This March, over 570,000 eligible senior Singaporeans will receive a welcome boost to their retirement savings through the Earn and Save Bonus. This initiative, part of the larger S$9 billion Majulah Package, aims to support working seniors aged 50 and above as they prepare for their golden years.
Earn and Save Bonus Details
The Earn and Save Bonus will see payments ranging from S$400 to S$1,000. It’s automatic—credited directly to recipients’ Central Provident Fund (CPF) accounts. Singaporeans born in 1973 or earlier are eligible if they meet the following criteria:
- Average monthly income between S$500 and S$6,000 in the preceding year of assessment.
- Live in a property with an annual value of S$31,000 or below.
- Own no more than one property.
The bonus amount is tiered, rewarding those with lower incomes with a higher bonus.
Notification Process
Recipients will receive notifications regarding their bonuses via SMS in April 2024. However, those without a registered mobile number will get a letter sent to their official address. To ensure safety, notifications will only come from the sender “gov.sg”—so beware of scams! Citizens are advised not to reply to these messages or click on any links.
Checking Your Eligibility
To find out if you qualify for the Earn and Save Bonus, simply log into govbenefits.gov.sg with your Singpass. If you have any questions or need assistance, you can call the hotline at 1800-2222-888.
This initiative forms part of a broader effort to support Singaporeans’ retirement needs, alongside other bonuses such as the MediSave Bonus and a one-time Retirement Savings Bonus distributed to eligible citizens.