Budget 2016: Better retirement support for needy seniors, to cost S$320m in first year

The Singapore government will provide support for needy seniors, through Silver Support, that will cost close to S$320 million in the first year, said Heng Swee Keat, Minister for Finance.

The scheme will benefit more than 140,000 seniors. Silver Support is meant to help the bottom 20 to 30 per cent per cent of Singaporeans aged 65 and above. The Singapore government will use three criteria to assess their eligibility: lifetime wages, housing type, and household support. These will take into account CPF contributions, as seniors who have not more than S$70,000 in total CPF contributions by age 55 will meet the first criterion.

These eligible seniors will receive between S$300 and S$750 every quarter, depending on their flat type. Most seniors living in one and two-room flats will receive Silver Support, said Mr Heng.

Mr Heng added that the cost of Silver Support is likely to increase over time as the population ages.