New measures aim to strengthen financial security for older citizens
Singapore is introducing stronger financial support for its senior population, with 1.6 million Singaporeans set to benefit from the S$8.2 billion Majulah Package, as announced by Finance Minister Lawrence Wong in the 2024 Budget speech.
This package includes:
A yearly Central Provident Fund (CPF) bonus of up to S$1,000 for working seniors.
A one-time bonus of S$1,000 to S$1,500 for Singaporeans who have not reached the Basic Retirement Sum.
An enhanced MediSave Bonus of up to S$1,500 for lower-income seniors born between 1960 and 1973.
Additionally, S$3.5 billion has been allocated to help seniors age well, ensuring they have the necessary resources to meet their retirement and healthcare needs.
These measures reinforce Singapore’s commitment to supporting its aging population, helping seniors achieve financial stability while maintaining a good quality of life.
