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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.

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

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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.

Past, present or future? Deciding who pays for our public goods and services

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