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Taking a longer view, economic growth in Singapore "has consistently delivered better jobs and higher wages for Singaporeans", despite worries about inflation and rising cost of living, and the occasional setback, the Prime Minister noted.
"The BRS (Basic Retirement Sum) does not prevent members from setting aside more savings in CPF in order to receive a higher retirement payout," Minister Tan clarified.
Among highlights was the new Majulah Package, which comprises an "earn and save" bonus for those in their 50s and early 60s to build up their CPF savings while working.
The Majulah Package looks to be designed to take into account specific retirement adequacy needs of Singaporeans in this cohort born between 1960 and 1973, says the Institute of Policy Studies’ Christopher Gee.
A Majulah Package to help those aged 50 and above prepare for retirement was announced by Prime Minister Lee Hsien Loong at his 2023 National Day Rally. The three components of the package include an Earn and Save Bonus, he said at the Institute of Technical Education Headquarters today (Aug 20). Eligible Singaporeans will receive up to $1,000 credited to...