Budget 2024: S$3.5 billion to be set aside over next decade to help elderly age well

“Preventive care is especially important for seniors. Loneliness can do great harm to a senior,” said Mr Wong. “They need to stay active and socially connected.”

Last year, it was announced that around S$800 million will go towards enhancing active ageing centres from the 2024 financial year through to FY2028 as part of Age Well SG.

Mr Wong explained that seniors can look forward to a wider range of programmes at these centres, from physical exercises to volunteering opportunities.

The Government’s “suite of investments”  in education, housing, retirement and healthcare speaks to its “steadfast commitment” to address the needs of families and seniors, through every stage of life, he added.

“Through these investments, we will provide more assurance to all Singaporeans – to set minds at ease, improve lives and well-being, and ensure Singapore remains home truly for all of us,” Mr Wong said.

MORE DETAILS ON MAJULAH PACKAGE

Mr Wong also provided more details on the Majulah Package which was also announced by Mr Lee at his 2023 National Day Rally speech.

Singaporeans born in 1973 or earlier are eligible for CPF top-ups under the package. It consists of three components, an annual Earn and Save Bonus (ESB) for working seniors, a one-time Retirement Savings Bonus (RSB) for those who have not met the CPF Basic Retirement Sum and a one-time MediSave Bonus (MSB).

Elaborating on the components, the Finance Minister said that all Singaporeans born in 1973 or earlier to receive at least one form of CFP top-up.

According to the Ministry of Finance, those who work and have an average monthly income of between S$500 to S$6000, live in a residence with annual value of S$25,000 and below, and own not more than one property are eligible for the ESB.

The ESB will be tired by an individual’s average monthly income, with those earning between S$500 to S$2500 receiving the maximum bonus of S$1000. The first annual ESB will be credited to their CPF Retirement Account or Special Account in March next year.

Eligibility for the ESB will be assessed annually based on whether the individual has met the criteria in the previous year.

To receive the one-time RSB, individuals must have CPF retirement savings below the 2023 Basic Retirement Sum of S$99,400 as at end of 2022. They must also live in a residence with annual value of S$25,000 and below and own not more than one property as at end of last year.

The RSB will be tired by one’s CPF retirement savings, with those who have less than S$60,000 receiving the maximum of S$1,500. The RSB will be credited to their CPF Retirement Account or Special Account in December this year.