Singapore has rolled out the Majulah Package, a major initiative designed to strengthen retirement adequacy and healthcare readiness for citizens born in 1973 or earlier. This package aims to provide additional CPF top-ups and MediSave support to nearly 1.6 million Singaporeans, ensuring they are better prepared for their golden years.
Singapore Majulah Package Camponents
The Majulah Package is structured into three main components that provide either recurring or one-time benefits:
- Earn and Save Bonus (ESB) – An annual CPF top-up for working seniors.
- Retirement Savings Bonus (RSB) – A one-time CPF bonus for those with low retirement savings.
- MediSave Bonus (MSB) – A one-time MediSave account boost for healthcare needs.
Each eligible individual will receive at least one of these benefits, depending on their income, property, and CPF savings status.
1. Earn and Save Bonus (ESB)
The Earn and Save Bonus helps working seniors grow their CPF balances steadily.
Eligibility Criteria:
- Born in 1973 or earlier.
- Average monthly income between $500 and $6,000.
- Living in a residence with Annual Value (AV) ≤ $25,000.
- Own no more than one property.
Annual Bonus Tiers:
| Monthly Income Range | Annual CPF Top-Up |
|---|---|
| $500 – $2,500 | $1,000 |
| $2,500 – $3,500 | $700 |
| $3,500 – $6,000 | $400 |
Special provision: Seniors with disabilities, ComCare recipients, or caregivers of persons with special needs will receive $400 annually, regardless of income.
Overview Table
| Component | Type | Eligibility Highlights | Benefit Amount |
|---|---|---|---|
| Earn and Save Bonus | Annual | Working seniors, income $500–6,000 | $400 – $1,000 |
| Retirement Savings Bonus | One-time | CPF savings below BRS | $1,000 – $1,500 |
| MediSave Bonus | One-time | Seniors born ≤ 1973, means-tested by AV | $750 – $2,000 |
| Eligibility Focus | All seniors | Based on CPF, property, and income | Varies |
| Funding | Government | $8.2B lifetime fund | Long-term aid |
| Purpose | Multi-pronged | Improve retirement and healthcare adequacy | Nationwide |
2. Retirement Savings Bonus (RSB)
The Retirement Savings Bonus is a one-time boost for seniors who have not yet reached the Basic Retirement Sum (BRS) of $99,400 (as of 2023).
Eligibility Criteria:
- CPF savings below the BRS as of 31 Dec 2022.
- Residence AV ≤ $25,000 as of 31 Dec 2023.
- Own no more than one property.
One-Time Bonus Tiers:
| CPF Savings Balance | One-Time Bonus |
|---|---|
| Less than $60,000 | $1,500 |
| $60,000 – < $99,400 | $1,000 |
3. MediSave Bonus (MSB)
MediSave Bonus Tiers:
| Year of Birth | AV ≤ $25,000 | AV > $25,000 or Own >1 Property |
|---|---|---|
| 1960–1973 | $1,500 | $750 |
| 1959 or earlier | Up to $2,000 (enhanced) | Lower support depending on property AV |
Conclusion
The $1,500 Majulah Package marks a significant step in Singapore’s social support landscape, balancing both retirement readiness and healthcare needs for older citizens. With its combination of recurring and one-time payouts, it ensures that seniors remain financially supported and medically prepared as they age.
Frequently Asked Question(FAQs)
Q1.What is the Majulah Package?
Answer= It is a nationwide support initiative that gives CPF and MediSave top-ups to strengthen retirement and healthcare adequacy.
Q2.Who qualifies for the $1,500 payout?
Answer= Seniors with CPF savings below $60,000, who meet income and property criteria, will receive the maximum $1,500 one-time Retirement Savings Bonus.
Q3.Is the Earn and Save Bonus a recurring benefit?
Answer= Yes, it is an annual CPF top-up as long as the senior remains eligible.