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Unpacking the National Day Rally Speech: Important Points To Note For Seniors

by | Sep 6, 2023 | A Better Tomorrow, Community, Financial Services/Grants, Resources

In this year’s National Day Rally speech, Prime Minister Lee Hsien Loong noted on Singapore’s economy’s outlook and touched on the current global uncertainties.

Though the global economic situation is declining, PM Lee was optimistic that Singapore’s future is on a steady growth this year. As our cost of living is on the rise, PM Lee stated that continuous government support will be given to citizens, especially the seniors. Read on to find out on the new support schemes seniors can anticipate in the near future. 

1. Implementing the Majulah Package for “Young Seniors”

The Majulah Package would be implemented to assist Singaporeans above 50 to meet their requirement needs. Nevertheless, PM Lee mentioned that the package would be more focused on seniors with lower incomes. To ensure that a comprehensive approach is taken to care for the seniors, the Majulah Package is split into three components:

  1. “Earn and Save” Bonus

 The “Earn and Save” Bonus encourages working seniors to continue their careers by providing a CPF bonus of up to S$1,000 a year, that is credited into their CPF accounts.

  1. Retirement Savings Bonus (RBS)

The RSB gives out a one-time CPF bonus of up to S$1,500 to seniors whose CPF balances have not reached the Basic Retirement Sum.

  1. MediSave Bonus 

To assist seniors with the rising cost of healthcare, the MediSave Bonus offers a one-time bonus of up to S$1,000 to address healthcare costs for seniors. 

Apart from the working senior, the Pioneer and Merdeka Generations can soften their cost of living with the Majulah Package benefits with its financial support. PM Lee mentioned that the government is estimated to spend S$7 billion to cover the cost of the package.

2. Navigating the Future: Getting Ready for an Ageing Society

Singapore is one of  many countries with a fast-aging society, as one in five Singaporeans are 65 years and above. PM Lee noted that by 2030, Singapore’s proportion of seniors is said to rise to 1 in 4 Singaporeans. He stressed the importance for seniors to actively age and explained the government’s alignment to their healthcare plans in promoting senior’s health and well-being.

Introducing “Age Well SG” which will complement “Healthier SG” which currently aims to encourage Singaporeans to take care of their health and prioritize effective health planning. Individuals would be prompted to take vaccinations, physical checkups and screenings.

Active Ageing Centres (AACs) implemented by the government play a significant part in fostering seniors’ engagement and social activity.  The increasing prevalence of loneliness among seniors in Singapore is a grave concern that demands serious attention. PM Lee emphasized the importance for seniors to upkeep their social connections and avoid growing socially isolated from society. 

During the National Day Rally speech, PM Lee mentioned the upcoming HDB plans to transform our homes and community into more senior-friendly spaces. The Enhancement for Active Seniors (EASE) program (EASE) allows seniors to install safety handle bars and ramps into their home for their accessibility and safety. There will also be a newer EASE which will offer additional installments according to the senior’s needs, with some being widened toilet entrances. The importance of making the community safe and accessible for seniors requires some modifications to ensure seniors would be able to access these facilities without any obstacles.

The National Day Rally speech has shed light on the government’s commitment to addressing the unique needs of seniors, from financial support to health and social engagement. These are some of the few outlined measures that we can see being reflected in Singapore to foster a vibrant and inclusive society for people of all ages.

With the rise in our cost of living and expensive healthcare, seniors are concerned for their financial security during their retirement days. However, examples of the government’s support like Majulah Package, assures our seniors that they are well taken care of.

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.

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