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Singapore Unveils $7 Billion Retirement Plan for Those Above 50
Singapore will hand out a S$7 billion ($5.2 billion) pension fund top-up for citizens aged 50 and above to boost retirement savings amid rising costs of living, Prime Minister Lee Hsien Loong said.
The so-called Majulah Package will help “young seniors” in their 50s and early 60s, especially those with lower incomes and less wealth, Lee said in his National Day Rally speech on Sunday. About 1.4 million Singaporeans will be eligible for the support, Lee added.
The package has three components:
Earn and Save Bonus
Lower and middle-income workers will receive an annual Central Provident Fund bonus of up to S$1,000
Retirement Savings Bonus
Citizens will get a one-time CPF top up of up to S$1,500 if they have not reached the basic retirement sum
MediSave Bonus
Those eligible will get a one-time payment of as much as S$1,000 for medical expenses and insurance premiums
The government is also looking to enhance existing programs such as the Silver Support, Workfare Income Supplement, and the Matched Retirement Savings Scheme, Lee said. Details will be announced next year.
Authorities are also planning to offer financial support for workers who are upgrading their skills after losing their jobs.
Lee called it a “temporary safety net” that will help workers meet immediate needs while freeing them up to boost their skills and train for a better long-term job.