Seniors Aged 65 and Above who Received Payouts from Silver Support Scheme
Ministry of ManpowerSpeakers
Summary
This question concerns Ms Foo Mee Har’s inquiry regarding the number of seniors receiving Silver Support Scheme payouts alongside CPF monthly payouts and the average combined quantum. Minister for Manpower Mrs Josephine Teo replied that 51,000 elderly Singaporeans received both payouts in 2018, with 20% of seniors receiving quarterly Silver Support of $300 to $750. She noted that the median combined monthly payout is $500 for residents in 1- and 2-room HDB flats and $350 for those in 5-room flats. The Minister explained that eligibility is tied to low lifetime CPF contributions, though these payouts are often supplemented by previous lump sum withdrawals. She highlighted that additional assistance is available through the Pioneer and Merdeka Generation Packages, GST Vouchers, and various caregiver or financial support schemes.
Transcript
38 Ms Foo Mee Har asked the Minister for Manpower (a) how many seniors aged 65 and above currently receive payouts from Silver Support Scheme in addition to CPF monthly payouts; and (b) what is the average quantum of the combined monthly payouts.
Mrs Josephine Teo: The objective of Silver Support is to provide retirement support to Singaporeans who had low incomes throughout life. About 20% of elderly Singaporeans aged 65 and above receive quarterly Silver Support payouts of $300 to $750, with those living in smaller flat types receiving higher payouts.
In 2018, about 51,000 elderly Singaporeans aged 65 and above received Silver Support payouts in addition to their CPF monthly payouts. Because it is targeted at those with low incomes throughout life, one of the eligibility criteria for Silver Support is low total CPF contributions; understandably, all Silver Support recipients would therefore have low monthly CPF payouts. Many of these members could also have made lump sum withdrawals which now supplement their current payouts. The combined monthly payouts may therefore not be the only sources of retirement income for these members. Nevertheless, for those living in 1- and 2-room HDB flats, the median combined payout is $500 per month, whereas for those in 5-room flats, the median combined payout is $350 per month. For reference, a 65-year-old member who had set aside the Basic Retirement Sum and started his CPF payouts this year would receive $520 per month.
On top of their Silver Support and CPF payouts, seniors may receive benefits from the Pioneer and Merdeka Generation Packages, annual GST Vouchers, concessions on Public Transport and caregiver support schemes. Those living in public housing may also receive subsidised rental or utility rebates. Elderly Singaporeans who need additional financial support can apply for ComCare and other assistance schemes.