SDP Proposes Retirement Income to Help Elderly Cope and Ease Burden on their Working Children

The advent of the Covid-19 pandemic has made even more obvious the problems faced by our elderly and retirees and, by extension, the financial burden placed on the younger working generations.

Poverty among the elderly in Singapore is significant. Much of this is the consequence of the PAP depriving our retirees of their CPF savings.

The CPF, originally intended as a pension savings scheme, have been allowed to be used, among other things, to service housing loans and to pay for Medisave. This has resulted in insufficient funds for retirement.

In addition, the funds have been withheld when a member turns 55, a breach of the original promise under the CPF Act.

It is clear that poverty among retirees is the result not so much through profligate spending or the negligence in financial planning but rather through the state siphoning off these funds.

As a result, children and relatives of the elderly have to provide financial support. The 2019 Household Expenditure Survey found that the working children of retiree households contribute nearly $500 per month towards their income. This contrasts with the average CPF payout of only $280 a month.

Such a situation places extra burden on the retirees’ children who are already under great financial pressure to take care of their own families.

SDP’s proposal: Retirement Income Scheme for the Elderly (RISE)

Under the SDP’s plan, Singapore citizens 65 and older who are in the bottom 80 percent of wage earners, will be guaranteed a basic income of $500 a month.

This sum will replace the amount that workers contribute to their retired parents’ monthly income.

Researchers have noted that a Singaporean retiree needs $1,379 a month to meet basic living standards. RISE will help to partially meet his/her needs.

There are three main advantages of RISE:

One, it is enacted through legislation which means that income of Singaporean retirees is guaranteed and stable. This will give our elderly peace of mind. At the moment, financial packages like the Pioneer and Merdeka Generation Packages ad hoc and do not allow for planning for the duration of one’s retirement years.

Two, it is paid to all poorer retirees unlike the PG and MG packages which are given only to certain cohorts of Singaporeans. Also, RISE is paid in ready cash whereas MG and PG packages come in the form of mainly Medisave top-ups.

Three, RISE will relieve working Singaporeans of the pressure from having to financially support their elderly parents.

In the aftermath of the Covid-19 pandemic, it is important that our elderly continue to live in security, not poverty. And as mentioned, working adults, the sandwiched generation, should not be further burdened by having to take care of their children as well as retired parents.

RISE is part of the 4Y1N campaign: Four ‘YES’ to suspension of GST, retrenchment benefits, retirement income, putting people first and one ‘NO’ to a 10 million population.

This is the SDP’s campaign message in the coming GE. To reach out more effectively to the electorate, the SDP has prepared a series of videos on the subject in the four official languages and three dialects (Hokkien, Teochew and Cantonese) which will be posted on our social media platforms shortly.

 

Singapore Democrats

 

 

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15 Responses to “SDP Proposes Retirement Income to Help Elderly Cope and Ease Burden on their Working Children”

  • Soccerbetting2:

    Two days back, I went to UOx bank because I lost my UOx passbook. I wish to get a complete duplicate of my lost passbook. The Uox bank staff told me a very shocking thing and that is for every month past data on UOx passbook printout, it cost $20. So if my lost passbook data consist of 2 past years(24 month) data, then UOx bank will charge = $20 per month x 24 =$480 just to retrieve and printout the lost passbook data!!! Super ridiculous pricing. So better make sure, don’t drop the passbook. Else, to retrieve lost data, you have to pay huge cost! The government must be thinking Singaporeans earn millions to allow bank to charge such exorbitant cost for passbook data retrieval? It is as though people will not be careless and drop it. And there are thieves that may steal passbook too and data loss.

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  • Agreed:

    Should give $600 pm to PG and MG whose CPF Ordinary Account is below a certain amount eg $20K etc Very hard for them to survive…
    No need for them to depend on their children or work as Cleaner or Security officer etc at this age….

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  • trublu:

    THANK YOU SDP,YOU ARE THE GOOD PARTY.
    HOPE YOU WIN SOME SEATS THIS COMING GE.

    ITS TIME SGS WAKE UP AND SEE THE REAL SDP N NOT THE ONE MSM LIKES TO PAINT?

    SDP,YOU ARE THE CHAMPIONS…of VOICELESS sinkingporeans!

    thumbs up,THUMBS UP,HIP HIP HOORAY!

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  • support for sdp:

    only a few good men left..eg SDP

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  • Soccerbetting2:

    When I goggle Internet on “sia share price” – it shows this information “Singapore Airlines Ltd.
    SGX: C6L

    OVERVIEW
    NEWS
    COMPARE
    FINANCIALS
    Finance
    3.85 SGD +0.040 (1.05%)
    15 May, 9:04 am SGT · Disclaimer”

    Previously sia share price hovers around 4.4 Mark, now it become 3.85.Singapore Airlines Ltd losing value. A lot of people have paper losses. If they use CPF to buy, CPF gone if they sell their shares.

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  • blueview:

    Hi SDP,

    I think to be fair, all seniors aged above certain age (regardless of rich or poor) should get a basic state funded pension. The bottom 80% or whatever the benchmark is to be classified as “poor or need additional assistance” can get another type of benefit maybe call it “Supplementary Income”.

    This is generally how the structure is in First World Countries. Otherwise, if you only give basic state funded pension to certain groups but not all across the board, the general population will not be happy. This is also to maintain fairness regardless of caste, greed, social status, how much money a person has in a bank, etc..

