Written Answer by Mrs Josephine Teo, Minister for Manpower, to Parliamentary Question on Silver Support and CPF Payouts
NOTICE PAPER NO. 1617 OF 2019 FOR THE SITTING ON 1 APRIL 2019
QUESTION NO. 2723 FOR ORAL ANSWER
MP: Ms Foo Mee Har
To ask 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.
- 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.