One of the highlights of Prime Minister Lee Hsien Loong’s National Day Rally speech was the announcement of the $7 billion Majulah Package. It’s aimed at meeting the retirement needs of lower- and middle-income Singaporeans aged 50 and above this year – described as “young seniors” by PM Lee.

The package, which is divided into three parts, will include a yearly Central Provident Fund (CPF) bonus of up to $1,000 for individuals who continue to work. Those who have not met the 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. Those in the Pioneer and Merdeka generations will also benefit from the package.


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Yap Jia Hui is research assistant at the Institute of Policy Studies, National University of Singapore. Christopher Gee is deputy director and senior research fellow at the same institute.

Top photo from Freepik.