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Peace of mind for your retirement
Follow the story of Ricky, as he considers retiring and pursuing his interests:
Retirement adequacy
Majulah Package
For Singaporeans born in 1973 or earlier, the Majulah Package will help boost your retirement savings. Receive up to $4,500 in bonuses.
Annual Earn & Save Bonus (ESB)
Enhance your retirement savings with an annual CPF bonus of up to $1,000, if you:
Work and have an average monthly income between $500 and $6,000,
Live in a residence with Annual Value of $25,000 and below, and
Own not more than one property.
The ESB amount is tiered based on average monthly income and will be credited to your CPF Retirement Account or Special Account.
Table 1: ESB Quantum
Average Monthly Income | Annual Earn & Save Bonus |
|---|---|
$500 to $2,500 | $1,000 |
Above $2,500 to $3,500 | $700 |
Above $3,500 to $6,000 | $400 |
Retirement Savings Bonus (RSB)
Receive a one-off bonus of up to $1,500 if you:
Have CPF retirement savings* below the 2023 Basic Retirement Sum of $99,400 as at 31 December 2022,
Live in a residence with Annual Value of $25,000 or below as at 31 December 2023, and
Own not more than one property as at 31 December 2023.
The RSB amount is tiered based on your CPF retirement savings* and will be credited to your CPF Retirement Account or Special Account.
Table 2: RSB Quantum
CPF Retirement Savings* | Retirement Savings Bonus |
|---|---|
Less than $60,000 | $1,500 |
At least $60,000 but less than $99,400 (2023 Basic Retirement Sum) | $1,000 |
*Based on the sum of the Retirement Account (RA) and CPF LIFE balances, or the sum of Ordinary Account and Special Account balances if RA has not yet been created.
MediSave Bonus (MSB)
Receive a one-off bonus of up to $2,000 for your medical needs, depending on:
Year of birth,
Annual Value (AV) of your residence, and
Number of properties owned.
The MSB will be credited to your CPF MediSave Account.
Table 3: MSB Quantum
Singaporeans born in | Own not more than 1 property, with AV of residence* not exceeding $25,000 | Own not more than 1 property, with AV of residence* of more than $25,000; OR own more than 1 property |
|---|---|---|
1959 or earlier | $1,250 | $1,250 |
1960-1973 | $2,000 | $1,250 |
* As at 31 December 2023.
Learn more about the Majulah Package.
Matched Retirement Savings Scheme
Grow your savings with dollar-for-dollar matching grants of up to $2,000 per year (from 1 January 2025) from the Government*, when you top up your CPF Retirement Account. You, your loved ones, employers, or community members, can make cash top-ups to your CPF Retirement Account, to boost your monthly payouts in retirement.
* There will be a lifetime cap of $20,000 for grants on top-ups made in 2025 and beyond.
To qualify, you must:
Be Singaporean and aged 55 and above^
Have Retirement Account savings below the prevailing Basic Retirement Sum ($106,500 in 2025)
Earn an average monthly income of not more than $4,000
Live in a property with annual value not more than $21,000
Own not more than one property
^MRSS will be extended to those above 70 from 1 January 2025.
Find out more about the Matched Retirement Savings Scheme.
CPF LIFE
Enjoy a greater sense of security with lifelong monthly payouts.
CPF LIFE is a national longevity insurance annuity scheme that provides you with monthly payouts, for as long as you live. There are three plans to choose from, depending on your desired retirement lifestyle:
Table 4: Overview of CPF LIFE Plans
Plans | Desired retirement lifestyle |
|---|---|
Escalating Plan | If you’re worried about things being more expensive in the years ahead, this plan gives you increasing monthly payouts that start low initially but grow by 2% per year to help you maintain your lifestyle. |
Standard Plan | If you prefer to keep within a fixed budget, this plan gives you steady monthly payouts. However, you may have to adjust your lifestyle as things get more expensive. |
Basic Plan | If you’re confident of adjusting your lifestyle to lower your spending over time, this plan gives you monthly payouts that start low and will decrease even more when your CPF balances fall below $60,000. |
Support for lower-income seniors
Workfare Income Supplement
Workfare supplements the incomes and CPF savings of lower-wage Singaporean workers, and encourages them to work regularly. Eligible employees, self-employed persons and platform workers* can receive Workfare payments of up to $4,200 per year. From 1 January 2025 onwards, Workfare will be enhanced to provide higher payments of up to $4,900 per year.
