Oral Answer to PQ on Silver Support housing criterion

NOTICE PAPER NO. 2644 OF 2024 FOR THE SITTING ON 7 MARCH 2024
QUESTION NO. 5843 FOR ORAL ANSWER

MP: Mr Yip Hon Weng

To ask the Minister for Manpower in view that many seniors live in mature estates whose HDB flats have shorter remaining leases and lower resale values, whether the Ministry will consider reassessing the use of HDB flat type as an eligibility criteria for the Silver Support Scheme, especially with regard to the ownership of 5-room or larger HDB flats which disqualifies a senior from receiving Silver Support.

Answer:

1. The Silver Support Scheme is targeted at seniors who had lower incomes during their working years and now have little or no family support and resources in their retirement. Property ownership is indicative of the senior’s resources and remains relevant in ensuring the Silver Support Scheme is targeted at seniors who need it the most. In particular, seniors who own a 5-room or larger HDB flat are likely to have more resources and access to additional retirement funds, and hence are not eligible for Silver Support.

2. Nonetheless, seniors who face unique circumstances, including those who own 5-room or larger HDB flats with short remaining leases and low annual values, can write in to the CPF Board to review their eligibility for Silver Support. We will consider the merits of each appeal on a case-by-case basis.

3. To strengthen support for retirement adequacy, the Government announced enhancements to the Silver Support Scheme at Budget 2024. This includes increasing the qualifying per capita household income threshold to support more seniors. Taken together with the Majulah Package and upcoming enhancements to the Workfare Income Supplement Scheme and Matched Retirement Savings Scheme, these measures will help seniors to meet their basic retirement needs, with greater support going to lower- and middle-income Singaporeans.