provide for our seniors and their retirement:
💪 Majulah Package
✅ Adjustments to the CPF system
💝 Enhance Silver Support Scheme
💰 Expand Matched Retirement Savings Scheme#SGBudget2024 pic.twitter.com/b9spwH2Smn— MOFsg (@MOFsg) February 16, 2024
Under the Majulah Package, from March 2025 onward, eligible Singaporeans will receive an annual bonus of between S$400 and S$1000 to their CPF Retirement of Special account for individuals earning up to S$6000 monthly.
Earlier yet, starting from December of this year, Singaporeans will receive between S$1000 and S$1500 in a one-off bonus to their CPF Retirement or Special Account. To be eligible for this bonus, individuals must have CPF retirement savings less than the 2023 Basic Retirement Sum of S$99,400.
At the end of this year, eligible Singaporeans will also receive a one-off bonus between S$750 and S$1,500 to their CPF Medisave Account.
Young seniors in their 50s and early 60s will get an additional boost for their retirement and healthcare needs through the Majulah Package. 💰
About 1.6 million Singaporeans born in 1973 or earlier will receive at least one component of the package. #SGBudget2024 pic.twitter.com/PcjqyqMUGw
— MOFsg (@MOFsg) February 16, 2024
“Young seniors with less means will be given the higher tier of $1,500, and all other seniors will receive $750,” said Mr Wong.
Mr Wong also announced that S$3.5 billion will be set aside for the Age Well SG Programme, under which a one-off MediSave Bonus of as much as S$300 will also be given to all adult Singaporeans between the ages of 21 and 50.
The Age Well SG Programme supports seniors in their homes and communities as the country’s network of Active Ageing Centres is expanded. This would allow for the launching of more homes with senior-friendly fittings and commuter infrastructure. /TISG
Read also: SG Budget 2024: Education support to allow Singaporeans aged 40 and above to get another diploma