Budget 2024: More support for older Singaporeans to help meet retirement needs

• The S$8.2 billion Majulah Package will benefit 1.6 million Singaporeans
• S$3.5 billion set aside to help seniors age well
• Enhanced schemes to help low-income seniors

AROUND 1.6 million Singaporeans born in 1973 and earlier will get more help to boost their retirement savings, said Finance Minister Lawrence Wong on Friday (Feb 16). 

Under the Majulah Package, which was announced at last year’s National Day Rally, working seniors will receive a yearly Central Provident Fund (CPF) bonus of up to S$1,000. Singaporeans who have not met the basic retirement sum will also receive a one-time bonus of S$1,000 to S$1,500. 

The MediSave Bonus – the third component of the Majulah Package – will be bumped up to S$1,500 for those born in 1960 to 1973 with “less means”.