570,000 Singaporean seniors to receive first Earn and Save Bonus payment in March

SINGAPORE: More than 570,000 eligible Singaporeans will receive between S$400 (US$300) and S$1,000 in their first payment of the annual Earn and Save Bonus later this month, the Ministry of Manpower (MOM) said on Thursday (Mar 20).

The Earn and Save Bonus, meant to "boost the retirement savings of seniors who are working", will be automatically credited to citizens’ CPF accounts, MOM said in a statement.

It is part of the S$9 billion Majulah Package that was introduced in 2024 to provide young seniors - currently in their 50s and early 60s - with "an additional boost for their retirement".

Singaporeans born in 1973 or earlier will receive the bonus if they are working and have an average monthly income of S$500 to S$6,000 in the preceding year of assessment, live in a property with an annual value of S$31,000 or below and do not own more than one property.

Citizens can check their eligibility for the Earn and Save Bonus on the govbenefits website by logging in with their Singpass.

A higher bonus will be given to seniors with lower monthly incomes.

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

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

To safeguard against scams, the SMS notification from the sender "gov.sg" will only inform citizens of their benefits.

"Citizens will not be asked to reply to the SMS, click any links, or provide any information to the sender," MOM said, adding that they will also not receive messages regarding the payment on WhatsApp or other mobile messaging platforms.

For more information on the Earn and Save Bonus, citizens may visit the govbenefits website or call the hotline at 1800-2222-888.