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ElderShield to be reviewed to provide wider coverage

SINGAPORE — ElderShield will be reviewed to cover more people and provide better coverage while continuing to be affordable, announced Prime Minister Lee Hsien Loong on Sunday (Aug 21), who described the enhancement as the final piece of work for a strengthened social safety net for Singaporeans.

Prime Minister Lee Hsien Loong waves to May and Joseph Schooling during the National Day Rally 2016. Photo: Jason Quah

Prime Minister Lee Hsien Loong waves to May and Joseph Schooling during the National Day Rally 2016. Photo: Jason Quah

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SINGAPORE — ElderShield will be reviewed to cover more people and provide better coverage while continuing to be affordable, announced Prime Minister Lee Hsien Loong on Sunday (Aug 21), who described the enhancement as the final piece of work for a strengthened social safety net for Singaporeans.

Although the Government has helped families “through the cycles of life, from young to old” in the past decade, Mr Lee said that Singapore is ageing rapidly and more people will face higher expenses from having to take care of both elderly parents — especially if they become immobile or ill — and young children.

Since the insurance scheme started in 2002, more than 7,000 have benefited from ElderShield, which provides payouts of a few hundred dollars a month for up to six years to help with nursing and care needs. This needs improving, said Mr Lee in his Mandarin speech for the National Day Rally, adding that the Ministry of Health will form a committee to study how to “cover more people, provide better protection and be kept affordable”.

The enhancement will complete the strengthening of Singapore’s social safety nets over the past 10 years, during which social spending has tripled, he added.

“All of you would have received some help from the Government, and those who are in need, have received more help,” said Mr Lee.

For instance, all Singaporeans are covered by MediShield Life, a scheme launched last November that helps to pay for large hospital bills and selected costly outpatient treatments, such as dialysis and chemotherapy for 
cancer.

In particular, the elderly are getting more support, including from the Pioneer Generation Package, which is given to Singapore’s nation-building generation, and which provides benefits such as special medical subsidies.

There have been improvements to the Central Provident Fund (CPF) scheme, too, he added. These include enhancements to the annuity scheme CPF Life and extra interest for older members, as well as the introduction of the Silver Support scheme, which supplements the incomes of low-income elderly.

In addition, more than 400,000 people now receive the Workfare Income Supplement, which supplements the income and retirement savings of eligible workers, through cash payments and CPF contributions.

The SkillsFuture scheme is also helping workers upgrade themselves and stay relevant for the future economy, he said, while more support has been given to SMEs, who find it “extremely challenging” to transform themselves amid disruptions from new technologies.

This is why Spring and IE Singapore are working to help SMEs build new capabilities, use technology, and expand overseas, said Mr Lee, who gave examples of businesses that have found new opportunities by adapting to the new environment.

For example, the Fragrance Foodstuff Group improved its productivity by automating the arrangement of marinated meat on bamboo trays and selling its bak kwa online to an international market.

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