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Written Answer to PQ on Rising costs and refinements to CPF withdrawals and Silver Support Scheme

NOTICE PAPER NO. 19 OF 2025 FOR THE SITTING ON OR AFTER 25 SEPTEMBER
QUESTION NO. 149 FOR ORAL ANSWER

MP: Mr Saktiandi Supaat

To ask the Minister for Manpower (a) whether the Ministry has assessed the impact of rising healthcare and daily living costs on retirement adequacy recently; and (b) what further policy refinements can be made to CPF withdrawals or the Silver Support Scheme to help older Singaporeans cope.

Answer:

1. The Government recognises and understands Singaporeans’ concerns over rising costs and their impact on retirement adequacy. We have been strengthening the CPF system so that those who work and contribute consistently to their CPF will be assured of meeting their basic needs in old age. This includes reviewing how the Basic Retirement Sum for future cohorts should grow, and providing lifelong monthly payouts through CPF LIFE to protect against longevity risks.

2. With regard to CPF withdrawals, we need to strike a fine balance between members’ immediate needs and ensuring sufficient retirement income in their later years. The current withdrawal rules are designed with this in mind, as increasing withdrawal flexibilities comes with the trade-off of lower monthly payouts in retirement.

3. At the same time, we have and will continue to provide support for those who may not be able to set aside enough despite their best efforts.

a. We introduced the Majulah Package in 2024 to boost retirement and healthcare adequacy of our “Young Seniors” and older cohorts. Eligible seniors with lower MediSave savings also received a MediSave Bonus this year.

b. We also support seniors’ retirement adequacy through schemes like the Workfare Income Supplement Scheme, the Matched Retirement Savings Scheme and the Silver Support Scheme. We enhanced Silver Support this year, increasing quarterly payments by 20% to keep pace with inflation. We will continue to review Silver Support periodically so that it targets seniors who need it most.

c. On top of these moves, the Government has provided additional support to help Singaporeans, including seniors, cope with cost-of-living concerns. This includes the Assurance Package and GST Voucher schemes.