SINGAPORE - Prime Minister Lee Hsien Loong in his National Day Rally speech said more must be done to help about 10 to 20 per cent of elderly Singaporeans who do not have enough savings in their Central Provident Fund (CPF) accounts and lack other means of financial support.
To help them with their living expenses, the Government has decided that they will get an annual bonus when they turn 65.
The yearly bonuses will be handed out as part of a new financial assistance scheme named Silver Support, said Mr Lee.
The scheme targets elderly Singaporeans who have little CPF savings, do not own Housing Board flats and lack family support.
The Silver Support scheme will supplement the payouts from the needy old folk's CPF accounts. This is similar to how the Government helps low-wage workers supplement their salaries with Workfare payments, said Mr Lee.
"In their case, individual efforts are not enough. Government and society must do more to help them in retirement," he added
Mr Lee did not give details on how much the bonus will be and when it will be rolled out. These are expected to be decided later.