2024 Singapore Pension Options: Complete List of Available Plans

Updated on March 4, 2024

Discover crucial details about the Singapore Pension Scheme 2024: Unveiling the various pension options available this year. Whether you’re a contributor or not, everyone is eager to understand the specifics of the 2024 scheme. We address the confusion surrounding pension types, contribution limits, and more in this article.

Singapore Pension Scheme 2024

This year, there’s been an increase in the contribution rate, impacting citizens aged 55 and above. The government aims to enhance pension transparency to offer financial support. Notably, even private sector employees are eligible for pension benefits by making contributions during their employment. The Central Provident Fund extends pension benefits to those aged 63 and above, requiring retirement at the standard age for optimal benefits.

What is the Singapore Pension Scheme?

As outlined in the Retirement and Re-employment Act, the Singapore Pension Scheme 2024 is determined based on employees’ contributions. The details of the scheme were deliberated during the Singapore Budget 2023. The increment will apply to eligible citizens until 2026.

In September 2022, a pension hike was implemented, raising the amount from $30 to $350, with the pension ceiling also seeing an increase from $30 to $1280. This adjustment primarily benefits elderly individuals with lower incomes.

Pension Types Available in 2024

The Singapore Pension Scheme welcomes the new year with fresh changes, impacting employees across various sectors. Noteworthy adjustments in benefits await the workforce in 2024. Here’s a breakdown of the pension options available:

  1. Non-contributory Pension Scheme: Designed for government employees, this pension is employer-provided. Workers have the flexibility to choose monthly payment options based on their living needs.
  2. Provident Fund Scheme: Catering to the armed forces, a vital component of the country’s Social Security System, this scheme offers funds aligned with the retired citizen’s salary.
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These modifications will take effect on January 1, 2024.  The Singapore Government has invested millions to ensure eligible citizens receive their pensions.

Singapore Pension Amount 2024

Citizens may find it challenging to determine their total earnings for the current year. To provide clarity, we present the pertinent details in this section.

The monthly ordinary wage stands at 6,800 SGD, resulting in a total annual ceiling of 102,000 SGD. It’s important to note that the annual ceilings will undergo revisions for the benefit of the citizens.

Complete List Here

This article addresses the importance of discussing pension schemes for older citizens, emphasizing the need for awareness of available plans. By being informed, older individuals can develop effective strategies to handle their monthly expenses.

To determine the pension, attention is given to CPF Contribution rates and people’s pay scales. The contribution rates are detailed in the table below:

Age Employer-Employee Contribution Employer Contribution Employee Contribution Contribution from Both
Less than 55 years 37% Revised 17% 20%
55 to 60 years 29.5% 31% (1.5percent increase) 15% 16%
60 to 65 years 20.5% 22% (1 percent increase) 11.5% 10.5%
65 to 70 years 15.5% 16.5% 9% 7.5%
More than 70 yrs old 12.5% 12% (Revised) 7.5% 5%

Citizens will obtain their pensions based on the percentages outlined here. To alleviate the impact of the cost of living in Singapore, seniors will receive the Assurance Package Bonus. GivCash distribution is scheduled for February 23, 2024, with the possibility of extension to March 2024. Beneficiaries are encouraged to check essential information on the official portals: govbenefits.gov.sg and agd.gov.sg.

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Singapore Pension Helpline

For specific queries, citizens are advised to reach out to the Accountant General’s Department. Emails can be sent to agdmailbox@agd.gov.sg and fi@govhelpdesk, ensuring that inquiries are detailed for effective assistance.

If an in-person visit is preferred, it can be scheduled from Monday to Friday during working hours only. Please note that officials are unavailable on weekends and after working hours. The office is located at 100 High Street #06-01, under the department name “The Treasury” in Singapore 179434. This address is for offline meetings with the authorities.

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