Earn and Save Bonus: A Welcome Boost for Singapore's Seniors

The Ministry of Manpower has announced that eligible working seniors in Singapore will receive a bonus ranging from $300 to $750, aimed at boosting their retirement savings. This initiative, known as the Earn and Save Bonus, will be automatically credited to their Central Provident Fund (CPF) accounts.

Eligibility and Distribution Details

Seniors born in 1973 or earlier, with an average monthly income of S$500-6,000 last year, and meeting certain property ownership criteria, are eligible for this bonus. Notifications will be sent via SMS or mail in April following the credit.

Understanding the CPF Scheme

The CPF is Singapore's mandatory social security savings scheme, designed to help citizens save for retirement, housing, and healthcare. This bonus is part of the broader Majulah Package, aimed at enhancing retirement security for lower- and middle-income Singaporeans in their 50s and early 60s.

Previous Benefits and Future Prospects

Last December, similar age groups received a MediSave Bonus and a one-time CPF bonus, highlighting the government's ongoing commitment to supporting seniors' financial well-being.