Singapore Budget 2016 – Silver Support Scheme Bill

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In the National Day Rally of August 2014, the Prime Minister of Singapore introduced the Silver Support Scheme. The Silver Support is going to be a pillar of the social security system by being a permanent feature. It will be complementing the other pillars like healthcare assurance, CPF System and home ownership.

This scheme will be mitigating all the inequalities by offering incomes for the bottom 20 percent to 30 percent of the elderly Singaporeans, who have much lesser means, in the years of retirement. Cash supplement of SGD 300 to SGD 750 will be provided to people who qualify for this Silver Scheme.

Features of the Silver Support Scheme Bill

On behalf of the Government of Singapore, The CPF Board will be administering the scheme. The CPF Board will develop all the necessary systems for the automatic assessment of a particular elderly individual’s eligibility for the Silver Support Scheme. The CPF Board will also make all the payments to the recipients who are eligible.

A commissioner will be appointed by the Minister for the Silver Support Scheme who will be monitoring the successful implementation of this scheme. The commissioner will also be responsible for determining how to opt of the Silver Support means testing and appeal case reviews.

Eligibility for the Silver Support Scheme Bill

The Silver Support Scheme will be covering all the Singaporeans who are aged above 65 years. They can avail it as long as they need it, according to their financial status and circumstances. More information on the eligibility criteria will be out as the implementation date gets closer.

Bottom Line

The Silver Support Scheme will offer help to 150,000 elderly individuals in Singapore. These individuals will easily get their payments in 2016. The Bill puts all the required laws for the implementation and administration of the scheme and makes things easier for the Government of Singapore.

Disclaimer: This blog is solely for the purpose of creating general awareness about financial products and services available through banks/ other financial institutions in Singapore. For more details, please consult your financial adviser before purchasing.

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