Other changes that will benefit retirees

1 The CPF Minimum Sum will be raised to $161,000 from $155,000 from July 1, 2015. This applies to only those who turn 55 between July 1, 2015 and June 30, 2016.

2 HDB's Lease Buyback scheme will be extended to four-room flats as well. This means more than half of all flat owners can opt for this scheme, where HDB will buy back the remaining lease period on the property and give the owner a lump sum as well as a monthly payout.

3 Low-income elderly Singaporeans will receive a bonus each year from the age of 65. This bonus, known as Silver Support, will be on top of other government and community support they receive. Details will be announced in next year's budget.

4 The CPF policy will be adjusted to allow people the option to take out part of their CPF savings in a lump sum if they need to, subject to limits. Details are being worked out, but this will only be allowed after the age of 65 and cannot be excessive.

5 The Government will set up an advisory panel to study issues on how to adjust CPF policies.