KEY HIGHLIGHTS
- Seniors with lower CPF savings will receive a one-off Retirement Savings Bonus.
- Eligible Singaporeans get either $1,000 or $1,500 automatically in December 2024.
- No application is needed, and the bonus boosts future CPF LIFE payouts.
The Majulah Package is shaping up to be one of the biggest support moves for older Singaporeans. And the part everyone’s talking about is the Retirement Savings Bonus (RSB) — a one-off CPF top-up for seniors whose retirement balances fall below the Basic Retirement Sum.
If you’ve got an Uncle or Auntie at home born in 1973 or earlier, this is something they’ll want to know. The bonus arrives automatically, without any Singpass application or upload stress.
Majulah Package retirement Savings Bonus Quick Summary
| Feature | Details |
|---|---|
| Bonus Amount | $1,000 or $1,500 (one-time) |
| Payout Date | December 2025 |
| Eligibility | Born 1973 or earlier, SC, CPF savings below $99,400 (2023 BRS), AV ≤ $25,000, owns ≤ 1 property |
| Claim Process | No application needed |
| Purpose | Boost CPF balances for stronger CPF LIFE payouts |
What the Retirement Savings Bonus Actually Means for You
Here’s the thing — many seniors, especially those who spent years in informal jobs or had lower wages, don’t hit the Basic Retirement Sum. That affects the monthly CPF LIFE payouts later on.
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This RSB gives a much-needed leg-up.
A senior receives $1,000 or $1,500, depending on how far their savings fall below the 2023 Basic Retirement Sum of $99,400.
And because it’s a CPF top-up, it quietly pushes up their future retirement income, without requiring any action on their part.
Who Will Receive the $1,000 or $1,500 Bonus?
If you’re checking on behalf of your parents or grandparents, here’s the clear breakdown. To get the Retirement Savings Bonus, seniors must:
- Be born in 1973 or earlier
- Be a Singapore Citizen living in Singapore
- Have CPF retirement savings below $99,400
- Live in a property with Annual Value up to $25,000
- Not own more than one property
CPF retirement savings include the balances in RA + CPF LIFE, or OA + SA if the RA isn’t formed yet.
This means seniors across the island — from Yishun to Tampines — can qualify as long as they meet the savings and property criteria.
How Much Will You Get?
The government will look at the senior’s current CPF retirement savings. The lower the balance, the higher the bonus:
- $1,500 for seniors with the lowest CPF balances
- $1,000 for those closer to the BRS threshold
You won’t need to calculate anything yourself. CPF will do the checks automatically.
When Will the Bonus Be Credited?
The top-up is scheduled for December 2024, right into the senior’s CPF.
There’s no need to click any Singpass claim link, no forms, no hassle.
No Application Required
This part is important. A lot of seniors worry about missing deadlines or not knowing how to apply.
You cannot “apply” for the RSB.
If you’re eligible, it will simply show up in your CPF.
If you need help understanding eligibility, you can call 1800 222 2888. Just note that mobile calls may incur airtime charges unless you’re using a landline.
How the Retirement Savings Bonus Fits Into the Majulah Package
The Majulah Package is more than just one bonus. It’s built to help seniors stretch their savings as living costs rise. Kopitiam meals, clinic fees, transport — everything adds up, especially for retirees.
Here’s how the components come together:
1. Retirement Savings Bonus (One-time)
The one we’re discussing. Helps seniors raise their CPF balance so their future monthly payouts grow.
2. Earn and Save Bonus (Annual)
For working seniors who are still contributing to CPF.
The government gives an annual top-up to encourage continued employment and stable saving.
This is separate from the RSB.
3. MediSave Bonus (One-time)
A MediSave top-up for seniors to manage healthcare expenses such as insurance premiums and outpatient bills.
The amount varies by factors like age, home value, and property ownership.
Why This Matters for Singapore’s Ageing Population
If you’ve chatted with any seniors at the wet market or the neighbourhood kopitiam, you’ll quickly hear the same thing — everything is getting expensive.
Raising retirement balances now helps secure:
- Stronger future CPF LIFE payouts
- Better financial stability
- Less pressure on day-to-day spending
For many families supporting ageing parents, every bit of CPF growth helps reduce monthly stress.
FAQs
1. Do seniors need to claim the Retirement Savings Bonus?
No. The system checks eligibility automatically. Nothing needs to be submitted.
2. Can seniors receive both the Retirement Savings Bonus and MediSave Bonus?
Yes. These are separate benefits under the Majulah Package.
3. What if my CPF savings are just slightly below the BRS?
You’ll still qualify as long as your balance is under $99,400, but the bonus amount may be the lower tier.
4. Does living with children affect eligibility?
No. Eligibility depends on the senior’s property Annual Value and CPF savings, not household members.
5. Will this affect my CPF LIFE premiums?
This top-up increases your CPF balance, which can lead to higher CPF LIFE payouts in the future.
