Imagine being a working senior in Singapore, worried about your retirement savings. The government has a plan to help. They’re giving out cash payouts to eligible seniors who are still working. This is part of the “Earn and Save Bonus” scheme, which aims to support older workers.
Let’s break it down. The payout is between 400-1,000 Singapore dollars, or around 10,100-25,290 Thai baht. This money will go into the Central Provident Fund (CPF), a mandatory savings and pension system for working Singaporeans and permanent residents. The CPF helps with retirement, healthcare, and housing.
To qualify, you need to have a job with a monthly income between 500-6,000 Singapore dollars (around 12,600-151,700 Thai baht) in the previous year. You can also own one property. Those with lower incomes will get a higher payout.
Key Facts
- Over 570,000 Singaporeans are expected to benefit from the scheme.
- The payout will be made in March.
- The “Earn and Save Bonus” scheme is part of a 9,000 million Singapore dollar (around 227,000 million Thai baht) budget.
- The scheme targets “new seniors” born between 1960-1973, who are 52-65 years old.
The government wants to help older workers build up their retirement savings. This scheme is a step in that direction. With the cash payout, seniors can look forward to a more secure retirement.