The bonus will be credited automatically to the CPF accounts of eligible recipients, said the Manpower Ministry. - ST
SINGAPORE: More than 570,000 Singaporeans will receive S$400 to $1,000 in March as part of the Earn and Save Bonus.
This will be the first payment of the annual bonus that was first announced at the National Day Rally in 2023 as part of the $9 billion Majulah Package.
In a statement on March 20, the Ministry of Manpower (MOM) said the bonus will provide an additional boost in retirement savings for working seniors.
Singaporeans born in 1973 or earlier will receive the bonus if they meet these requirements:
>Working and have an average monthly income of $500 to $6,000 in the previous year of assessment
>Live in a property with an annual value of $31,000 and below
>Own not more than one property
A higher bonus amount will be given to those with lower monthly incomes.
Those earning $500 to $2,500 in average monthly income will receive $1,000, while those earning above $2,500 to $3,500 will get $700.
Seniors that earn above $3,500 to $6,000 will receive $400.
The three-part Majulah Package is targeted at Singaporeans in their 50s and early 60s, a group that has been referred to as “young seniors”.
The group also covers those younger than the Merdeka generation who were born between 1950 and 1959, and the Pioneer generation who were born in 1949 or earlier.
About 1.6 million eligible Singaporeans received the MediSave Bonus in December 2024, and about 800,000 from the same age group received a one-time Retirement Savings Bonus in their CPF.
The Earn and Save Bonus will be credited automatically to the CPF accounts of eligible recipients, said MOM. They will be notified via SMS in April after the bonus has been credited.
Recipients without a Singpass-registered mobile number will be notified through a letter sent to the address.
In its statement, MOM also reminded the public to guard against scams.
The ministry said that the SMS notification sent from “gov.sg” will give citizens information about their benefits, and they will not be asked to reply to the SMS, click on any links or provide any details to the sender.
Messages about the bonus payment will not be sent through WhatsApp or other mobile messaging platforms.
Citizens can check their eligibility for the bonus on the govbenefits website, by logging in to Singpass. - The Straits Times/ANN
