Vulcan Post

SG Budget 2019: Gov’t To Set Aside $6.1B For Merdeka Generation Package, To Benefit 500K S’poreans

The Merdeka Generation Package was first mentioned by Prime Minister Lee Hsien Loong at last year’s National Day Rally.

According to Finance Minister Heng Swee Keat, the Package serves as a way for the Government to express its appreciation and support for the Merdeka Generation, or those born in the 1950s, in their silver years.

“The Merdeka Generation was among the earliest batches to serve National Service, build up our public services and modernise our economy,” he said in this year’s Budget 2019 speech.

It will provide them better peace of mind over future healthcare costs, while helping them to stay active and healthy.

The Merdeka Generation Package have five key benefits:

  1. Merdeka Generation (MG) seniors will receive a one-time $100 top-up to their PAssion Silver cards to support their active lifestyles
  2. They will receive a MediSave top-up of $200 a year for five years. This will start from this year until 2023.
  3. MG seniors will receive additional subsidies for lifelong outpatient care. They will receive special Chas subsidies for common illnesses, chronic conditions and dental procedures.
  4. MG seniors will have additional MediShield Life Premium subsidies for life. All MG seniors will receive subsidies for their premiums, starting from 5 per cent of their MediShield Life premiums, which will increase to 10 per cent after they hit age 75.
  5. The Government will provide an additional participation incentive of $1,500 for MG seniors who join CareShield Life, when it becomes available for existing cohorts in 2021.

Who Is Eligible For Merdeka Generation Package? 

The Package is estimated to cost over $8 billion over the Merdeka Generation’s lifetimes, says Mr Heng.

For this year’s Budget, he will set aside $6.1 billion for a new Merdeka Generation Fund. With interest accumulated over time, this will cover the full projected costs of the Merdeka Generation Package, says Mr Heng.

He added that the Package will benefit close to 500,000 Singaporeans.

Those born in the 1950s, and those who obtained citizenship by 1996 will be eligible for the MGP.

The Government will extend the MGP benefits to those born in 1949 or earlier, but missed out on the Pioneer Generation Package (PCP), if they obtained citizenship by 1996.

All eligible seniors will receive the MGP benefits, regardless of their income.

They will be notified by April 2019 and will receive their Merdeka Generation cards starting from June 2019.

For Singaporeans aged 50 and above in 2019, and those who do not receive the Merdeka or Pioneer Generation benefits, they will get a MediSave top-up of $100 a year for the next five years.

Featured Image Credit: Ministry of Communications and Information

Exit mobile version