Budget 2024: Increase in CPF contribution rates and payouts to support retirement needs of seniors

The Government will take significant steps to support seniors in their retirement. These include increasing the CPF contribution rates for those aged 55 to 65 by a further 1.5 percentage points, raising the Enhanced Retirement Sum and rationalise the Special Account and Retirement Account. The Silver Support Scheme and the Matched Retirement Savings Scheme will also be enhanced to help more seniors. All Singaporeans born in 1973 or earlier will receive at least one component of the Majulah Package - comprising of an Earn and Save Bonus, a one-time Retirement Savings Bonus and a one-time MediSave Bonus.
Deputy Prime Minister and Minister for Finance Lawrence Wong delivered his Budget 2024 Speech in Parliament on 16 February 2024.
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