Singapore announce RM24bil Majulah Package to help those aged 50 and older meet retirement needs

The Majulah Package is targeted at Singaporeans in their 50s and early 60s, a group that PM Lee Hsien Loong refers to as 'young seniors'. - The Straits Times/ANN

SINGAPORE: Lower and middle income Singaporeans aged 50 and above this year will get more help to boost their retirement savings under a new package announced on Sunday.

They will receive a yearly CPF bonus of up to $1,000 as long as they continue working. Those who have not met the Central Provident Fund (CPF) Basic Retirement Sum (BRS) will receive a one-time CPF Bonus of $1,500, while those who are 50 and above will get a one-time MediSave Bonus of $1,000.