570,000 Singaporeans to receive Earn and Save Bonus in CPF account this month

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As a boost to their retirement, the Singapore Government introduced the $9 billion Majulah Package in 2024 for Singaporeans born in 1973 or earlier.

Eligible Singaporeans will receive the first payment of the annual Earn and Save Bonus, of $400 to $1,000, in March 2025.

The Earn and Save Bonus will be automatically credited to citizens' CPF accounts, according to the Ministry of Manpower in its announcement on March 20.

Singaporeans born in 1973 or earlier will receive the annual Earn and Save Bonus if they meet the following criteria:

  1. Work and have an average monthly income of $500 to $6,000 in the preceding Year of Assessment;
  2. Live in a property with an Annual Value of $31,000 and below; and
  3. Own not more than 1 property.

Citizens can check their eligibility for the Earn and Save Bonus at govbenefits.gov.sg by logging in with their Singpass.

Eligible working seniors will receive the following Earn and Save Bonus, with a higher Bonus given to those with lower monthly incomes:

1 Paid to the Retirement Account (RA) if it is available at crediting date, or otherwise to the Special Account.<br>Paid to the Ordinary Account for citizens aged 55 and above who have set aside the Full Retirement Sum<br>or the Basic Retirement Sum with property in their RA. 

Eligible recipients will be notified via SMS in April 2025 - after the Earn and Save Bonus has been credited to their CPF accounts.

Recipients without a Singpass-registered mobile number will be notified through a letter sent to the address on their NRIC.

Under the Majulah Package, about 1.6 million Singaporeans born in 1973 or earlier received the MediSave Bonus in December 2024, and about 800,000 eligible Singaporeans from the same age group received a one-time Retirement Savings Bonus in their CPF.

ByTNP
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