CPF members aged 50 and older can look forward to V-bonuses and D-bonuses that give them between $600 and $2,700.

Those aged 50 to 57 this year will receive a D-bonus, or Deferment Bonus, as they have to delay drawing down their Central Provident Fund (CPF) Minimum Sum.

The draw-down age will be raised gradually from 62 to 65 by 2018.

The D-bonus will be one-off and paid into members' Retirement Account (RA) to boost their retirement savings, said Manpower Minister Ng Eng Hen yesterday.

The payment will be in the form of a bonus interest on CPF members' balances in their RA, up to a cap of $30,000.

Older members will receive bigger bonuses. Those aged 54 to 57 will get 5 per cent of their RA.

This means if they have at least $30,000 in their RA, they will get the maximum bonus of $1,500.

Those aged 52 and 53 will receive a 4 per cent bonus interest, or a maximum of $1,200, while those aged 50 and 51 will get 3 per cent, or at most $900.

The bonuses will be paid on May 1 next year for those above 55. The rest will receive it when they turn 55.

The D-bonus will cost the Government up to $650 million.

But the Government also wants to encourage people to voluntarily defer drawing down their CPF Minimum Sum. It is offering a V-bonus, or Voluntary Deferment Bonus, for those who do.

The bonus will be given for each year a member voluntarily defers drawing down his Minimum Sum, up to age 65.

It is set at 2 per cent interest on members' RA account, capped at $30,000. A member can get up to $600 for each year of deferment.

Those aged 54 to 63 this year who have not started drawing down their Minimum Sum are eligible for the V-bonus, which is expected to cost the Government up to $570 million.

Both bonuses will also be given to those who have bought or who will buy annuities.

Security supervisor Chua Seng Kee, 50, who will receive a D-bonus, believes it is 'fair enough'.

'What the Government gives, we accept. It is better than getting nothing,' he said.