In March 2025, a significant boost to the financial well-being of seniors in Singapore is on the horizon. More than 570,000 eligible Singaporeans will receive an Earn and Save Bonus payment ranging from S$400 (approximately US$300) to S$1,000, aimed at enhancing retirement savings for those who are actively working. This initiative, announced by the Ministry of Manpower (MOM), seeks to provide crucial financial support to older citizens navigating their retirement years.
Understanding the Earn and Save Bonus
The Earn and Save Bonus is an integral part of the S$9 billion Majulah Package, designed specifically for young seniors currently in their 50s and early 60s. The intent of this bonus is to give an added boost to retirement savings by automatically crediting payment directly to citizens’ Central Provident Fund (CPF) accounts. Such direct financial measures aim to simplify the process and ensure prompt access to funds, providing peace of mind for recipients.
Qualified Singaporeans, specifically those born in 1973 or earlier, can expect to receive this bonus if they meet certain income criteria. To be eligible, recipients must have an average monthly income ranging from S$500 to S$6,000 in the year prior to assessment, reside in a property with an annual value of S$31,000 or below, and own no more than one property. As an example, a retiree engaging part-time work as a tutor or consultant could qualify for the bonus as long as they meet the aforementioned income criteria, effectively bolstering their retirement finances.
Notification Process for Recipients
Eligible seniors will be informed of their successful application for the Earn and Save Bonus via SMS in April 2025, following the crediting of funds into their CPF accounts. For recipients whose mobile numbers are not linked to their Singpass, notifications will be sent by letter to their identity card address. This dual approach aims to ensure that all eligible citizens are properly informed about their entitlements.
MOM has also emphasized the importance of security in this process, providing guidance to safeguard against scams. Notifications will only originate from the sender "gov.sg" and will not require recipients to reply, click links, or share personal information. In cases where citizens may encounter messages on platforms like WhatsApp that ask for such details, they are advised to disregard them entirely.
Accessing Information and Support
For additional information regarding the Earn and Save Bonus, Singaporeans can conveniently check their eligibility on the govbenefits website with their Singpass. This online platform is designed to offer citizens a seamless experience in managing their benefits and entitlements. Furthermore, if there are any questions or uncertainties, individuals can call the hotline at 1800-2222-888 for immediate assistance.
Conclusion
The introduction of the Earn and Save Bonus represents a promising step towards securing financial stability for working seniors in Singapore. With eligibility extending to over half a million citizens, this initiative not only supports the retirement savings of seniors but is also part of a broader effort encapsulated in the Majulah Package aimed at enhancing overall social support systems. As we look ahead, how can similar programs be expanded to further assist seniors in achieving their retirement goals? This question remains pivotal as society seeks sustainable solutions for an aging population.返回搜狐，查看更多