Employees do not need to apply for Workfare, as eligibility is automatically assessed based on CPF contributions. Self-employed persons will have to declare their income, and make the required MediSave contributions to receive Workfare payments.
To qualify, you must meet all of the following eligibility criteria:
Singapore Citizen aged 30 years old and above
Employed or self-employed (or platform worker* from 1 January 2025 onwards)
Gross monthly income of $500 to $2,500 ($500 to $3,000 from 1 January 2025 onwards)
Live in a property with Annual Value of up to $13,000 ($21,000 for work done in 2024 onwards)
Do not own more than 1 property
If married, assessable income of your spouse must not exceed $70,000. You and your spouse must also not own more than 1 property.
*From 1 January 2025, platform workers will be recognised as a new category of workers in addition to employees and the self-employed. Platform workers currently qualify for Workfare as self-employed persons.
Find out more about the Workfare Income Supplement.
Silver Support Scheme
The Silver Support Scheme provides quarterly cash payments of up to $900 for Singapore Citizens aged 65 and above, who had low incomes during their working years and now have less in retirement. Eligible Singaporeans will receive a notification letter in December of the preceding year.
From 1 January 2025 onwards, Silver Support will be enhanced to provide higher payments of up to $1,080 per quarter.
To qualify, you must meet all of the following eligibility criteria:
Singapore citizen aged 65 years old and above
Total CPF Contribution at age 55 of up to $140,000. If self-employed, average annual net trade income of up to $27,600 between the ages of 45 to 54
Per-capita household income should not exceed $1,800 ($2,300 from 1 January 2025 onwards)
Live in a 1- to 5-room HDB flat
You and your spouse do not own a 5-room or larger HDB flat, private property or multiple properties
Table 5: Enhanced Silver Support Payments from 1 January 2025
HDB Flat Type | Household monthly income per person of $1,500 or less | Household monthly income per person of above $1,500 but not more than $2,300 |
|---|---|---|
1- and 2-Room | $1,080 | $540 |
3-Room | $860 | $430 |
4-Room | $650 | $325 |
5-Room* | $430 | $215 |
*Live in, but do not own, a 5-room HDB flat.
Learn more about Silver Support Scheme.
Healthcare benefits
Healthier SG
Take charge of your health, prevent the onset of chronic diseases, and lead a healthier lifestyle. Enrol in Healthier SG with your family doctor for all your primary healthcare needs, while enjoying the following benefits:
Fully-subsidised first Health Plan consultation and check-ins
Fully-subsidised nationally-recommended screenings and vaccinations for eligible Singapore Citizens
More affordable medication with subsidies of up to 87.5% on selected chronic medications for Pioneer Generation/Merdeka Generation/CHAS cardholders under the Healthier SG Chronic Tier
Use MediSave to pay for your bill in full (without cash co-payment) for treatment of chronic conditions under the Chronic Disease Management Programme
$20 worth of Healthpoints through the Healthy 365 app after the first Health Plan consultation
Find out more about Healthier SG.
Pioneer Generation and Merdeka Generation Package
Enjoy comprehensive health benefits through the Pioneer Generation Package and Merdeka Generation Package for seniors.
Pioneers requiring assistance with at least 3 out of 6 Activities of Daily Living+ can also qualify for the Pioneer Generation Disability Assistance Scheme, which provides lifelong assistance of $100/month.
+Feeding, dressing, toileting, washing, walking or moving around, and transferring from bed to chair and vice versa.
Table 6: Pioneer and Merdeka Generation Package Benefits
Scheme | ||
|---|---|---|
Eligibility | Born on or before 31 December 1949 | Born from 1 January 1950 to 31 December 1959 |
MediSave Top-Ups | $250 to $900 annually for life | $200 annually from 2019 to 2023. [Top-Up has ended] |
Outpatient Care Subsidies | Additional subsidies for outpatient care at polyclinics, Public Specialist Outpatient Clinics and CHAS clinics. | |
CareShield Life Additional Participation Incentives | $3,000 incentive to join CareShield Life from 1 January 2024 – 31 December 2024 . | |
MediShield Life | Up to 60% in premium subsidies | |
CHAS Subsidies
Access subsidised medical, dental and healthcare services with the CHAS card at selected clinics.
Who is eligible?
Table 7: CHAS Tiers
Eligibility Criteria | CHAS Green | CHAS Orange | CHAS Blue |
|---|---|---|---|
Household monthly income per person | Above $2,300 | $1,501 - $2,300 | $1,500 and below |
Annual Value of residence (for households with no income) | Above $25,000 | $21,001 - $25,000 | $21,000 and below |
How will I benefit?
