- Silver Support Scheme
The Silver Support Scheme provides a quarterly cash payout to supplement the bottom 20% of Singaporeans aged 65 and above who have low incomes and who currently have little or no family support.
Silver Support is a permanent feature in our social security system. The assessment for Silver Support eligibility is done automatically, so there is no need for application. Eligible seniors receive between $300 and $750 every quarter. All seniors who qualify for Silver Support will receive these supplements for life, as long as they remain eligible.
- Additional 1% of CPF Interest
From 2016, Singaporeans aged 55 and above enjoy an additional 1% of CPF Interest on the first $30,000 of CPF Balances.
This means that they can enjoy a risk-free interest rate of up to 6%.
- Higher CPF contribution rates for older workers
From 2016, workers aged 50 to 55 enjoy the same CPF contribution rates as their younger counterparts. This is to help members save more while working.
- Higher CPF monthly salary ceiling
The CPF monthly salary ceiling has increased from $5,000 to $6,000 from 2016. This will enable more Singaporeans to accumulate more during their working years for their retirement needs.
- More flexibility over CPF savings
Members can choose to transfer their CPF retirement balances above the Basic Retirement Sum to their spouses so that both may be able to receive an income in retirement. Depending on the spouse's balances, this will help them take full advantage of the Extra Interest paid on lower balances.
Members can also choose to defer their retirement payouts up to the age of 70, or top-up their Retirement Accounts up to the prevailing Enhanced Retirement Sum, to enjoy permanently higher payouts. Furthermore, CPF members will only need to choose their CPF LIFE plans when they wish to start receiving payouts. A 1-to-1 retirement planning service has also been introduced to help members approaching retirement to make informed decisions about their CPF savings.
- Review of financing system for long-term care
The Ministry of Health will review the financing system for long-term care to give Singaporeans greater assurance that they will be able to afford aged care services for themselves and their loved ones should they need it. The review will consider how to balance the affordability of long-term care with the need to ensure longer-term sustainability of our national expenditure on care. It will consider factors such as how much of the costs of aged care should be borne by individuals and their families and how much should be risk-pooled and how to help Singaporeans save for long-term care needs when they are younger.