Some 1.6 million lower and middle income Singaporeans currently in their 50s and 60s will get more help to boost their retirement adequacy under the Majulah Package. The package was announced at the National Day Rally in 2023 and is expected to have a total lifetime cost of about $8.2 billion. It covers younger seniors in their 50s and early 60s, as well as those of the Merdeka Generation who were born between 1950 and 1959, and those of the Pioneer Generation who were born in 1949 or earlier.
In order to honour this commitment without burdening future generations, Deputy Prime Minister and Finance Minister Lawrence Wong said that he will set aside $7.5 billion in a new fund, the Majulah Package Fund. He said that this will be enough to cover the lifetime cost of the package, after accounting for the investment income of the fund. Mr Wong added that all Singaporeans born in 1973 or earlier will benefit from at least one component of the Majulah Packag
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