Table 8: CHAS Benefits
Benefits | CHAS Green | CHAS Orange | CHAS Blue | Merdeka Generation | Pioneer Generation |
|---|---|---|---|---|---|
Common illnesses1 (e.g. cough and cold) | N.A. | Up to $10 subsidy per visit | Up to $18.50 subsidy per visit | Up to $23.50 subsidy per visit | Up to $28.50 subsidy per visit |
Selected simple2 chronic conditions | Up to $28 subsidy per visit, capped at $112 per year | Up to $50 subsidy per visit, capped at $200 per year | Up to $80 subsidy per visit, capped at $320 per year | Up to $85 subsidy per visit, capped at $340 per year | Up to $90 subsidy per visit, capped at $360 per year |
Selected complex3 chronic conditions | Up to $40 subsidy per visit, capped at $160 per year | Up to $80 subsidy per visit, capped at $320 per year | Up to $125 subsidy per visit, capped at $500 per year | Up to $130 subsidy per visit, capped at $520 per year | Up to $135 subsidy per visit, capped at $540 per year |
Selected Dental Services | N.A. | Up to $50 - $170.50 subsidy per procedure (denture, crown, root canal treatment only) | Up to $11 - $256.50 subsidy per procedure (dependent on procedure) | Up to $16 - $261.50 subsidy per visit | Up to $21 - $266.50 subsidy per visit |
Recommended Health Screening under the national subsidised screening programme: Screen for Life4 | $5 fixed fee | $2 fixed fee | $2 fixed fee | $2 fixed fee | $0 |
1 Capped at 24 visits per year.
2 Refers to visits for a single chronic condition.
3 Refers to visits for multiple chronic conditions, or a single chronic condition with complication(s).
4 Refers to screening for diabetes, high blood pressure, high cholesterol, colorectal cancer and cervical cancer.
Support for daily expenses
GST Voucher (GSTV)
The permanent GST Voucher (GSTV) scheme helps lower- and middle-income Singaporean households offset GST expenses. It includes cash payouts, MediSave top-ups for eligible seniors, U-Save, and Service and Conservancy Charges (S&CC) rebates.
Find out the estimated benefits for you and your household, using the Support For You Calculator.
GSTV – Cash
Singaporeans aged 21 and above who are residing in Singapore with an assessable income of up to $34,000, annual value of home not exceeding $25,000, and who do not own more than 1 property will receive a cash payout in August 2024 to help with daily living expenses.
Table 9: Cash Payout by Annual Value of Home
Annual Value of Home | Amount received in August 2024 |
|---|---|
Up to $21,000 | $850 |
More than $21,000 and up to $25,000 | $450 |
GSTV – MediSave
Receive a Medisave top-up of up to $450 if:
You are a Singaporean aged 65 and above
The annual value of your home does not exceed $25,000
You do not own more than 1 property
You are staying in Singapore
Table 10: MediSave Top-Up by Annual Value of Home
Age in 2024 | Annual Value of Home up to $21,000 | Annual Value of Home above $21,000 and up to $25,000 |
|---|---|---|
65 - 74 | $250 | $150 |
75 - 84 | $350 | $250 |
85 and above | $450 | $350 |
GSTV – U-Save
To offset your utilities bills, eligible households will receive between $220 to $380 in GSTV – U-Save in four instalments.
Together with the additional top-ups under Budget 2024 (B2024), as well as the Assurance Package (AP), households will receive up to $950 in U-Save rebates in FY2024.
Table 11: U-Save Rebates by HDB Flat Type
Disbursement of U-Save Rebates | Scheme | 1-and 2-room | 3-room | 4-room | 5-room | Executive/ Multi-generation |
|---|---|---|---|---|---|---|
April 2024 | GSTV | $95 | $85 | $75 | $65 | $55 |
B2024 | $95 | $85 | $75 | $65 | $55 | |
Jul 2024 | GSTV | $95 | $85 | $75 | $65 | $55 |
AP | $95 | $85 | $75 | $65 | $55 | |
B2024 | $95 | $85 | $75 | $65 | $55 | |
October 2024 | GSTV | $95 | $85 | $75 | $65 | $55 |
B2024 | $95 | $85 | $75 | $65 | $55 | |
January 2025 | GSTV | $95 | $85 | $75 | $65 | $55 |
AP | $95 | $85 | $75 | $65 | $55 | |
B2024 | $95 | $85 | $75 | $65 | $55 | |
Total amount | $950 | $850 | $750 | $650 | $550 | |
GSTV – Service and Conservancy Charges (S&CC) Rebate
To offset S&CC, eligible households will receive between 1.5 to 3.5 months of GSTV – S&CC Rebate in four instalments.
