Over half a million working seniors in Singapore are set to receive a generous bonus of up to $1,000 this month, as part of the government’s effort to boost retirement savings.
If you or someone you know is approaching retirement age and still actively working, this could be a great opportunity to secure additional support for the golden years.
This article explains what the Earn and Save Bonus is, who qualifies, how much you can receive, and how to make the most of this bonus.
What Is the Earn and Save Bonus?
The Earn and Save Bonus is part of the government’s Majulah Package – a $9 billion initiative designed to strengthen retirement adequacy for “young seniors” (those born in 1973 or earlier).
This bonus is not a cash payout. Instead, it is credited directly into the CPF Retirement Account of eligible seniors to help grow their savings with CPF’s attractive interest rates.
How Much Will Seniors Receive?
The amount each senior receives depends on their average monthly employment income in the previous year (assessed in 2023):
- $500 to $2,500/month – Receive $1,000
- $2,500 to $3,500/month – Receive $700
- $3,500 to $6,000/month – Receive $400
This tiered payout ensures that lower-income seniors receive more substantial support, aligning with Singapore’s progressive social policies.
Eligibility Criteria
To be eligible for the Earn and Save Bonus, you must meet all of the following:
- Born in 1973 or earlier
- Earned an average monthly income between $500 and $6,000 in 2022 (assessed in 2023)
- Live in a property with an annual value of $31,000 or less
- Do not own more than one property
There’s no need to apply. Eligible seniors will be automatically included in the scheme based on IRAS and CPF Board records.
When Will It Be Paid?
The first round of payments will be credited to eligible CPF Retirement Accounts in March 2025. Seniors will be notified by SMS or letter in April 2025.
Important: Official SMS messages will come from “gov.sg” and will not contain any links or request personal information. Be alert for phishing scams.
How to Check If You’re Eligible
You can check your eligibility by logging into your CPF account via Singpass once the notifications have been sent out in April. You can also check your transaction history to see if the bonus has been credited.
If you’re not eligible this year but continue working and meet the criteria next year, you might qualify for the next payout.
Financial Advice: Maximise the Bonus
1. Stay Employed If You Can
Even part-time work contributes to CPF. Remaining employed helps you qualify for future payouts and keeps your retirement savings growing.
2. Voluntary CPF Top-Ups
If you can afford it, consider topping up your CPF Retirement Account voluntarily. This gives you higher returns and may make you eligible for other CPF-related support schemes.
3. Monitor Your Property and Income Status
Owning more than one property or exceeding the income cap can disqualify you. Plan your financial profile carefully if you’re close to the threshold.
Final Thoughts
This $1,000 bonus is more than just a one-time top-up. It reflects Singapore’s commitment to helping seniors retire with dignity and peace of mind. If you or a loved one meets the criteria, make sure to stay informed and check your CPF in the coming weeks.
Pro tip: Share this information with your parents, neighbours, or anyone else who may benefit from this bonus!
Stay tuned to cpf.gov.sg and official gov.sg announcements for the latest updates.
