Silver Support Scheme 101 - Every Senior Citizen In Singapore Should Know This!

Retirement comes with a cost that older adults must prepare for early on. For one, they must keep as much of their income during their working years. It would also help if they could invest in a property or multiple properties.

By having savings and investments, they won't heavily rely on family support once they leave the workforce. This is not to say that families should stop supporting elderly loved ones if they don't ask.

However, additional support, especially from the government for retired Singapore citizens who got low incomes while working, would help ease their lives.

This is what the Silver Support Scheme is about. Who's eligible for Silver Support? How do eligible seniors receive Silver Support payouts?

Silver Support - An Overview

As per Singapore's Ministry of Manpower or MOM's notice on Silver Support Scheme, it aims to support seniors who receive low incomes while in the workforce. In this case, they automatically qualify for Silver Support without the need for an application.

The program was introduced in 2016 but was improved in 2021 to raise the quarterly cash supplement qualified seniors are getting from it. Since it was launched, about 290,000 seniors have benefitted from it, with the total amount given totaling $2.2 billion.

You can check the Silver Support Scheme's main page for more details. But here's a summary of the important points to take note of about the program:

Who Is Qualified?

Singaporeans aged 65 and above qualify for the program. It utilizes the following criteria in analyzing the eligible seniors for the Silver Support Scheme:

Low Lifetime Wages

  • By age 55, a person's total CPF contributions must not exceed $140,000

  • For self-employed persons, their annual net trade income from age 45 to 54 must not exceed $27,600

 Low Household Support

  • The monthly income per person living in the same household must not exceed $1800

 Housing Type

  • Singapore citizen living in an HDB flat with one to five rooms

  • Individual or spouse does not own an HDB flat with five rooms or more

  • Individual or spouse does not own private property or multiple properties

Once found eligible, seniors will get their Silver Support ahead of the quarter when they turn 65. The CPF Board will notify you if you qualify for the support in December of the year prior.

How Much Is the Payout?

The following criteria are being looked into in determining the Silver Support payouts:

  • Household monthly income per person

  • HDB flat type payout

 Here's a list of the quarterly payout depending on the HDB flat type and how much the household earns per person:

  • Larger HDB flat with 5 rooms (not owned) - $180 ($1,301-$1,800 income); $360 ($1300 and below income)

  • 4 rooms - $270 ($1,301-$1,800 income); $540 ($1300 and below income)

  • 3 rooms - $360 ($1,301-$1,800 income); $720 ($1300 and below income)

  • HDB flat with 1-2 rooms - $450 ($1,301-$1,800 income); $900 ($1300 and below income)

SS Payout for People on the ComCare Long-Term Assistance Scheme

The SS payout for Singaporeans aged 65 and older on the ComCare Long-Term Assistance Scheme is $360 each quarter. This is applicable regardless of your flat type. Aside from cash, you will also receive the following benefits:

Access to social support services, highly subsidised or free (including Red Crowns Senior living and other senior activity centres and government-funded senior day activity)

Medical support at restructured hospitals, government hospitals, or polyclinics.

Ways To Receive SS Payout

You can get your payouts through the following mediums: 

  • Cash will get credited to your CPF Board registered bank account automatically

  • You will receive a cheque at the address registered at your NRIC (if you don't have a bank account)

Conclusion

Find the Social Service Office nearest you if you want assistance regarding medical insurance like Medisave or if you are seeking financial help. And to find out more about the SS Scheme, you can visit its official website, call the CPF Board at 1800-227-1188, or email member@cpf.gov.sg.

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ABOUT THE AUTHOR
Red Crowns Senior Living
CONTENTS
Silver Support - An OverviewSS Payout for People on the ComCare Long-Term Assistance SchemeWays To Receive SS PayoutConclusion

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