silvershemes.sg: Some schemes don’t look like “benefits”?

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April 9, 2018

So many of the Government benefits’ schemes do not seem to be “benefits”?

I received the following message by Whatsapp:-

“If you are Singaporean above 50.

FYI – All the massive Govt schemes available to all Seniors of various age groups have been linked under one *Senior Silver Schemes* website. Just select the age group and the schemes relevant to you. These schemes are linked to various ministries. Take a look and forward to your friends.  They are for your benefits from the govt which you should know and utilise.

I followed the above link and clicked on “I am age 50 – 54” – “Popular Services” (18 of them). Let’s try to examine how these schemes (13 of the 18) help older Singaporeans in this age group?

 CPF LIFE – Does it cost the Government any money as CPF is primarily our own contributions and money?

 Senior Priority Scheme (SPS) – Priority for getting a HDB flat which arguably makes a profit with the land cost at market rates is a benefit?

 Silver Housing Bonus (SHB) – Downgrading to a smaller HDB flat and topping up your CPF to get a cash bonus of up to $20,000 is a benefit? 

 2 Room Flexi Scheme – Buying a 2-room flat with a shorter lease (15 to 45 years) at prices that are arguably, relatively more expensive than the normal 99-year lease is a benefit? 

Enhanced CPF Saving – Giving you more interest on part of your CPF savings from age 55, whilst giving you what may be the lowest real rate of return on your Ordinary Account, compared to all the national pension schemes in the world, for the greater part of your lives – is a benefit?

 Workfare Income Supplement (WIS) – The bulk of which goes to CPF, instead of disposable cash? 

 GST Voucher (Cash) – On ever increasing utility charges is a benefit?

 Comcare Long Term Assistance – Which only about 4,000  qualify?

 Supplementary Retirement Scheme (SRS) – Giving you a tax saving on your own contributions is a benefit?

 Eldershield – Has accumulated surpluses in the billions?

 National Silver Academy (NSA) – Taking courses at subsidised rates is a benefit?

 Pioneer Generation Disability Assistance Scheme – A miserly $100 a month for Pioneers who permanently need assistance in at least three of the daily activities of living?

 Medisave Scheme – Contributing the highest pre-pay medical scheme in the world at up to 10.5 per cent of income (which arguably does not cost the Government any money) is a benefit?

Uniquely Singapore

Leong Sze Hian

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About the Author

Leong
Leong Sze Hian has served as the president of 4 professional bodies, honorary consul of 2 countries, an alumnus of Harvard University, authored 4 books, quoted over 1500 times in the media , has been a radio talkshow host, a newspaper daily columnist, Wharton Fellow, SEACeM Fellow, columnist for theonlinecitizen and Malaysiakini, executive producer of Ilo Ilo (40 international awards), Hotel Mumbai (associate producer), invited to speak more than 200 times in about 40 countries, CIFA advisory board member, founding advisor to the Financial Planning Associations of 2 countries. He has 3 Masters, 2 Bachelors degrees and 13 professional  qualifications.