The Majulah Package particularly benefits lower- and middle-income workers, but seniors who face challenges in staying employed will miss out on the Earn and Save Bonus, say Duke-NUS’ Jeremy Lim-Soh and Rahul Malhotra.
, which will top up the Central Provident Fund accounts of Singaporeans born in 1973 and earlier.
They will also receive a one-time Retirement Savings Bonus of up to S$1,500 if their CPF balances do not meet the Basic Retirement Sum, as well as a MediSave Bonus of up to S$1,000. Our research suggests that work is intimately related to maintaining social participation and an active lifestyle - hence continuing to work, whether part-time or full-time, can be rewarding for seniors.
The onus, as Mr Lee mentioned, will also be on the seniors to follow the health plan diligently. If successful, Healthier SG will extend Singaporeans’ healthy lifespans, which will enable them to work longer.CAREGIVERS NEED SUPPORT TO CONTINUE WORKING
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