Progress Package Benefits All Elderly Singaporeans25 Feb 2006
I refer to Ms Hayati Mohd Shariff's letter "Persoalan Bonus Warga Tua" (BH, 22 February 2006), asking about the amount of Progress Package elderly Singaporeans will get and why that amount should depend on the Annual Value of their homes.
2. Like all adult Singaporeans, elderly Singaporeans can get Growth Dividends of between $200 and $800, depending on their Assessable Income and the Annual Value of their homes, as assessed by IRAS. More will be given to those who have little or no income and stay in less expensive homes.
3. In addition, elderly Singaporeans will get CPF top-ups of between $100 and $800, depending on their age and the Annual Value of their homes. Those aged 60 and above and stay in less expensive homes will get higher top-ups. They can also qualify for the Workfare Bonus and get up to $1,200 over two years if they are still working and earn $1,500 or less a month.
4. For Growth Dividends and CPF top-ups, we have used the Annual Value of the homes people stay in as a proxy of their wealth, including their family resources, to better target the Progress Package at those who need more help. Those who stay in more expensive homes typically have greater financial support than those who live in less expensive homes, even if the homes do not belong to them but to their family members.
5. We thank Ms Hayati for her support of the Progress Package. For more information on the Progress Package, the public can visit our website at www.progress.gov.sg or call 1800-2222-888.
HAN KOK JUAN
DIRECTOR (SOCIAL & SECURITY PROGRAMMES)
MINISTRY OF FINANCE