News

HELPING THE LESS WELL-OFF

The retirement savings of the needy elderly will be boosted with the Silver Support Scheme and details will be announced in the Budget today.

First introduced by Prime Minister Lee Hsien Loong at the National Day Rally last year, it will be similar to the Workfare Income Supplement, which adds to lower wage workers' pay.

Here are suggestions to help the lower income groups:

  • Clearer definition of a "decent wage", especially for those in the lower income bracket.
  • More housing support for two groups - second-timers by circumstances such as divorce, or Singaporeans in odd jobs who find it difficult to secure an HDB loan because of their lack of financial records.

Dr Chia Shi Lu, MP of Tanjong Pagar GRC and chairman of Government Parliamentary Committee for Health

  • A non-contributory social pension and assistance (universal or means-tested) for poverty alleviation.

Marcus Kok, principal pension consultant, PwC Asia Actuarial Services