Debated in Parliament on 8 Jan 2025.
Mr Gerald Giam Yean Song asked the Minister for Manpower (a) whether the CPF Board has reviewed the adequacy of the $140,000 total CPF contribution threshold for the Silver Support Scheme in light of inflation trends since 2021; (b) what economic indicators guide decisions on the timing and extent of adjustments to this threshold; and (c) whether a systematic review process will be implemented to keep the threshold aligned with the cost of living.
The Silver Support Scheme is targeted at seniors who had lower incomes during their working years and now have little or no family support and resources in their retirement.
We review the Silver Support Scheme periodically to target support at seniors who need it the most and consider factors, such as inflation, while ensuring that the scheme remains fiscally sustainable. From January 2025, the qualifying per capita household income threshold has been raised from $1,800 to $2,300 and the quarterly payments are increased by 20%. The Total Central Provident Fund Contribution is indicative of the incomes that seniors earned during their working years. The contribution threshold is reviewed periodically and was raised significantly in the last review, doubling in 2021 from $70,000 to $140,000.
The Government has rolled out additional measures to support all Singaporeans with cost-of-living pressures, by enhancing the Assurance Package to more than $10 billion. This includes measures, such as the Budget 2024 Cost-of-Living Special Payment that was disbursed in September 2024, Community Development Council vouchers and additional utilities save (U-Save) and service and conservancy charges rebates. Seniors who need more assistance can also tap on ComCare assistance.
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