20 August 2023
Prime Minister Lee Hsien Loong announced the Majulah Package at the National Day Rally on 20 August 2023. The Majulah Package is a $7 billion package which will benefit 1.4 million Singapore citizens aged 50 and above in 2023, i.e. born on 31 December 1973 or earlier. It is for those with lower income and less wealth and is part of a larger set of measures to strengthen retirement adequacy.
The Majulah Package will contain three components, namely:
1. Earn and Save Bonus – an annual bonus for lower- to middle-income workers to build up their CPF savings while they work.
2. Retirement Savings Bonus – a one-time bonus in retirement savings for those who have yet to save up to the Basic Retirement Sum, including those who are unable to work.
3. MediSave Bonus – a one-time bonus in healthcare savings for eligible Singapore citizens.
The Majulah Package benefits are means-tested to ensure that support goes to those who need it the most. Hence, the eligibility criteria for the various benefits will include factors such as income, Annual Value of residence, whether an individual owns more than one property, and CPF savings. The table below summarises the bonuses that will be credited into the CPF accounts of eligible citizens upon implementation of the Majulah Package. More details on the Majulah Package will be announced in 2024.
