Mar 25, 2016

Singaporeans incentivized to make their parents homeless.

In the new means tested pension scheme, Silver Support Scheme, announced by the Singapore government, the eligbility criteria are mean.

Singaporean old men and women (those older than 65 years old) will get silver support of S$300 to S$750 per quarter (i.e., $100 to $250 per month). Here are the means tests. To qualify, a senior must pass all three tests.

1) Lifetime wages.
Must not have more than $70,000 in total CPF contributions by the age of 55.
(Someone estimated that those earning $800 per month for 30 years will not pass this test.)

2) Housing type
Those who own, and live in, a four-room or smaller Housing Board flat will meet the housing type criterion. Those who live in - but do not own - five-room HDB flats will qualify for a smaller payout.

3) Household support
The household must not earn more than $1,100 per member per month.

Many households will be incentivized to make their seniors homeless.

Daughter: Mom. Here's the good news. The government will give you a small pension. Here's the bad news. You cannot stay here or the government won't give you the pension.

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