    A tiered kind of benefit system is the way to go. Just my 2 cents.

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  • Vto:

    Does she look like one of your grams?

    If so, do the needful! VOTE THEm OUT!

    VTO VTOVTOVTO
    VTOVTOVTOVTO

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  • CPF Bor Lui?:

    Isn’t it the CPF’s role to provide retirement income? So CPF not satisfactory, SDP gotta provide schemes.

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  • Reality:

    Reality is most people are not given the same card in life…
    Not easy to understand how the bottom 20% live…especially for those who have never suffer poverty in life..

    It is good to be kind to the needy..give them the basic to survive.
    Let them live with some dignity..especially the elderly poor….
    The mark of a gracious society is to take care of the poor and needy..the elite policy maker is too distance from the ground…

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  • Harder Truths:

    I can tell you with a 100% certainty that no one up there is listening.

    Something drastic will have to happen first. The way things are going with the CoV and the economy we may not have to wait very long.

    Desperation is the father of change.
    When people go hungry and jobless things become much clearer.

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  • Uselesspap:

    https://youtu.be/8iSgNsbCbqw

    STOP THE TRADE !!!

    STOP THE TRADE !!!

    STOP THE ” DAMM” TRADE !!!

    Pay your workers the ” PROPER ” WAGE.

    THERE IS NO SUCH THING AS

    ” THIS JOB IS NOT SUITABLE FOR ME ”

    MINIMUM WAGES HAS NO PLACE FOR

    PAP CRONIES, PUPPETS, SLAVE TRADERS !!!

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  • Do more for the elderly.:

    Do more for the poor and needy especially for the elderly.
    Should give at least $600 pm to the PG and $500 pm to MG who need it.
    Those who does not need it can opt out…

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  • Michael:

    Cpf is our retirement income .but sadly it is not ours to withdraw.

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  • Soccerbetting2:

    Source from Straits Times website :Quote 1-”Coronavirus: Three men charged with offences including unlawfully camping at Chek Jawa

    (From left) Rizani Sham Mohamed Hussin, Mohamed Hafiz Mat Nadar and Zulman B. Mashonain each faces two charges under the Covid-19 (Temporary Measures) Act.ST PHOTOS: KELVIN CHNG
    PUBLISHED2 HOURS AGO

    Shaffiq AlkhatibCourt Correspondent
    SINGAPORE – Three men appeared in a district court on Monday (May 18), charged with unlawfully paddling in kayaks to Chek Jawa wetlands park on Pulau Ubin and setting up camp there amid the coronavirus pandemic….”Unquote 1

    Source from Straits Times website :Quote 2 -” Punggol Field death: 20-year-old Singaporean man charged with murder of jogger

    Mr Tay Rui Hao had been jogging when he was stabbed near a bus stop in Punggol Field.PHOTOS: LIANHE ZAOBAO, FACEBOOK
    PUBLISHEDMAY 17, 2020, 9:56 AM SGT
    FACEBOOKWHATSAPPTWITTER
    Michelle Ng
    SINGAPORE – A 20-year-old Singaporean man has been charged with the murder of a man that took place last weekend along Punggol Field.

    Appearing in court on Sunday (May 17) via videoconferencing, Surajsrikan Diwakar Mani Tripathi was charged over the stabbing of 38-year-old Tay Rui Hao near a bus stop in Punggol Field Road on May 10 at 11.08pm.

    He will be remanded at Changi Prison Complex Medical Centre and will be back in court on June 5… “Unquote 2.

    Response : In Quote 2 here, it is a murderer suspect caught, named but no photo of the suspect murderer, police obviously has enough evidence, charge and remand the suspect. When murder is a big serious case, you all wonder why such murderer suspect photo is blocked from publishing out in Straits Times or other news media? In Singapore, we have police Indian woman fake documents and fake signature case, didn’t we? So how did we know whether police got “unknowingly” caught a “scapegoat” as a murderer suspect or not? Only by publishing out all serious case photo of murderer suspect
    out in news media, so that public witness can help to identify the real culprit out if police ever “unknowingly” catch wrongly of a “scapegoat”! This is proper procedure to report murder suspect photo on news media!

    And look at Quote 1 here, three men charged with offences including unlawfully camping at Chek Jawa. Such extreme minor offence also show their photos out on news media but a murderer suspect in Quote 2 also no need to show photo out on news media? Is this shit type of reporting from Straits Times that don’t know what is big case and what is small case? Surajsrikan Diwakar Mani Tripathi, a murderer suspect is considered a big serious case. When Straits Times don’t understand, how can police not understand the wrong not to show the murderer suspect photo out on news media?

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  • help the needy Citizen:

    Was very impressed by DPM Heng assurance that the Government will take care of every citizen and will help every citizen in crisis need in this pandemic.
    Will help companies and preserve local Jobs etc Sound Great.
    However it seem that there is not much actual meaningful help at the implementation stage at Comcare for some in real need.
    Some were not even given a miserably small support((that is not going to help much anyway) because the criteria is based on their family past earning and not on actual present family situation ,especially for those out of jobs since 2020.
    Stupid Policy.Show Policy makers are out of touch with the issues.
    Comcare officers just follow SOP blindly without understanding and flexibility …and also take too long to act.
    Any Help given should be timely and meaningful with empathy
    …especially for fellow Citizen in real need because of the CB.
    For some,the promises to help sounds hollow…especially when they have help build the National Reserve…
    Please help our local Citizen first….Action is better than words.

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