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THE new Silver Support Scheme is estimated to cost about S$350 million in the first year. Together with Workfare, the government will spend about S$1 billion a year on the system of progressive social support, said Deputy Prime Minister and Finance Minister Tharman Shanmugaratnam on Monday.
He said that the Manpower Ministry will be ready to implement Silver Support around the first quarter of 2016.
Like Workfare, Silver Support will be paid quarterly and will provide a supplement of S$300 to S$750 every quarter for eligible seniors. Those who qualify will receive these supplements for life so long as they remain eligible.
Silver Support aims to support the bottom 20 per cent of Singaporeans aged 65 and above, with a smaller degree of support extended to cover up to 30 per cent of seniors, said Mr Tharman. This, he added, is similar to how Workfare supports the bottom 20 to 30 per cent of Singaporean workers.