SINGAPORE, March 20 (Xinhua) -- More than 570,000 eligible Singaporeans will receive payouts ranging from 400 to 1,000 Singapore dollars (about 300 to 750 U.S. dollars) this March, as part of the government's efforts to enhance the retirement savings of working seniors, the Ministry of Manpower said Thursday in a release.

The disbursement marks the first tranche of the annual Earn and Save Bonus, introduced in 2024 under a 9 billion Singapore dollar package.

The scheme is designed to provide additional retirement support to Singaporeans born in 1973 or earlier, with a particular focus on those born between 1960 and 1973, whom the ministry refers to as "young seniors" currently in their 50s and early 60s.

In addition to the age requirement, recipients must meet criteria such as being employed, earning an average monthly income of between 500 and 6,000 Singapore dollars in the previous assessment year, and owning no more than one property.

Those with lower monthly incomes will receive higher bonus amounts.

The Earn and Save Bonus will be automatically credited to citizens' Central Provident Fund (CPF) accounts.

The CPF is a mandatory, comprehensive savings and pension scheme for working Singaporeans and permanent residents, primarily supporting retirement, healthcare, and housing needs. (1 Singapore dollar equals 0.75 U.S. dollars) Enditem

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