Under the Majulah Package, a Retirement Savings Bonus is provided to Singaporeans to cover the cost of living expenses, offset healthcare costs, and build up their savings for retirement.
Eligible Adult Singaporeans born in 1973 or earlier are going to receive a Retirement savings bonus of $1,000-1,500 in their Central Provident Fund (CPF) accounts in December 2024.
Singapore Retirement Savings Bonus 2024
Earlier this year, Singapore’s Prime Minister Lawrence Wong announced at the Budget 2024 that various benefits from the Government will be delivered in December 2024.
These benefits will be provided to every eligible adult Singaporean each December from 2022 to 2026. To get the benefits amount individuals need to satisfy the eligibility criteria of this program. Citizens born in 1973 or earlier will get a Retirement Bonus under the Majulah Package.
The lifetime cost of the Majulah Package will also increase from $8.2 billion to $9 billion, with the enhancements in the MediSave Bonus that was announced in October 2024. Individuals can utilize the benefit amount to offset healthcare costs and build up their savings for retirement.
What will you get from the Singapore Retirement Savings Bonus in 2024?
Singapore Retirement Savings Bonus is a part of the Majulah Package that provides financial assistance to more than 800,000 eligible Singaporeans. Eligible individuals will receive a one-time Retirement Savings Bonus of $1,000 or $1,500 directly into their CPF account.
The exact payout amount depends on the amount of CPF retirement savings that an individual has. The benefits range that adult Singaporeans will expect to get in 2024 are listed in the below table.
| Government Benefit | CPF Retirement Saving | Benefit Amount |
| Retirement Savings Bonus – Majulah Package | Less than $60,000 | $1,000 |
| At least $60,000 but less than $99,400 | $1,500 |
Who is eligible for the Singapore Retirement Savings Bonus in 2024?
To get the benefit amount from Singapore Retirement Savings Bonus in 2024 it is very important to fulfill the below-listed eligibility requirements.
- Interested individuals must be a permanent resident or citizen of Singapore.
- To qualify for the Retirement Savings Bonus Singaporeans must be born in 1973 or earlier.
- Individuals need to live in a residence with an AV of S$25,000 and below as of 31 December 2023.
- Applicants do not need to own more than one property as of 31 December 2023.
- Individuals need to have CPF retirement savings below the 2023 Basic Retirement Sum (BRS) of $99,400.
Singaporeans can also check their eligibility through the official government benefits website (govbenefits.gov.sg) by logging in with their Singpass account details.
How to apply for a Singapore Retirement Savings Bonus in 2024?
It is good news that individuals is no need to apply for the Singapore Retirement Savings Bonus in 2024. Eligible recipients will automatically receive their retirement bonus payment into their CPF Retirement Account (RA) or Special Account (SA) in December 2024.
You will receive a notification via SMS in December 2024 after the benefit(s) have been credited to you. Individuals without a Singpass registered phone number will get a letter at the address that is listed on their Singapore Identity Card.
So if changes occur in your circumstances then you need to update your changed details to be safe from unexpected delay. To get the latest news about retirement saving bonuses or to update your details it is a good idea to contact officials by calling 1800-2222-888. You can also visit the official website at govbenefits.gov.sg.
When will you get your Singapore Retirement Savings Bonus in 2024?
As part of the Majulah Package, the Singapore retirement saving bonus payment is a one-time payment that is provided to eligible recipients on a yearly basis.
The exact payout date of this payment is not announced. But it is expected that, In 2024 Eligible individuals are going to receive their Singapore Retirement Savings Bonus payments starting from December 2024.
If individuals are eligible but do not receive their retirement savings bonus in time then it is advised to you please contact the officials by calling 1800-2222-888 or visiting govbenefits.gov.sg.
The retirement saving bonus will be provided to eligible individuals in the CPF Retirement Account (RA) if they are aged 55 and above. But If you are aged below 55 years then the retirement bonus payment will be paid to you in a Special Account (SA).
