Majulah Package: Who Qualifies and What You Get
Learn how Singaporeans born in 1973 or earlier can receive bonus savings for their retirement through the Majulah Package.
The Majulah Package is a government initiative designed to provide extra savings to help support your retirement. It is intended to boost the funds available for your future needs.
Who it's for
This scheme is specifically for Singaporeans who were born in 1973 or earlier. If you meet this age requirement, you may be eligible for the benefits provided under this package.
What you get
If you qualify, you will receive bonus amounts intended to help you earn and save more for your retirement. Specifically, the package provides both an earn and save bonus as well as a retirement savings bonus. These funds are designed to bolster your financial position as you plan for your later years.
What it costs you
There is no financial cost to you to participate in this scheme. The process is streamlined through an automatic eligibility check, meaning you do not need to pay any fees to determine if you qualify for the package.
The catch to know
It is important to understand that this is not a recurring monthly or annual payment. Instead, this is a one-time injection into your CPF accounts to help increase your total savings.
How to apply
- Visit the official website to understand the details of the package.
- Wait for the automatic eligibility check to be processed.
- Check your CPF account to confirm that the bonus has been credited.
- Review your statements to see how the bonus affects your total retirement savings.
For more information, visit https://www.majulahpackage.gov.sg