Check the details about the Silver Support Scheme 2024 Payout Schedule, Eligibility, Payment Amount, and Increase here. With the beginning of the new quarter, it’s time to deposit the amount under the support scheme. The authorities have launched the program to help seniors across the country. Read the article to know more about the Silver Support Scheme.
Silver Support Scheme 2024
Additional financial support is provided to the elderly in the country who had a low income during their working period and now have less or no income after retirement. The support is issued in the form of a Silver Support Scheme.
The scheme was introduced in 2016 and provides quarterly support for seniors. These funds were raised in 2021 to provide them with long-term support. The fund added a retirement income of close to $250,000. The candidates should be above 65 years to receive the benefit. Scroll down to know more about the eligibility and the payout schedule of the scheme.
What is the Silver Support Scheme?
The Federal Government of Singapore has implemented the scheme to help low or no-income seniors in the country. The deposit amount depends upon the low lifetime wage, housing type, and household support.
The CRF Board will renew the application every year. The eligible candidates to receive the benefit this year will receive the application notice regarding the possibility of the allowance. The CRF’s Fund includes the total sum of the individual Ordinary and Special Accounts and the contributions made in housing, education, and investments.
Silver Support Scheme Payout 2024
The scheme is intended to provide support in every quarter. The amount is deposited every 4 months. The schedule of the pay dates is listed in the table below:
|31st December of the proceeding year
|January to March
|April to June
|July to September
|October to December
The candidates can receive the amount in many deposit methods. The method of deposit affects the disbursement date of the allowance. The dates for this month’s allowance are listed below:
|For PayNow NRIC
|5th February 2024
|No action required
|13th February 2024
|Contact the bank to link the NRIC to the PayNow Account.
|For Gov Cash
|23rd February 2024
|Update your bank details through the e-filling process.
The applicants should link their bank accounts to the NRIC number to avoid the delay in the deposit. Suppose the applicant has recently added the number to the account. In that case, the verification for the accounts is processed, and the amount for this installment will be deposited after the successful verification of all the accounts.
Silver Support Scheme Eligibility 2024
To be eligible for the scheme, the candidates must follow the categories below:
- The seniors should be above 65 years old and should have stopped working.
- The contribution to the CRS made by the individual till 55 years of age should be less than $140,000.
- The self-employed should not earn more than $ 27,600 by age 55.
- The individual or the family should live in HDB homes with less than 5 living rooms.
- The couple should not be the owner of the multiple properties or the property with more than 5 living rooms.
- The annual income of the household should be $1800 per person.
The amount will depend upon the family income and the type of residency the applicants live in. In the next section, we will discuss the specifics of the amount.
Silver Support Scheme Payment 2024
The amount of the scheme depends on the lifestyle preferences. The payment for the individual for each category is listed in the table below:
|Household Monthly Income up to $1300
|Household Monthly Income of more than $1300
|1 and 2 Bedroom
If the candidates are under the ComCare Long-term Assistance, they will receive $360 per quarter, regardless of their income and standard of living.
Silver Support Scheme Increase 2024
The seniors received the basic $300 per quarter in the previous year. However, the funds for the scheme have been increased for the upcoming year to provide long-term benefits for the seniors.
The increased amount for each quarter is increased by $900. The applicants will be receiving the updated amount from the next installments.