THE Ministry of Finance (MOF) will consider making parts of the upcoming Majulah Package available based only on age, without additional criteria such as income, Senior Minister of State for Finance Chee Hong Tat said in Parliament on Tuesday (Sep 19).

Announced in this year’s National Day Rally, the S$7 billion Majulah Package will provide Central Provident Fund (CPF) bonuses to 1.4 million Singaporeans aged 50 and above with lower incomes and less wealth.

“We have designed the Majulah Package to provide more support to those with lower incomes and less wealth,” said Chee. “Nevertheless, we recognise that there may be concerns that are common to all Singaporeans within this group.”

MOF will therefore consider suggestions made by Members of Parliament Denise Phua and Edward Chia as it finalises the package, he added. Details of the Majulah Package will be announced in Budget 2024.

Phua and Chia had proposed that the package could include elements that are disbursed solely based on age, without considering recipients’ housing and income.

The package has three planned components: an annual Earn and Save bonus for lower and middle-income working seniors, a one-time retirement savings top-up for those who have not reached the basic retirement sum, and a one-time Medisave top-up.

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Phua urged the government to design the Majulah Package to be more like the Pioneer and Merdeka Generation Packages, which are “very inclusive” with overall cash payouts, Medisave top-ups, outpatient subsidies and health screenings available to all those in the respective age groups.