Proposal to simplify Majulah Package with age-only criteria for disbursements
The Ministry of Finance (MOF) is considering making portions of the upcoming S$7 billion Majulah Package available solely based on age, without additional eligibility criteria such as income or housing status. Senior Minister of State for Finance, Chee Hong Tat, highlighted this consideration in Parliament on Tuesday, acknowledging that the package, initially aimed at providing more support to lower-income seniors, may benefit from broader eligibility for all Singaporeans in specific age groups.
The Majulah Package, which was announced during the 2023 National Day Rally, aims to support 1.4 million Singaporeans aged 50 and above with lower incomes and less wealth. The package includes three main components: an annual Earn and Save bonus, a one-time retirement savings top-up, and a one-time Medisave top-up. MPs Denise Phua and Edward Chia suggested that the package could mirror the inclusive nature of the Pioneer and Merdeka Generation Packages, focusing on age rather than means-testing criteria. The final details of the Majulah Package will be unveiled in Budget 2024.
