Debated in Parliament on 5 Aug 2019.
Ms Foo Mee Har asked the Minister for Manpower whether the quantum of support provided under the Silver Support Scheme will be reviewed to cater for (i) inflation since its launch in 2014 and (ii) the findings of a recent NUS study which concluded that Singapore seniors each need at least $1,379 monthly to meet basic needs.
The Silver Support Scheme was introduced as a complement to Workfare, to mitigate the effects of income inequality. It supplements the retirement income of elderly who had low incomes through life, and now have little or no family support. Eligible elderly receive cash supplements of up to $3,000 a year. More than 180,000 elderly have received a total of about $1.3 billion in Silver Support payouts since it was implemented in 2016.
The Ministry of Manpower is reviewing the Silver Support Scheme and will take into account factors such as inflation.
As we have explained previously in this House, Singaporeans meet their retirement needs through a combination of income sources, including their CPF savings, private savings, as well as support from family. The Government also provides a range of support, including through the Pioneer and Merdeka Generation Packages, and GST Vouchers and U-Save rebates. For each of the schemes including Silver Support, the quantum of support is designed to be meaningful for their purpose and fiscally sustainable. We consider findings from a variety of sources where relevant.
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