Singapore will hand out a S$7 billion ($5.2 billion) pension fund top-up for citizens aged 50 and above to boost retirement savings amid rising costs of living, Prime Minister Lee Hsien Loong said.
The so-called Majulah Package will help “young seniors” in their 50s and early 60s, especially those with lower incomes and less wealth, Lee said in his National Day Rally speech on Sunday. About 1.4 million Singaporeans will be eligible for the support, Lee added.
The government is also looking to enhance existing programs such as the Silver Support, Workfare Income Supplement, and the Matched Retirement Savings Scheme, Lee said. Details will be announced next year.
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