2024 Silver Support Scheme: Payouts, Eligibility, and Payment Details
Explore the Silver Support Scheme 2024 details, including payout schedule, eligibility, payment amounts, and increases. As the new quarter kicks off, it’s time to receive your support scheme deposit. This program aims to assist seniors nationwide. Dive into the article for a comprehensive understanding of the Silver Support Scheme.
Silver Support Scheme 2024
Elderly individuals with low income during their working years, and now facing reduced or no income in retirement, receive additional financial support through the Silver Support Scheme in the country.
Introduced in 2016, this scheme offers quarterly support to seniors, and in 2021, funds were augmented for long-term assistance, contributing nearly $250,000 to retirement income. To qualify for this support, individuals must be above 65 years old. Keep reading to discover more about the eligibility criteria and payout schedule of the scheme.
What is the Silver Support Scheme?
The Singaporean Federal Government initiated this scheme to aid seniors with low or no income. The deposited amount is determined by factors such as a person’s lifetime earnings, housing type, and household support.
The CRF Board will review applications annually. If you’re eligible for benefits this year, you’ll get a notice about the potential allowance. The CRF’s Fund encompasses the combined amount in your Ordinary and Special Accounts, including contributions for housing, education, and investments.
Silver Support Scheme Payout 2024
The scheme aims to offer support every quarter, with deposits made every 4 months. Check the table below for the pay dates:
- 31st December of the preceding year: Eligibility for January to March
- 31st March: Eligibility for April to June
- 30th June: Eligibility for July to September
- 30th September: Eligibility for October to December
The disbursement date for this month’s allowance depends on the chosen deposit method:
- Date of PayNow NRIC: February 5, 2024 (no action necessary)
Bank crediting: February 13, 2024 (get in touch with the bank to connect your PayNow account to NRIC) - For Gov Cash: 23rd February 2024 (Update bank details via e-filing)
To avoid delays, applicants should link their bank accounts to the NRIC number. If the NRIC number is recently added, verification is processed, and the installment amount is deposited after successful verification of all accounts.
Silver Support Scheme Eligibility 2024
To qualify for the scheme, candidates must meet the following criteria:
- Seniors must be aged 65 and above, having ceased working.
- Individual contributions to CRS until the age of 55 should be below $140,000.
- Self-employed individuals should not earn more than $27,600 by age 55.
- Individuals or families must reside in HDB homes with fewer than 5 living rooms.
- Couples should not own multiple properties or a property with more than 5 living rooms.
- The household’s annual income should be $1,800 per person.
The payout amount depends on family income and the type of residency. The next section will delve into the specific details of the payout.
Silver Support Scheme Payment 2024
The scheme’s payout varies based on lifestyle preferences, with individual payments for each category outlined in the table below:
| HDB Flat | Household Monthly Income up to $1300 | Household Monthly Income of more than $1300 |
|---|---|---|
| 1 and 2 Bedroom | $900 | $450 |
| 3 Bedroom | $750 | $360 |
| 4 Bedroom | $540 | $270 |
| 5 Bedroom | $360 | $180 |
Candidates under ComCare Long-term Assistance will receive $360 per quarter, irrespective of their income and standard of living.
Silver Support Scheme Increase 2024
Seniors previously received a basic amount of $300 per quarter. However, for the upcoming year, the scheme’s funds have been augmented to provide extended benefits. The increased amount for each quarter is now $900, and applicants can expect to receive the updated amount starting from the next installment.
