Clarification on Funding of Pioneer Generation Package05 Feb 2015
Dr Yik Keng Yeong (“We have the means to expand aid”, 28 Jan) was mistaken when he said that "it had been stated that interest from the $8 billion Pioneer Generation Fund would be enough to sustain recurring expenditure for the Pioneer Generation Package."
Both in the Budget Speech in 2014 and in the subsequent parliamentary debate on the Pioneer Generation Fund Bill, it was clearly stated that the benefits to eligible pioneers will be funded from the $8 billion that had been set aside in Budget 2014 and the accumulated interest over time. The entire fund has been estimated to be needed to finance the Pioneer Generation Package in
Lim Yuin Chien
Ministry of Finance