Select Page

Budget 2024 – What’s In It For Seniors

by | Mar 6, 2024 | A Better Tomorrow, Financial Services/Grants

Budget 2024 has been heartening – seen as a step in the right direction to boost retirement adequacy and well-being of seniors. Here, we break down the key changes and what’s in it for seniors and potentially their caregivers. 

3 key areas we zoom in – Age Well SG initiatives, increasing affordability and accessibility of healthcare and lastly, strengthening retirement adequacy, 


Age Well SG initiatives

We see $3.5 billion set aside for Age Well SG initiatives over the next decade. Recognising that preventive care is important for seniors, Age Well SG is a new national programme to support seniors in active ageing, staying socially connected, and being cared for within their own communities.

Key highlights What this means for you
Network of Active Ageing Centres will be expanded Seniors can expect more programmes, ranging from physical exercises to volunteering opportunities. With greater accessibility to fitness programmes, it is now easier for seniors to stay strong and healthy. These programmes also provide an avenue for social interaction between seniors with similar interests, reducing the risk of social reclusivity. 
Increase in assisted living options For seniors with care needs, expect greater accessibility to assisted living options such as Community Care Apartments and better home care arrangements. This encourages independence through “ageing in place” and overall allows one to age more gracefully. 
“Silver upgrades” to residential estates Expect to see amenities such as therapeutic gardens and barrier-free ramps, senior-friendly home fittings such as wider toilet entrances and shower seats. With these upgrades prioritised, seniors can now age more comfortably in their homes without the need to travel far and also experience higher levels of safety and mobility.
Improvements to commuter infrastructure  This includes more sheltered linkways, bus stops with senior-friendly features, as well as safer and more pedestrian-friendly roads. Recognising the importance of mobility for seniors, this would make it safer and easier for one to move around more independently. 


Affordability and accessibility of healthcare

Healthcare remains a key area of interest. The 2 As, affordability and accessibility is key and our government has invested heavily in this domain to ensure that Singaporeans get the care they need. 

Most of us would need medical care in some form or another as we age. We need to keep in mind that even with government subsidies, we must expect healthcare costs, including medical insurance premiums, to increase.

Key highlights What this means for you
Increase in thresholds of social support subsidy schemes Expect thresholds for per capita household income pertaining to healthcare and associated social support subsidy schemes to increase. Covered in scope includes the MediShield Life premium subsidies, the Community Health Assist Scheme (or CHAS) subsidies for primary care, and subsidies for outpatient and inpatient treatments at our public hospitals.

For caregivers, this would potentially reduce the financial burdens with more than 1 million Singaporeans expecting to benefit from higher subsidies. 


Strengthening retirement adequacy 

To further support retirement needs of our seniors, these adjustments were made to the CPF system. We see:

Key highlights What this means for you
CPF System CPF contribution rates for those aged 55 to 65 would increase by a further 1.5 percentage points in 2025 which would bump up one’s retirement fund pool by growing retirement savings.
Enhanced Retirement Sum Increase in the Enhanced Retirement Sum which is the maximum amount that members can put into their CPF Retirement Accounts to receive CPF payouts. 

This would mean that more seniors aged 55 and above can fully commit their accumulated CPF savings to receive higher CPF payouts. This added optionality could help one increase their pool of retirement funds

Silver Support Scheme Qualifying per capita household income threshold for Silver Support will be raised from $1,800 to $2,300 and quarterly payments will increase by 20% to keep pace with inflation.

This means more support for seniors with low incomes during their working years.

Matched Retirement Savings Scheme (MRSS) MRSS will be extended to those above the age of 70. This will enable more Singaporeans to meet their retirement needs, with the help of their families, employers, and the community.
Majulah Package For “Young Seniors” who are currently in their 50s and early 60s, expect an additional boost for their retirement through the Majulah Package. The Majulah Package will benefit about 1.6 million Singaporeans, at a total lifetime cost of $8.2 billion.



Recognising the concerns that seniors and their caregivers in Singapore face, it is indeed heartening to see the government increasing investments to make life better for seniors in Singapore. Be it in healthcare, fostering independence and also financial planning, seniors in Singapore stand to benefit from the multiple commitments seen in Budget 2024. We hope that this article gives you a better idea on how you or your loved ones can benefit from Budget 2024

About Growing Needs

About Growing Needs

Growing Needs grew out of our own encounters with caring for our aging parents and reflecting on the Growing Needs that we ourselves would face as we advance in years. We hope to build a community that will learn, share and contribute towards caring for the growing needs of our loved ones.

About Us
Contact Us
Partner with Us
Terms of Service

Privacy Policy

Lifestyle & Wellness
A Better Tomorrow
Follow us
Subscribe to our Newsletter
Sign up for our newsletter to receive updates and exclusive offers
© 2021 - 2024. Growing Needs Pte Ltd. All rights reserved.