Lower and middle income Singaporeans aged 50 and above this year will get more help to boost their retirement savings under a new package announced on Sunday.
They will receive a yearly CPF bonus of up to $1,000 as long as they continue working. Those who have not met the Central Provident Fund Basic Retirement Sum will receive a one-time CPF Bonus of $1,500, while those who are 50 and above will get a one-time MediSave Bonus of $1,000.
In total, the package is expected to benefit about 1.4 million older Singaporeans, or more than eight in 10 Singapore citizens aged 50 and above in 2023. Lee said the “young seniors” have benefited more from Singapore’s growth and have generally done better compared with the Pioneer and Merdeka generations. But they have earned less over their lifetimes when compared with younger workers. They also have less time to benefit from improvements to the CPF system and have built up less retirement savings.
Lee said: “Most young seniors are still working, and have some years to go before retirement. We encourage you to continue working as long as you can.”
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