Budget 2023: Top-ups to ElderCare, MediFund to support lower-income individuals, seniors
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.
KEYWORDS IN THIS ARTICLE
BT is now on Telegram!
For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes
Singapore
Singapore and Canada to enhance science and technology cooperation
Daily Debrief: What Happened Today (May 2)
US-China competition not the most worrying, lack of communication is: Gan Kim Yong
Chee Hong Tat to join MAS board of directors
Singapore keen on ‘talent exchange’, developing AI ‘guard rails’ with the US
Social cohesion, long-term planning, political stability are imperatives for Singapore: PM Lee