Announced at Budget 2024, the Majulah Package is a targeted suite of benefits that strengthens retirement and healthcare security for older Singaporeans. About 1.6 million citizens aged 50 and above, born in 1973 or earlier, stand to gain from at least one component. The package has three parts that work together to boost long term adequacy. Earn and Save Bonus rewards continued work and CPF contributions. Retirement Savings Bonus provides a one time top up for seniors with lower CPF balances to raise future payouts. MediSave Bonus adds medical savings to help with healthcare and insurance costs. This guide focuses on the Retirement Savings Bonus, commonly called the RSB, including eligibility rules, top up tiers, payment flow, and how it integrates with the other two components.
Table of Contents
Majulah Package At A Glance
The Majulah Package aims to close adequacy gaps and provide peace of mind in retirement. It does this through three coordinated benefits.
- Earn and Save Bonus
An annual CPF top up for eligible working seniors to encourage continued employment and active CPF contributions. Expected annual payout range is S$400 to S$1,000, with first payments scheduled for March 2025. - Retirement Savings Bonus
A one time CPF top up targeted at seniors whose retirement savings fall below the Basic Retirement Sum. The RSB is designed to lift balances and support higher CPF LIFE payouts later. - MediSave Bonus
A one time MediSave top up of S$750 to S$1,500 depending on age, residence Annual Value, and property ownership. It helps fund healthcare needs and insurance premiums.
Together, these components grow retirement savings, add medical reserves, and reward ongoing participation in the workforce.
Quick Summary
Item |
Details |
|---|---|
What it is |
One time Retirement Savings Bonus that tops up CPF for eligible seniors below the Basic Retirement Sum |
Who is covered |
Singapore Citizens born in 1973 or earlier who meet balance, property, and residence value criteria |
Top up tiers |
S$1,500 for balances below S$60,000; S$1,000 for balances at least S$60,000 but below the BRS of S$99,400 as at 31 Dec 2023 |
Where the money goes |
Retirement Account for age 55 and above; Special Account for below 55 |
How it is paid |
Automatically credited by CPF Board; no application needed |
When it started |
First RSB credits went out in late 2024; subsequent batches follow assessment cycles |
Interest earned |
Remains in CPF to earn prevailing long term interest of about 4 to 6 percent per annum depending on account type |
Works with |
Earn and Save Bonus and MediSave Bonus under the Majulah Package |
Official site |
Why The Retirement Savings Bonus Matters
The RSB addresses a simple challenge. Some older citizens have CPF balances below the Basic Retirement Sum of S$99,400 as at 2023. Lower balances translate into smaller CPF LIFE payouts in retirement. By crediting a one time top up into the Retirement Account at age 55 and above or into the Special Account for those below 55, the RSB raises long term savings. The money then compounds at CPF’s floor rates over time, which can meaningfully improve projected monthly payouts.
Eligibility Criteria For The RSB
You do not need to apply. CPF Board determines eligibility automatically using government records. To qualify, all of the following must be met as at the assessment point.
- Citizenship and age
Singapore Citizen born in 1973 or earlier. - CPF savings below BRS
As at 31 December 2023, CPF retirement savings are below the Basic Retirement Sum of S$99,400.
For age 55 and above, retirement savings refer to the combined Retirement Account and CPF LIFE. For below 55, it refers to the sum of Ordinary Account and Special Account. - Residence Annual Value
Annual Value of the place of residence is S$25,000 or less as assessed by IRAS. - Property count
Own no more than one property in Singapore.
These conditions ensure the RSB reaches lower and middle income seniors with modest assets who benefit most from an immediate boost.
One Time Top Up Tiers
The RSB is tiered to focus larger support on those furthest from the Basic Retirement Sum.
CPF Retirement Savings As At 31 Dec 2023 |
One Time RSB Amount |
|---|---|
Less than S$60,000 |
S$1,500 |
At least S$60,000 but below S$99,400 |
S$1,000 |
The top up seeks to narrow the gap for those with the lowest balances while still helping seniors who are close to the threshold.
