Today is National Day Rally where Prime Minister Lee announced the Majulah Package. For those who does not know what is National Day Rally, it is an annual message delivered by our Prime Minister Lee Hsien Loong to the entire nation of Singapore. This is usually held on the first or second Sunday after our National Day Parade on 9th August. This year, the Majulah Package was announced where a package of S$7 billion will help lower and middle income Singaporeans aged 50 and above this year in terms of boosting their retirement savings. Below are the details:

Earn and Save Bonus

For eligible lower and middle income senior workers who are working part time or full time, they will get extra CPF funds of up to S$1,000 a year. The extra CPF funds will be credited to their CPF accounts on top of the usual employer and employee contributions....