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Past, present or future? Deciding who pays for our public goods and services
How we define our needs and fund them reflect our commitment to one another as a nation.
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An important and tangible way in which we can strengthen our social compact is through rethinking our fiscal policies.
ST PHOTO: CHONG JUN LIANG
Yap Jia Hui and Christopher Gee
One of the highlights of Prime Minister Lee Hsien Loong’s National Day Rally speech was the announcement of the $7 billion Majulah Package. It’s aimed at meeting the retirement needs of lower- and middle-income Singaporeans aged 50 and above this year – described as “young seniors” by PM Lee.
The package, which is divided into three parts, will include a yearly Central Provident Fund (CPF) bonus of up to $1,000 for individuals who continue to work. Those who have not met the CPF Basic Retirement Sum (BRS) will receive a one-time CPF Bonus of $1,500, while those who are 50 and above will get a one-time MediSave Bonus of $1,000. Those in the Pioneer and Merdeka generations will also benefit from the package.
