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Singapore Budget 2019: CPF top-up of up to S$1,000 for eligible Singaporeans aged 50 to 64 in 2019

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In addition to the CPF top-up, Singaporeans in the age group 50 to 64 who qualify for Workfare will also benefit for the WIS enhancements.

ELIGIBLE Singaporeans aged 50 to 64 years old in 2019, who have less than S$60,000 of retirement savings in their CPF accounts, will get a CPF top-up of up to S$1,000 in their CPF accounts.

Finance Minister Heng Swee Keat told parliament on Monday that this would be credited into the Special Account for members aged 50 to 54, and the Retirement Account for members aged 55 to 64. About 300,000 Singaporeans will benefit from this CPF top-up.

"The majority of these recipients will be women. Many of them left the workforce early, and took up important roles as mothers, caregivers, or housewives,'' Mr Heng said.

In addition to the CPF top-up, Singaporeans in the age group 50 to 64 who qualify for Workfare will also benefit for the WIS enhancements. 

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Most of those in the 60 to 64 age group will also receive the Merdeka Generation Package, while the rest will get the five-year MediSave top-ups. These are all on top of the targeted benefits such as the GST Voucher. 

For parents with school-going children, the government will provide additional support for their children's education. This year, it will provide a S$150 top-up to the Edusave accounts. This is on top of the annual Edusave contributions that they already receive from the government. In addition, Singaporeans aged 17 to 20 will get up to S$500 in their Post-Secondary Education Accounts if they do not already benefit from the Edusave top-up.

For all of our Singapore Budget 2019 coverage, news, analysis, and infographics visit bt.sg/budget19