Singapore Finance Minister Heng Swee Keat announced in the Budget 2019 speech today that the Edusave and CPF accounts of some Singaporeans will be receiving a boost.
First off, primary and secondary school students will be getting a $150 top-up for their Edusave accounts.
Students aged 17 to 20 will be getting an additional $500 added to their post-secondary education accounts.
The Government will also provide a CPF top-up of up to $1,000 to the accounts of eligible Singaporeans aged 50 to 64-years-old in 2019 with less than $60,000 of retirement savings in their CPF accounts.
The $1,000 will be credit into the Special Account for those aged 50 to 54, and the Retirement Account for those aged 55 to 64.
Around 300,000 Singaporeans will benefit from the CPF top-up, with the majority of recipients being women.