Tharman: We will now introduce a new partner operator scheme to complement anchor operator scheme.
Tharman: GSTV seniors' bonus for 2015 for seniors who are 65 and above and staying in HDB flats.
Tharman: The assessment for Silver Support will be done automatically so no need for application. MOM will be ready to implement Silver Support in the first quarter of 2016.
Tharman: The exact details will be released later.
Tharman: What I've described are the basic parameters.
Tharman: We cannot rush the implementation of Silver Support
Tharman: Govt will spend total of $1b a year on silver support and workfare combined.
Tharman: Silver support is expected to cost $350 million in the first full year
Tharman: 150,000 of today's elderly will receive these top-ups.
Correction: $300 to $750 supplement every quarter for eligible seniors (not $300 to $700).
Tharman: All seniors who qualify will receive these supplemtns for life, as long as they remain eligible.
Tharman: The average recipient will get $600 every quarter. Silver support recipients in smaller flats will receive more than those in larger flats.
Tharman: Silver support will be paid quaterly. it will provide a supplement of $300 to $700 paid every three months to those who qualify.
Tharman: We will consider Singaporeans with lower total CPF contributions before reaching 55.
Tharman: three factors in combination -- lifetime wages, household support and type of housing.
Tharman: To ensure the system goes to those with lesser means we will look at 3 factors
Tharman: This is unlike workfare which is based on the wages you earn.
Tharman: The Silver Support is for Singaporeans above 65, many of whom may have retired.