Jubilee Budget sets course for Singapore's future

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The government will also make the CPF system more progressive by paying an additional one percentage point of Extra Interest on the first S$30,000 of CPF balances from the age of 55. This will take effect from Jan 1, 2016, and builds on top of the existing one point Extra Interest for the first S$60,000 of balances.

In addition, with the permanent Silver Support Scheme, more targeted help will be given to seniors in need, who have insufficient savings for retirement. Quarterly cash payouts of between S$300 and S$750 will be given to the elderly poor, depending on the senior's lifetime wages, household support, and housing type. About 150,000 of today's elderly are expected to benefit.