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DPM Lawrence Wong announced today (Feb 14) that the Singapore government will be making top-ups to its ElderCare Fund and MediFund to increase resources for lower-income individuals and seniors.

The ElderCare Fund will be increased by an additional S$500 million, which will go towards supporting means-tested subsidies for seniors who need home based, center based or institutional care.

On the other hand, MediFund will be bolstered with an additional S$1.5 billion to strengthen the safety net for lower-income individuals and seniors facing financial difficulties with medical bills after government subsidies, MediShield Life and MediSave.

According to DPM Wong, this move comes as Singapore becomes one of the fastest ageing nations globally — one in four Singaporeans is expected to be of age 65 and above by 2030, as compared to one in six today.

Featured Image Credit: Skillsfuture

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