Tuesday, 3 October 2023

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CPF Board: Those aged 50+ but not in Merdeka or Pioneer Gen also get something from Govt

Current Affairs
By Correspondent
0

CPF Board sent emails to the CPF members, highlighting some of the good news relating to CPF mentioned by Finance Minister Heng Swee Keat during the 2019 Budget Statement in Parliament yesterday (19 Feb).

CPF Board said that the Government will enhance the Workfare Income Supplement (WIS) Scheme to supplement the incomes and CPF savings of lower-wage workers, as well as to encourage them to work regularly.

Also, lower-wage workers who received Workfare Income Supplement (WIS) payments will also get a special Workfare Bicentennial Bonus. They will receive an additional 10 per cent of their WIS payment for work done in 2018, with a minimum payment of $100, in cash.

The biggest surprise is the government would also be giving “benefits” to Singaporeans who are aged 50 and above this year but are not qualified under Merdeka Generation (born in 1950 to 1959) or Pioneer Generation (born before 1950).

For this group, they will receive MediSave top-up of $100 a year for the next five years.

Also, a one-off top-up will also be made to the CPF Special or Retirement Account of lower-wage Singaporeans with low CPF balances, aged 50 to 64 in 2019 to help them build up their CPF savings.

More details will be made available at a later date, said CPF Board.

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