Secret $2,275 CPF Bonus for Men Who Worked 30+ Years—Real or Fake? A sparkling rumor has been going on in Singapore about the secret bonus worth $2,275 for men who worked 30+ years. This is a part of the government’s broader efforts to ensure that all Singaporeans can age with dignity and live a respectable life. People who particularly make low incomes are the main targeted beneficiaries. To know more about the topic “Secret $2,275 CPF Bonus for Men Who Worked 30+ Years—Real or Fake?”, please read the full article.
Secret $2,275 CPF Bonus for Men Who Worked 30+ Years
The government of Singapore has launched several programs to help its citizens who are in a weak condition, providing them with monetary aid. The government has announced that the men who have worked 30+ years are eligible for some specific benefits. We will discuss the benefits in this article further. However, there is no proper information about the specific amount, $2,275. This information seems to be fake and to get real information, check the government’s official websites.
The CPF bonus is considered a “forced savings” scheme. But it is actually a social security system that enables working Singaporean citizens and permanent residents to save up some funds primarily for their retirement, as well as for their healthcare, homeownership, family protection, and asset enhancement. CPF contribution rate refers to the percentage of your monthly salary that is being transferred to your CPF.
Programs and Schemes
Some of the programs that provide financial help to men who worked more than 30 years are
Earn and Save Bonus
The Earn and Save Bonus supplements eligible working seniors’ retirement savings through a $400 to $1,000 annual CPF top-up. Eligible working seniors with lower incomes will receive a higher CPF top-up.
Eligibility Criteria: These individuals are qualified for the Earn and Save Bonus payment:
- Individuals who were born in 1973 or earlier
- Individuals who are either citizens of Singapore or permanent residents
- Individuals who are employed, self-employed, or platform workers
- Individuals whose average monthly income in preceding Year of assessment was $500 to $6,000
- Individuals who reside in a property with an annual value of up to 31,000
- Individuals must not own more than one property.
Application: There is no need for an application; the payment will be disbursed in the bank accounts of eligible individuals. The eligibility of an individual for the Earn and Save Bonus will be automatically assessed.
Matched Retirement Savings Scheme
The Matched Retirement Savings Scheme helps eligible senior citizens with lower retirement savings to save more by matching cash top-ups made to their Retirement Accounts (RA). This will increase their monthly payments in retirement.
The government will match every dollar of cash top-ups made to the RA of eligible seniors of up to $2,000 per year, with a $20,000 cap over an eligible member’s lifetime.
Eligibility Criteria: These individuals are qualified for the Matched Retirement Savings Scheme payment:
- The age of individuals must be 55 and above as of 31st December of the assessment year.
- Individuals must be citizens of Singapore
- The retirement account (RA) savings of the individual are less than $106,500.
- Individual’s average monthly income is not more than $4,000
- Individuals who reside in a property with an annual value of up to $21,000
Application: There is no need for an application, as the eligibility of an individual for the Matched Retirement Savings Scheme will be automatically assessed annually at the start of the year. If you’re eligible, the CPF board will inform you through email or post. To get the matching grant, you need to receive cash top-ups in your RA within the year that you are eligible for MRSS.
Silver Housing Bonus
The Silver Housing Bonus (SHB) offers support to seniors who right-size to a 3-room or smaller HDB flat to supplement their retirement income. Supplement your retirement income if you sell your current flat or private housing with an annual value not exceeding $21,000 and buy a 3-room or smaller HDB flat.
Eligibility Criteria:
- At least one owner must be a Singaporean citizen.
- The owner must be aged 55 or more.
- Monthly household income not more than $14,000
- Existing property is an HDB flat that fulfills the minimum occupation period for rental or private housing with an annual value of $21,000 or less.
- No coexistent ownership of a second property.
Application: To apply, check your eligibility and then contact the Customer Relations Executive during the appointment for the second housing transaction. After that, HDB will schedule a financial counseling session during which all pertinent information will be discussed, including the monthly payout amount, bonus, and CPF top-up amount.