Government Gives Out $470 Million To Help With Retirement, Healthcare And Utility Bills

On 1 July 2005, the Government gave out $410 million in top-ups to CPF Medisave, Retirement and Special Accounts to help Singaporeans meet their retirement and healthcare needs, with larger amounts going to older Singaporeans. In July 2005 and January 2006, the Government will also give out $62 million in utility rebates to help Singaporeans offset utility bills. Larger amounts will be given to lower-income households. A family of husband, wife (both aged 40-49) and 2 elderly parents staying in a 3-room HDB flat could receive a total of $1,200. These giveaways were announced by the Prime Minister in his Budget Speech in February 2005.

CPF Top-Ups

2. The CPF top-ups will help Singaporeans save more for their retirement needs and adjust to the increase in MediShield premiums. Older Singaporeans received a higher top-up amount, $450 for each Singaporean aged 60 and above and $350 for each Singaporean aged between 50 and 59. Table 1 shows the amount of CPF top-ups Singaporeans received on 1 July 2005.

Table 1: Top-Ups to CPF Medisave and Retirement or Special Accounts

3. Members of the public can check the amount of top-up credited through their on-line CPF Statement at the following website: www.cpf.gov.sg. They can also call the CPF Board at 1800-227-1188 for

Table 2: U-Save Rebates in 2005 and 2006

5. The public can call SP Services at 1800-2222333 for clarification.

MINISTRY OF FINANCE