Update: There is a mistake in the original article. Retirees will receive 2 quarter of payout up to S$1,500 cash in July.
Finance Minister Heng Swee Keat yesterday (March 25) announced that retirees aged 65 and above will receive two quarters of cash payouts up to S$1500 in a go under the Silver Support Scheme this coming July. The move seems to be targeted at the upcoming Bukit Batok SMC By-Election which, according to Prime Minister Lee Hsien Loong, is expected to be held “soon” but not given an expected date. Bukit Batok SMC is a predominantly low-income elderly estate.
Under the Silver Support Scheme, retirees get to receive up to S$750 every 3 months, or a minimum of S$300 every 3 months, based on three financial criteria – housing (4-room flat and below), CPF balance (S$70K) and household income per capita (not exceeding S$1,100). Finance Minister Heng Swee Keat said that more than 140,000 Singaporean retirees fall under the Silver Support Scheme criteria and the scheme will cost S$320 million in taxes for the first year.
Minister Heng Swee Keat also added that those retirees who do not qualify for Silver Support Scheme will “benefit from existing support schemes”, or they can choose to “realise the value of the property they own” (hinting to sell the house or rent the rooms out).