SINGAPORE — Central Provident Fund (CPF) top-ups will be given to Singaporeans who are aged 50 and above this year — or those born in 1973 or earlier — as part of a new S$7 billion package to boost retirement savings.

Called the Majulah Package, it is aimed at extending help to "young seniors", with more support for those with lower incomes and less wealth, Prime Minister Lee Hsien Loong announced in his National Day Rally speech on Sunday (Aug 20).