Budget: More social security for elderly, less well-off

UPDATED: In his Budget 2015 statement this afternoon, Deputy Prime Minister and Finance Minister Tharman Shanmugaratnam revealed that major steps will be taken to strengthen social security.

He noted that home ownership is one of the four pillars of the social security system, with the other pillars being the CPF scheme, healthcare and workfare.

The government will raise the CPF salary ceiling from $5,000 to $6,000 to benefit at least 544,000 middle-income Singaporeans.

To help older workers, a Silver Support Scheme will be introduced to supplement incomes for 20 to 30 percent of seniors in their retirement years.

At the same time, the government will co-fund wage increments for Singaporeans earning $4,000 or below.

More updates coming soon.

Romesh Navaratnarajah, Singapore Editor at PropertyGuru, wrote this story. To contact him about this or other stories email romesh@propertyguru.com.sg

PropertyMarketOutlook2015-DailyNews
PropertyMarketOutlook2015-DailyNews

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