Singapore’s Prime Minister Lee Hsien Loong delivered his annual National Day Rally on Sunday (20 Aug).
In his address, PM Lee revealed plans to assist the Majulah Generation, citizens 50 and above, with the new Majulah Package.
It will see S$7 billion set aside in three tiers to cater to the retirement needs of the Majulah Generation, as well as the preceding Merdeka and Pioneer Generations.
Source: Prime Minister’s Office on YouTube
They include an annual bonus to the CPF accounts of lower- to middle-income workers, a one-time CPF bonus to those who are not working or have insufficient balances, and a one-time bonus to your MediSave account.
On Sunday (20 Aug), the Prime Minister conveyed the National Day Rally 2023 speech at the Institute of Technical Education (ITE) Headquarters. Starting from 6.45pm, PM Lee delivered his speech in Malay and Chinese, followed by a more detailed English address.
During his English speech, he outlined the Majulah Package. It consists of S$7 billion worth of CPF top-ups for “young seniors” born in 1973 or earlier, or the “Majulah Generation”.
This package will help these young seniors meet their retirement needs.
Source: Prime Minister’s Office via Lee Hsien Loong on Facebook
He revealed that the package will come in three tiers depending on income and CPF savings. They are as follows:
Firstly, the Earn & Save Bonus will help lower- to middle-income workers.
On top of the usual employer and employee contributions, this bonus of between S$400 to S$1,000 will be credited straight into your CPF account.
Source: Prime Minister’s Office via Lee Hsien Loong on Facebook
You will get this bonus every year, for as long as you are working, regardless of whether you are a full-time or part-time worker.
Next, the Retirement Savings Bonus is a one-time bonus of S$1,000 to S$1,500 for those whose CPF balances have not met the Basic Retirement Sum.
This bonus will also cover those who are not working.
“And this includes homemakers who’ve given up their careers to raise their families, and thus have very low CPF balances,” PM Lee said.
Finally, the MediSave Bonus will add to the Majulah Generation’s existing MediSave balances.
“Most young seniors have enough MediSave balances. Nevertheless, many still worry about healthcare costs because soon, you’ll be not-so-young seniors.”
As such, the one-time bonus of S$S$500 to S$1,000 will act as an extra buffer to manage healthcare expenses and insurance premiums.
According to the Prime Minister, the Majulah Package will help young seniors in their 50s and 60s to meet their retirement needs.
Besides young seniors, the Government also wants to encourage older seniors to continue working for as long as they can. Hence, the Majulah Package will also cover citizens of the Pioneer and Merdeka Generations.
PM Lee shared, “If you are PG or MG, and you meet the income criteria, you, too will receive the Earn & Save Bonus as long as you are working.”
“If you are not working, you can still get something from the one-time Retirement Savings Bonus and MediSave Bonus.”
These will be in addition to the PG and MG benefits that the Pioneer and Merdeka Generations are currently receiving.
Rounding off this segment, the Prime Minister quipped, “Think of this as a 58th National Day Present!”
Source: Prime Minister’s Office via Lee Hsien Loong on Facebook
Earlier in his speech, PM Lee jokingly asked Finance Minister Lawrence Wong if the Assurance Package can be enhanced next year.
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Featured image adapted from Prime Minister’s Office via Lee Hsien Loong on Facebook.
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