6.6 I will give senior citizens more. Many of them will be concerned about the GST increase because they have to meet their living expenses out of their savings. We will therefore provide Singaporeans aged 55 and above with a Senior Citizens’ Bonus, as long as they have annual assessable incomes of $100,000 or less. Those aged 60 and above will get more, with amounts ranging from $1,000 for those in the lower-income group to $400 for those who are better off. As with the GST Credits, the quantums will depend on their income and the annual value of their homes. Two-thirds of the Senior Citizens’ Bonus will be given in cash and one-third credited into their Medisave Accounts on 1st July of each year. For example, a 65-year-old retiree living in a three-room flat will get $1,000 of Senior Citizens’ Bonus on top of the $1,000 he will get in GST Credits, making a total of $2,000 over four years. The Senior Citizens’ Bonus will cost the Government $400 million.
