More than 570, 000 eligible Singaporeans will receive between S$ 400 ( US$ 300 ) and S$ 1, 000 in their first payment of the annual Earn and Save Bonus later this month, according to the Ministry of Manpower ( MOM), according to a statement released on Thursday ( Mar 20 ).
The Earn and Save Bonus, which is intended to “boost the pension benefits of elderly who are working,” will be immediately credited to residents ‘ Pensionable accounts, MOM said in a statement.
It is a component of the S$ 9 billion Majulah Package, which was created in 2024 to give young seniors who are in their 50s and earlier 60s” an extra boost for their pension.”
Residents who were born in 1973 or earlier did get the benefit if they are employed, have an average monthly income of S$ 500 to S$ 6, 000 in the year of assessment, work, and own only one house with an annual benefit of S$ 31,000 or less, and do not own more than one.
Citizens can log in with their Singpass to check their eligibility for the Earn and Save Bonus on the government benefits site.
Elders with lower monthly earnings may receive a higher benefit: