Singapore has announced a significant increase in the Seniors’ Bonus for 2025, reinforcing the government’s ongoing commitment to enhancing the financial well-being of its aging population. These enhancements are designed to provide additional support to lower-income senior citizens, ensuring they can maintain a comfortable standard of living. The newly revised Seniors’ Bonus is set to benefit a vast segment of the elderly population, offering both direct financial assistance and healthcare benefits.
Expanded Cash Assistance Through the Assurance Package
Under the 2025 Assurance Package, eligible seniors aged 55 and above will receive cash payouts ranging from S$200 to S$300. This initiative is expected to benefit approximately 850,000 lower-income seniors in Singapore. The financial assistance aims to help cover rising living costs and support those in need of additional resources.
To qualify for these payments, seniors must meet specific criteria. They should reside in properties with an annual value (AV) of up to S$31,000, have an assessable income (AI) not exceeding S$34,000 as per the 2023 assessment year, and must not own more than one property. Payments will be made through PayNow-NRIC as early as February 5, 2025, based on the selected mode of disbursement.
MediSave Top-Ups for Healthcare Security
In addition to cash payments, the government will provide a MediSave top-up of S$150 to all Singaporeans aged below 20 and those aged 55 and above. This initiative is aimed at helping seniors manage their healthcare expenses while strengthening their long-term medical savings.
Approximately 2 million Singaporeans will benefit from this top-up, regardless of their property annual value or assessable income. Payments will be automatically credited to CPF accounts starting February 11, 2025, ensuring seamless and hassle-free transactions for eligible recipients.
Strengthening Retirement Savings Through CPF Enhancements
Further improvements to the Central Provident Fund (CPF) system are also being introduced to provide enhanced retirement security. Starting in early 2025, the Special Account (SA) will be discontinued for members aged 55 and above. Instead, existing SA balances will be transferred to the Retirement Account (RA), up to the Full Retirement Sum (FRS). Any remaining SA savings will be moved to the Ordinary Account (OA), allowing members greater flexibility in managing their retirement funds.
Another major adjustment is the increase in the Enhanced Retirement Sum (ERS) from three times the Basic Retirement Sum (BRS) to four times, providing an opportunity for seniors to set aside additional savings for higher CPF LIFE payouts. Seniors turning 55 in 2025 who choose to top up to the new ERS could receive monthly CPF LIFE payouts of up to S$3,300 at age 65, compared to approximately S$2,500 under the previous structure.
Strengthening the Silver Support Scheme
The Silver Support Scheme, which assists seniors with low lifetime earnings and limited family support, is undergoing further enhancements in 2025. Quarterly payments under the scheme will increase by 20 percent, ensuring that seniors with fewer financial resources receive additional assistance.
Additionally, the per capita household income threshold will be expanded from S$1,800 to S$2,300, enabling more seniors to qualify for the program. As an example, seniors living in one- to two-room HDB flats with a household per capita income of S$1,500 or lower will see their quarterly support payments increase from S$900 to S$1,080.
Introduction of the Majulah Package
A new initiative, the Majulah Package, will provide additional financial security for approximately 1.6 million senior citizens. This package introduces several targeted benefits to encourage savings and strengthen retirement preparedness.
The Earn and Save Bonus offers lower- and middle-income workers an annual CPF bonus of between S$400 and S$1,000. These contributions will be made on top of existing employer and employee CPF contributions. To qualify, individuals must be actively employed, either full-time or part-time, with an average monthly income ranging from S$500 to S$6,000.
Additionally, the Retirement Savings Bonus will provide a one-time bonus of S$1,000 to S$1,500 to seniors whose CPF retirement savings fall below the Basic Retirement Sum. This payment will be credited directly to CPF Retirement or Special Accounts in December 2024, helping seniors build a more secure financial future.
One-Time MediSave Bonus for Greater Medical Coverage
To further support healthcare costs, the government will introduce a one-time MediSave Bonus, which will be distributed based on age, annual value of residence, and property ownership. Younger seniors with lower financial means will receive up to S$1,500, while all other eligible seniors will be awarded S$750.
Ensuring a Secure and Dignified Retirement for All Seniors
With the enhanced Seniors’ Bonus, expanded CPF benefits, and targeted financial incentives, Singapore is reinforcing its dedication to ensuring a financially secure and dignified retirement for its elderly citizens. These initiatives are part of the government’s broader efforts to provide seniors with greater financial stability, healthcare support, and long-term retirement benefits. By implementing these measures, Singapore is actively addressing the financial needs of its aging population and creating a stronger foundation for their well-being in the years ahead.