The government recently announced 3 budgets to support individuals and households during this challenging time when COVID-19 has disrupted our lives.
Below are some of the schemes which are more likely to benefit the Elderly.
For the full list of benefits, please refer to Singapore Budget 2020.

CARE & SUPPORT PACKAGE
1. Solidarity budget
For all Singaporeans aged 21 & above: $600
For Singapore PR aged 21 & above, living in Singapore with Singaporean parent(s), spouse or child(ren), or a Long-Term Visit Pass-Plus (LTVP+) Holder living in Singapore : $300
No application is needed for this payment.

2. PAssion Card top-up
For all eligible Singaporeans aged 50 & above: $100 to be given in cash

3. Grocery vouchers
For Singaporeans living in 1 and 2-room HDB flats: $300 in 2020 / $100 in 2021
Singaporeans must be aged 21 & above and do not own more than 1 property.
Grocery Vouchers can be used at participating supermarkets. To date, NTUC FairPrice, Giant and Sheng Siong have agreed to accept these vouchers. Eligible citizens will be given the 2020 Grocery Vouchers in 4Q2020. More details will be announced at a later date.

4. Additional GST Voucher – U-Save
For eligible HDB households: $480 - $1,000
Eligible households will receive their regular GSTV – U-Save over four quarters in April 2020, July 2020, October 2020 and January 2021.
Note: Households whose members own more than 1 property are not eligible.

5. Service & Conservancy Charges Rebate
For eligible HDB households: 1.5 – 3.5 months of rebate
Eligible households will receive their S&CC Rebate over four quarters in April 2020, July 2020, October 2020 and January 2021.
Note: Households with a member owning or having any interest in a private property, or have rented out the entire flat, are not eligible.

ENABLING SENIORS
1. Matched Retirement Savings Scheme from 2021 to 2025
For Singaporeans aged 55 to 70 who have not been able to set aside the prevailing Basic Retirement Sum, the Government will match every dollar of cash top‑up made to their CPF Retirement Account, up to an annual cap of $600.
Singapore Budget 2020: CPF-related Highlights

2. Silver Support Scheme
For the bottom 20% of Singaporeans aged 65 and above, quarterly cash payouts will be raised by 20%.
For individuals living in smaller flats, this means that the cash payouts will increase from $750 to $900 per quarter.
There is no need to apply for Silver Support. Eligible seniors will be notified by the CPF Board and will start receiving payouts under the enhanced scheme from December 2020.
Silver Support Quarterly Payouts from 1 January 2021

FOR WORKING SENIORS
Support for workers
1. Self-employed income relief scheme: $3,000 x 3
For self -employed Singaporeans whose net trade income is below $100,000 for work year 2018.
Quarterly cash payouts of $3,000 in May, Jul and Oct 2020. Automatic payouts for eligible self-employed persons aged 37 & above. Other terms & conditions apply.
More information on Self-employed income relief scheme 

2. Temporary relief fund: $500
For Singaporeans or Permanent Residents aged 16 years & above, who were retrenched or suffered more than 30% loss of income, and with a gross monthly household income below $10,000.
Please apply online with Singpass, valid from 1 Apr to 30 Apr 2020.
Online application for Temporary Relief fund

3. Courage fund: Up to $1,000
For households with household income below $3,900 and whose family member(s) have contracted COVID-19 or are on Stay-Home Notice, mandatory Leave of Absence or Home Quarantine Order.
Apply for Courage fund here

Hope that you found the above summary of budget entitlements for Seniors useful.
For further queries, you may check with the relevant authorities on eligibility criteria.
Take care & stay safe!

Winnie Chan

Winnie is a Certified Financial Planner with more than 10 years’ experience in financial advisory services.  For leisure, she enjoys playing the piano and working out in the gym.

(Note from St. John's Home: If you are able and willing, please support our Home by donating your Solidarity Payment https://www.giving.sg/stjohnshomesg/love2
Thank you very much!)

Disclaimer: The views and opinions expressed in this article are those of the authors and do not
necessarily reflect those of St. John's Home for Elderly Persons.