by Growing Needs | Oct 1, 2023 | Community, Resources
The team at Growing Needs heartfully wishes all seniors a Happy International Older Person Day! This annual celebration date was penned by a cohort of global representatives hailing from diverse legal, cultural, and linguistic backgrounds. International Day for Older Person aspires to fulfill the pledge of ensuring that every individual, encompassing the elderly, basks in the full spectrum of their human rights and fundamental freedoms.
This year marks the 33rd observance of the United Nations International Day of Older Persons celebrating around the theme: “Realizing the Commitments of the Universal Declaration of Human Rights for Older Persons: Bridging Generations.”
Objectives of UNIDOP 2023:
In celebration of International Day For Older Person, we look back at Singapore’s contributions and dedication to our senior citizens over the years. There are recent additions that will acknowledge our senior’s contribution to society and support them in this age of inflation and rising costs of living.
1. Majulah Package
Announced in August 2023, the government will dedicate a S$7 billion Majulah Package to give CPF top-ups to those born in 1973 or earlier. The Majulah Package will benefit around 1.4 million older Singaporeans aged 50 and above in 2023. Read here for more information on the Majulah Package.
2. Senior Worker CPF Contribution Rates And CPF Transition Offset Scheme
Following Singapore’s Budget 2023, the CPF contribution rates for older workers will be increased for the third round from 1 January 2024. Employers would be required to pay an additional 0.5% to workers aged 55 to 70, starting in 2024.
Senior Workers will receive CPF benefits according to their respective age brackets:
Photo taken from cpf.gov.sg
DPM Wong also mentioned that the minimum CPF monthly payout for seniors on the Retirement Sum Scheme will be increased to $350 a month from the current $250 a month. The change will kick in on June 1, 2023, for all seniors on the scheme.
Seniors who are currently on the Retirement Sum Scheme can opt to join CPF Life at any time before turning 80 to receive lifelong payouts which is part of the National Longevity Insurance Annuity Scheme.
Singapore provides seniors with a range of discounts, benefits, and support to assist them during their golden years in the midst of economic inflation. Through these measures, Singapore aims to express its sincere gratitude and respect for the contributions of our seniors to our society. It is through their efforts that Singapore has been able to prosper and thrive as a growing first-world country with 58 years of independence.
The Growing Needs team are forever grateful for our senior’s contributions. Thank you for reading our articles and we aim to share information to create a community supporting both caregivers and seniors throughout their journey.
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.