Payment Timeline And Disbursement Method
- Automatic credit
Eligible members are identified from national databases and CPF Board credits the bonus without any application. - Where credited
For age 55 and above, the bonus goes to the Retirement Account. For below 55, it goes to the Special Account until the Retirement Account is opened at age 55. - First wave
Initial RSB credits were made in late 2024. Notifications were sent to recipients confirming the amount and account credited. - Interest accrual
The RSB remains in CPF and earns the prevailing interest rates. Over time, compounding can translate the lump sum boost into higher CPF LIFE payouts.
How The RSB Works With ESB And MSB
The RSB is part of a coordinated trio. Here is how each piece contributes.
Majulah component |
Benefit type |
Payment range |
Frequency |
|---|---|---|---|
Earn and Save Bonus |
CPF top up for working seniors based on contributions and income |
S$400 to S$1,000 |
Annually from Mar 2025 |
Retirement Savings Bonus |
CPF top up for seniors with retirement savings below BRS |
S$1,000 to S$1,500 |
One time from Dec 2024 |
MediSave Bonus |
One time MediSave top up based on age and housing profile |
S$750 to S$1,500 |
One time, timing varies |
A senior can receive more than one component if they meet the respective criteria. For example, a working senior could receive ESB annually and also get an RSB if their retirement savings are below BRS, plus an MSB to strengthen medical savings.
Practical Tips To Maximise The RSB
- Check your CPF statement periodically to track balances and projected CPF LIFE payouts.
- Keep contact details current with CPF Board so notifications reach you promptly.
- Review your retirement plan after the credit to see how the boost changes monthly payout projections.
- Avoid premature withdrawals that could lower long term compounding. The RSB is meant for retirement income support.
- Coordinate with the ESB if you are still working. Continued CPF contributions can further raise future payouts.
Who Benefits Most
- Seniors with lower balances who are well below the BRS and receive the S$1,500 tier.
- Members close to BRS who get S$1,000 and may cross important payout thresholds after compounding.
- Lower and middle income households with modest property profiles that meet the Annual Value and property count criteria.
Short Summary Table
Topic |
Key facts |
|---|---|
Purpose |
Raise retirement savings for seniors below the Basic Retirement Sum and improve CPF LIFE payouts |
Eligibility |
Singapore Citizens born in 1973 or earlier, below BRS as at 31 Dec 2023, AV not more than S$25,000, at most one property |
Amounts |
S$1,500 if savings below S$60,000; S$1,000 if S$60,000 to below S$99,400 |
Payment flow |
Automatic credit by CPF Board to RA for 55 and above, to SA if below 55 |
Start |
First credits in late 2024 with further batches as eligibility is assessed |
Works with |
Earn and Save Bonus and MediSave Bonus under the Majulah Package |
Official site |
Frequently Asked Questions
1. What is the main goal of the Retirement Savings Bonus
It gives a one time CPF top up to seniors with balances below the Basic Retirement Sum so that retirement adequacy improves and future CPF LIFE payouts rise.
2. Do I need to apply for the RSB
No. Eligibility is checked automatically using government records. CPF Board credits the bonus directly and sends you a notification.
3. Can I withdraw the RSB in cash
No. The bonus stays in CPF and earns interest. It is intended to support retirement income through CPF LIFE rather than immediate withdrawals.
4. Where will the money be credited
To the Retirement Account if you are 55 and above. To the Special Account if you are below 55 until your Retirement Account is opened.
5. When did payments start
The first RSB disbursements were made in late 2024. Future batches follow assessment cycles as new members meet the criteria.
6. How do ESB and MSB relate to the RSB
ESB is an annual incentive for working seniors to grow CPF savings. MSB is a medical savings top up. RSB is a one time retirement savings boost. You can receive more than one if you qualify for each.
Official site
https://www.cpf.gov.sg
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