In a significant move to enhance the financial support for elderly Singaporeans, the Silver Support Scheme has now been further enhanced, with effect from January 2025. This means that if qualified, a senior can receive up to $1,800 in quarterly payments to supplement their income during retirement.
Brief Look at the Silver Support Scheme
The Silver Support Scheme is an old-age assistance scheme that offers help to elderly Singaporeans who had low income when they were earning their keep, and have little in the way of retirement savings. It pays out cash in quarterly installments, with the intention of adding a little to the income of the elderly and enabling them to meet their basic needs.
Payouts Enhanced for January 2025
From January 2025, the Government has increased the quarterly payouts by 20%, with eligible seniors receiving between $215 and $1,080 per quarter, depending on their household incomes and HDB flat types. For the seniors currently under the ComCare Long Term Assistance Scheme, the Silver Support payout is fixed at $430 per quarter regardless of housing type. Together with the ComCare assistance, these seniors will be receiving a total of $1,800 every quarter, or $600 a month, which is very significant.
Who Are Eligible?
Those eligible for the Silver Support Scheme include those receives as enhancement:
- Singapore citizen aged 65 and above.
- Those who had total CPF contributions of no more than $140,000 by age 55.
- Resides in a 5-room or smaller HDB flat.
- Does not own, or have a spouse who owns, a 5-room or larger HDB flat, private property, or multiple properties.
- With a household monthly income per person of not more than $2,300.
Eligibility is assessed on an automatic annual basis, and no application for the benefit needs to be made. Eligible seniors will receive a notification letter in December of the year preceding the receipt of payout.
Payment Schedule
Silver Support payouts are disbursed quarterly; payments are dated at the ends of March, June, September, and December. These payments will be credited directly to the bank accounts of eligible seniors, or, if that is not possible, to GovCash.
Conclusion
The enhanced Silver Support Scheme is a powerful symbol of the Government’s commitment to vulnerable seniors, their being able to retire with sufficient funds, and providing up to $1,800 quarterly to help elderly people meet daily expenses and enjoy an improved quality of life.