AT A GLANCE:
SILVER SUPPORT SCHEME
The Silver Support Scheme, which began in July 2016, provides cash supplements every three months to elderly lowerincome Singaporeans
Who is it for? The scheme is for the bottom 20-30 percent of elderly Singaporeans, aged 65 and older. They have to meet all of the following criteria to be eligible: • Their total CPF contributions during their ȋ count and Special Account) should not be more than $70,000 by the time they hit 55. • For the self-employed who may not contribute to CPF, their average annual net trade income should not be more than $22,800 between the ages of 45-54. Ȉ ͡Ǧ ƪ Ǥ • They or their spouse must not own a ͡Ǧ ƪ ǡ erty or multiple properties. • They must live in a household where the monthly income per person is not more than $1,100. Are permanent residents eligible? No. Just like the Workfare Income Supplement and GST Voucher schemes, Silver Support payouts are only given to Singapore citizens. Are there people who automatically qualify for Silver Support? Yes. If the elderly is on the ComCare Long Term Assistance Scheme, he or she will automatically get a Silver Support payout of $300 every quarter on top of other types of Ƥ ing, regardless of housing type. However, Pioneer Generation members do not automatically qualify. They will be means-tested like the rest of the non-Pioneer Generation cohorts aged 65 and above, and those who meet the eligibility criteria will receive Silver Support.
In addition to Silver Support…
Singapore has many schemes to support the elderly when they retire.
• Pioneer Generation Scheme, which gives those born on NQ ADENQD #DBDLADQ RODBH@K ADMDƥSR HMBKTCHMF subsidies at selected GP and dental clinics • Community Health Assist Scheme (CHAS) VGHBG NƤDQR subsidies for medical and dental care for lower and middleincome households • Government subsidies at public hospitals, polyclinics and specialist outpatient clinics • GST vouchers and senior citizen concession cards for public transport are among the schemes available to lighten the burden of living expenses • Enhanced CPF Savings and Silver Housing Bonus are schemes which increase additional income during retirement Why are the elderly who own a 5-room +'% ƪDW LQHOLJLEOH IRU 6LOYHU 6XSSRUW SD\ments? ͡Ǧ ƪ Ƥ ƪ own any property. They have more options to monetise their homes to supplement their retirement incomes. Those who live in a 5-room ƪ Support. Also, many in the bottom 30 per cent ͝Ǧ ͠Ǧ ƪ Ǥ Can the scheme be extended to more elderly Singaporeans? And can the money be increased? No. The money for the scheme is funded out of the Government’s annual budget and the scheme must be carefully sized to ensure it is sustainable in the long run. It should remain a supplement and not be a substitute for other sources of retirement income. There are also many other schemes to help the elderly, such as Workfare and healthcare subsidies. How much money is given out, when and how? The money is disbursed every three months and the amount will depend on the type of household. Those living in 1 and 2-room ƪ ͊ͣ͜͡ǡ ͟Ǧ ƪ ȋ͊͢͜͜Ȍǡ ͠Ǧ
ƪ ȋ͊͜͠͡Ȍ ͡Ǧ ƪ $300. Ƥ ͜͢͞͝ money disbursed was for two quarters – April to June 2016 and July to Sept 2016. The next two payouts will be end September and end December. From 2017, the elderly will receive their payouts in end March, end June, end September and end December. The money is banked directly into the bank accounts that the eligible elderly have registered for the crediting of cash payouts, or it can also be sent via cheque. Do the elderly need to apply? No. Those who qualify will automatically receive their payouts. There is no need to do anything. The Central Provident Fund Board will automatically assess elderly Singaporeans based on data that various government agencies have on record. Those who Ƥ from the CPB Board to expect the payouts. Ƥ ͜͝͠ǡ͜͜͜ elderly in 2016. Is this temporary? No. It is a permanent scheme. The elderly will continue receiving payouts as long as they are eligible.
September 2016
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