This is a good thing.

Singapore would not just be a great place to raise a family, but a great place for seniors to live a life off purpose, dignity and contribution.

The committee Nights Boats for Seniors is now a national program with 650 active aging notes.

To engage our seniors, we must see aging as a positive force and turned this space off life into a time off opportunity.

Aging with confidence includes having financial assurance and retirement.

This can be achieved through a combination of individual efforts.

Family, community and government support over the years were strengthened the four pillars off our social security system.

Homeownership, CPF healthcare assurance and income from work fair and civil support.

We're also been enhancing the ComCare schemes we should support.

Singaporeans are unable to work or litter or no family support.

The CPF is a major scheme to enable Singaporeans to save enough, but their retirement.

Yes, we need to keep on updating and improving our CPR policies over time so that they remain appropriate for each cohorts we're been adjusting the basic retirement.

Some P.

R s regularly in line with rising income levels since 2017 household incomes per capita have reason by an average of 4.1% per year in nominal terms.

What a B R s has increased by 3% per year.

The B R s is currency 90,540 cohort turning 55 this year.

What continued to adjust the BRS by the same 3% per year for the next two cohorts, the B R s will be 93,000 for co host turning 55 2021 $96,000 for those turning 55 in 2022.

This modest continuing adjustments are necessary for the payoffs to keep up with basic retirement expenses.

With continuing which group, each successive cohort has been able to see it more.

We expect seven in 10 actively and point persons from this two cohorts to be able to set aside a B R s significantly more than four intent about a decade ago.

More details are in the annex.

Even a small seniors are prepared for retirement.

One group of current seniors may not be able to meet their retirements when you were younger.

The unless they're working, Singaporeans do.

Today, even after adjusting for inflation, some we have unload your wages for most of their working lives.

Others may have stopped work early to take care of family members.

We're in a fortunate position that most off our seniors have housing as such that they can use to support our retirement if they wish would do more to help Singaporean step on the housing assets for retirement by announcing the silver's housing boners and leased by back scheme, The minister for National Development provide more details.

The CPS is a good retirement scheme based on personal savings.

Improvising appoints a very favorable risk.

Free interest rates under savings.

Many Singaporeans want to top up their own, their spouses or parents.

CPF accounts in 2019 such voluntary cash top ups added up to about $1 billion.

We would like to encourage more to do so, particularly those who see Pierre balances are on the low side toe help those with left CPF savings.

To save more, I will introduce a matched retirement savings scheme from 2021 to 2025 Lord, the media income Singaporeans aged 55 to 70 who have not been able to set aside the prevailing B r s will be eligible.

Under this scheme, the government will match every dollar of cash.

Top ups met with a C P every time an account up to an annual cap off 600 tons.

This is a way of encouraging and augmenting family support for our seniors with fewer means a retirement.

About 435,000 Singaporeans will be eligible.

Wanna CPF is a good scheme for small segments of the elderly populations.

It will not be enough.

Some have low incomes during the working years and currently have little or no family support.

We created a silver support scheme to complement the CPF or DIS group, and give them more financial security.

Retirement.

This game is now almost five years old and the review is timely.

Sober support Currency provides cash payouts to the bottom 20% of Singaporeans age 65 above.

We have some support for those slightly above the bottom 20%.

I will raise the quarterly cash payouts by 20% for individuals living in small flats This means that a cash payouts were increased from $750 to $900 per quarter.

I will also brought in the LGBT criteria off civil support.

I'll expand the threshold for lifetime wages and per capita.

How so income to cover more seniors.

There will also be a new pay out here to provide a smaller payout.

Seniors with monthly household incomes per person above $1300 but not exceeding $1800.

The seniors do not receive several support today.

There's no need to apply algebra seniors roping but notified by CPF bought and start receiving payouts under enhanced scheme from December 2020.

Liberal, we expect about 100,000 more seniors who benefits from the enhanced silver support in 2021.

The cost of silver support will nearly double from today's $330 million to around $620 million in 2021.

More details are provided in the annex.

Here is an illustrations off how the matched savings rightsizing and enhances our support can add up to help you retire at 65 year old couple more than doubled our retirement income, our post here for members to take a look at the example and details are in the annex.

This enhancements underscored the government's commitment to provide seniors with greater assurance in retirement and reflect the values we hold you.

Such a sticking care off our parents and seniors.

They're also complement the other schemes for our seniors, such as the Pioneer Generation Package and Medical Generation package.