SINGAPORE - A hundred low-income senior workers in Kreta Ayer-Kim Seng will each have $1,200 topped up to their Central Provident Fund (CPF) retirement accounts under a new initiative launched on Saturday (April 9).
Project Seniors Aid aims to enhance their retirement adequacy through the CPF Board's Matched Retirement Savings Scheme, which helps seniors who have not met the prevailing Basic Retirement Sum to save more for retirement by matching the cash top-ups made to their Retirement Account.
Workers aged 55 to 70 with an average monthly income of not more than $4,000 are eligible for the scheme, which will boost their monthly payouts when they retire. The cash top-ups can be made by anyone, including the public.
For its new initiative, the Kreta Ayer-Kim Seng Citizens' Consultative Committee Community Development and Welfare Fund partnered Win Financial Group, a team of financial consultants from AIA Singapore, to raise $60,000 in cash donations.
This will be matched by the Government, making up a total fund of $120,000.
The seniors will each get a $600 top-up to their retirement accounts this year, followed by another $600 from the Government next January.
Minister for Communications and Information Josephine Teo, an MP for Jalan Besar GRC, received a symbolic cheque on behalf of the beneficiaries at the launch event at Kreta Ayer Community Club.
She said: "We are heartened to partner Win Financial Group to give back to these vulnerable seniors, who have contributed to Singapore's workforce.
"We want to show our appreciation to these seniors, and we hope that the contribution will help to provide some relief to them as they plan for their retirement."