Silver Support Scheme

Mr K Karthikeyan asked the Deputy Prime Minister and Minister for Finance if he will share details on the Silver Support Scheme prior to Budget 2015.

Mr Tharman Shanmugaratnam: The Prime Minister announced the Silver Support Scheme at the National Day Rally 2014. The scheme is intended to supplement the retirement savings of the needy elderly, to help them cope with their living expenses. It is similar to how we supplement the wages of lower wage workers with the Workfare Income Supplement.

The poor elderly would typically not have accumulated enough CPF during their working lives. Those who had not bought a flat and who do not have enough family support would be more vulnerable.

As this is a scheme for the long term and must be sustainable, we are studying carefully the criteria to be used in determining which group of elderly Singaporeans should be eligible. We will share the details of the Silver Support Scheme at Budget 2015.