Silver Support scheme to assist needy seniors with annual payouts

SINGAPORE — The Government will introduce a new scheme that will disburse annual payouts to needy elderly Singaporeans from the age of 65 to help them with living expenses.

The scheme is one on which the minority of the population can fall back, said Prime Minister Lee Hsien Loong yesterday. This group includes those who may not have accumulated enough Central Provident Fund (CPF) savings during their working lives and do not have an HDB flat or family support.

“In their case, these individual efforts will not be enough, so the Government and the society must do more to help them in their retirement,” said Mr Lee during the National Day Rally.

“So for this group, we should supplement their payouts from their own CPF savings with bonus payments from the Government, just as ... we have Workfare to supplement the wages of low-income workers.”

More details of the Silver Support scheme will be announced in next year’s Budget debate.

Mr Lee noted that the CPF system and the public housing programme have enabled the majority of the population to save enough for retirement, but about 10 to 20 per cent of people might fall through the cracks.

The bonus payouts are in addition to other forms of government and community support that needy elderly Singaporeans already receive, he said.

Mr Lee added that the scheme would give the group “something extra” to cope with the costs of living and is part of the “new way forward”, which he spoke about at last year’s rally.

Personal responsibility remains important, but the community and Government will play a larger role, he added. Amanda Lee