THE Singapore government will make top-ups to its ElderCare Fund and MediFund, increasing resources dedicated to lower-income individuals and seniors.

The move comes as Singapore becomes one of the fastest-ageing nations in the world, with one in four Singaporeans aged 65 and above expected by 2030, compared with one in six today, Finance Minister Lawrence Wong said in his Budget speech in Parliament on Tuesday (Feb 14).

The Ministry of Finance (MOF) will top up the ElderCare fund by S$500 million. This fund supports means-tested subsidies for seniors who need home-based, centre-based or institutional care.

The ministry will also top up the MediFund by S$1.5 billion, as it looks to strengthen the safety net for lower-income individuals and seniors facing financial difficulties with medical bills even after government subsidies, MediShield Life and MediSave.