Tech Insights
In March 2025, approximately 570,000 Singaporeans will receive the much-anticipated Earn and Save Bonus directly in their CPF accounts.This initiative is part of the Singapore Government’s comprehensive $9 billion Majulah Package, designed to bolster retirement savings Singapore and provide financial support to citizens born in 1973 or earlier.
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In a significant policy shift, Singapore will see an increase in CPF contribution rates for workers aged 55 to 65 by 1.5 percentage points in 2026, as announced by Prime Minister Lawrence Wong on 18 February.This adjustment aims to enhance retirement savings for senior workers, ensuring they can build a more secure financial future while remaining actively engaged in the workforce.
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The CPF Contribution Rate is set to experience a significant boost as part of Singapore’s Budget 2025, aimed specifically at older workers.Starting January 1, 2026, the total contribution rate will increase by 1.5 percentage points, helping senior employees build their retirement savings more effectively.
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The upcoming CPF Special Account changes are set to significantly impact retirement planning for Singaporeans aged 55 and above, starting in January 2025.This pivotal policy shift, announced in Budget 2024, marks the closure of the Special Account for this age group, sparking a wave of discussions regarding its implications on financial future and retirement adequacy.
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