Together with the additional 0.5 month of S&CC rebates under Budget 2024 (B2024), eligible households will receive up to 4 months of S&CC rebates in FY2024.
Table 12: S&CC Rebates by HDB Flat Type
HDB Flat Type and Disbursement Month | Scheme | 1-and 2-room | 3-and 4-room | 5-room | Executive/ Multi-generation |
|---|---|---|---|---|---|
April 2024 | GSTV | 1.0 | 1.0 | 0.5 | 0.5 |
Jul 2024 | GSTV | 1.0 | 0.5 | 0.5 | 0.5 |
October 2024 | GSTV | 1.0 | 0.5 | 0.5 | 0.5 |
January 2025 | GSTV | 0.5 | 0.5 | 0.5 | - |
B2024 | 0.5 | 0.5 | 0.5 | 0.5 | |
Total number of months | 4.0 | 3.0 | 2.5 | 2.0 | |
Learn more about the GST Voucher fund.
Assurance Package
The Assurance Package complements the permanent GST Voucher (GSTV) scheme to help relieve cost-of-living pressures for Singaporean households.
Find out the estimated benefits for you and your household, using the Support For You Calculator
Community Development Council (CDC) Vouchers
Singaporean households can receive a total of $800 in CDC Vouchers in 2024, as well as $300 in CDC vouchers in 2025, to help with daily expenses. The vouchers can be used at participating heartland merchants and hawkers, as well as participating supermarkets.
Table 13: CDC Vouchers for All Households
Disbursement Month | Amount |
January 2024 | $500 |
June 2024 | $300 |
Total | $800* |
*Excludes $300 in CDC vouchers, to be disbursed in January 2025.
Assurance Package Cash
Singaporeans aged 21 years and above in 2024 and staying in Singapore will receive between $700 to $2,250 in cash over five years, depending on their income and property ownership. This will be paid out yearly in December from 2022 to 2026.
Table 14: Assurance Package Cash Payment by Income
Singaporeans aged 21 years and above in reference year | Disbursement Period | Income up to $34,000 | Income more than $34,000, and up to $100,000 | Income more than $100,000; or owns more than 1 property |
|---|---|---|---|---|
2023 | December 2022 | $200 | $150 | $100 |
2024 | December 2023 | $600 | $350 | $200 |
2025 | December 2024 | $600 | $350 | $200 |
2026 | December 2025 | $600 | $350 | $100 |
2027 | December 2026 | $250 | $150 | $100 |
Total | - | $2,250 | $1,350 | $700 |
Assurance Package U-Save
Eligible households will receive additional Assurance Package (AP) U-Save of $190 in FY2024, on top of the regular GSTV – U-Save.
In total, households will receive up to $950 in U-Save in FY2024.
Table 15: Assurance Package U-Save Rebates by HDB Flat Type
HDB Flat Type and Disbursement Month | Scheme | 1-and 2-room | 3-room | 4-room | 5-room | Executive/ Multi-generation |
|---|---|---|---|---|---|---|
April 2024 | GSTV | $95 | $85 | $75 | $65 | $55 |
B2024 | $95 | $85 | $75 | $65 | $55 | |
Jul 2024 | GSTV | $95 | $85 | $75 | $65 | $55 |
AP | $95 | $85 | $75 | $65 | $55 | |
B2024 | $95 | $85 | $75 | $65 | $55 | |
October 2024 | GSTV | $95 | $85 | $75 | $65 | $55 |
B2024 | $95 | $85 | $75 | $65 | $55 | |
January 2025 | GSTV | $95 | $85 | $75 | $65 | $55 |
AP | $95 | $85 | $75 | $65 | $55 | |
B2024 | $95 | $85 | $75 | $65 | $55 | |
Total amount | $950 | $850 | $750 | $650 | $550 | |
Assurance Package Seniors’ Bonus
Receive cash payments in 2024 and 2025 if you:
Are a Singaporean aged 55 and above
Have an assessable income of up to $34,000
Do not own more than 1 property
Reside in Singapore
Table 16: Assurance Package Senior's Bonus
Age in Disbursement Year | Annual Value of Home up to $21,000 | Annual Value of Home above $21,000 and up to $25,000 |
|---|---|---|
55 to 64 years | $250 | $200 |
65 years and above | $300 | $200 |
Learn more about the Assurance Package.