Singapore Annual Earn and Save Bonus: Amount, Eligibility and Dates: Singaporeans born in 1973 or earlier will receive the annual Earn and Save Bonus (ESB) if they meet the following criteria: Work and have an average monthly income of between $500 and $6000; Live in residence with Annual Value (AV) of $31,000.
Singapore Annual 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 income will receive a higher CPF top-up.
What is Majulah Package and who will qualify ?
The Majulah Package comprises a one-time retirement Saving Bonus (RSB) paid to the CPF Retirement AAccount (RA) and a MediSave Bonus (MSB) paid to the CPF MediSave Account, as well as the annual Earn and Save Bonus (ESB) paid to the CPF RA.
The package is intended to give older Singapore citizens especially “the young seniors” in their 50s and 60s, an additional boost for their retirement.
Singapore Citizens who were 50 years and more than 50 years old in 2023 when the Majulah Package was 1st announced will get. If they meet the respective scheme eligibility criteria like income, annual value of residence or more than one property and CPF retirement savings.
Eligibility Criteria for Singapore Annual Earn and Save Bonus
Singaporeans born in 1973 or earlier will get the annual Earn and Save Bonus if they meet the following criteria:
- Who is born in 1973 or earlier
- Singapore Citizens residing in Singapore
- Who is Employed or self-employed
- Average monthly employment or trade income in the preceding year of Assessment of $500 to $6000
- Who Lives in a property with an Annual Value of up to $31,000
- Who does not own more than 1 property
Eligibility for the ESB will be assessed annually, based on income from the preceding year of assessment (Employment and trade income) as well as AV and property ownership as of 30 November of the preceding year.
For example, eligibility for the 2025 ESB payment will be based on income that you get in the year of assessment 2024 as well as AV and property ownership of the payment as of 30 November 2024.
Amount of the Earn and Save Bonus
The amount of earn and Save Bonus (ESB) you can receive depends on your income, regardless of employment type. Higher bonuses will be given to those with less means.
| Average Monthly Income | Annual Bonus |
| $500 to $2,500 | $1000 |
| Above $2,500 to $3,500 | $700 |
| Above $3,500 to $6,000 | $400 |
- For the 2025 ESB payment, the Average Monthly income in the year of assessment 2024 is defined as the sum of the employment and trade income earned in 2023, the total number of months who worked in 2023.
- People with disabilities, workers who qualify for ComCare Short-to-Medium Term Assistance and caregivers of care recipients (generally include caregivers residing with care recipients the people who are medically certified to have permanent moderate-to-serve disabilities) will qualify for concessionary ESB of $400/year, even if the people who earn less than $500 per month. Please refer to Earn and Save Bonus for more details and information on the eligibility criteria for concessionary ESB.
- Paid to the RA or the SA if the RA has not yet been created
Payment Date
- If you are eligible for the Earn and Save Bonus, then you will automatically receive the benefits in your CPF Retirement Account or Special Account in April every year from 2025 onwards. There is no further action required on your part.
How to apply for the Singapore Annual Earn and Save Bonus
Additional CPF contributions for eligible Singaporeans still in the workforce.
Employees
- No application required
- You earn and Save Bonus eligibility will be automatically assessed
Self-employed persons
- Declare your income to IRAS to be evaluated for Earn and Save Bonus
Will Self-Employed persons and platform workers qualify for ESB
Yes, the Earn and Save Bonus (ESB) provides additional support to lower to middle-income workers, regardless of the employment type.
Employees, self-employed persons and platform workers who earn an average monthly income of at least $500 and not more than $65,000 may be qualified for ESB (Earn and Save Bonus ), provided that they meet the other eligibility criteria.
Conclusion
In this article, we discussed Singapore Annual Earn and Save Bonus: Amount, Eligibility and Dates, the ESB will be assessed annually, based on income from the preceding year of assessment as well as AV and property ownership as of 30 November of the preceding year.