Chee Hong Tat on Pioneer and Merdeka Generation Packages
About 450,000 Pioneer Generation (PG) seniors and 500,000 Merdeka Generation (MG) seniors have benefited since packages to make healthcare more affordable for them were rolled out in 2014 and 2019 respectively. As of Sep 30 this year, there are about 340,000 PG seniors and 480,000 MG seniors. The PG and MG Funds were established to set aside monies upfront for these packages, to ensure the Government honours its commitment to the seniors regardless of future economic or fiscal circumstances - S$8 billion and S$6.1 billion were set aside at the inception of the PG and MG Funds respectively. This was sized based on projected lifetime costs after accounting for inflation and interest accrued. Answering MPs’ questions in Parliament on Thursday (Oct 20), Senior Minister of State for Finance Chee Hong Tat said benefits under the packages have been enhanced in recent years and will continue to be updated where needed. As at Mar 31 this year, S$3.04 billion from the PG Fund and S$0.72 billion from the MG Fund have been disbursed. The sufficiency of the funds is reviewed every year by the Ministries of Finance and Health. As at end of March this year, there is a balance of S$6.16 billion in the PG Fund and S$5.72 billion in the MG Fund. The Government will monitor the situation and top up the funds if necessary, said Mr Chee. *Audio issues inherent from source
About 450,000 Pioneer Generation (PG) seniors and 500,000 Merdeka Generation (MG) seniors have benefited since packages to make healthcare more affordable for them were rolled out in 2014 and 2019 respectively. As of Sep 30 this year, there are about 340,000 PG seniors and 480,000 MG seniors. The PG and MG Funds were established to set aside monies upfront for these packages, to ensure the Government honours its commitment to the seniors regardless of future economic or fiscal circumstances - S$8 billion and S$6.1 billion were set aside at the inception of the PG and MG Funds respectively. This was sized based on projected lifetime costs after accounting for inflation and interest accrued. Answering MPs’ questions in Parliament on Thursday (Oct 20), Senior Minister of State for Finance Chee Hong Tat said benefits under the packages have been enhanced in recent years and will continue to be updated where needed. As at Mar 31 this year, S$3.04 billion from the PG Fund and S$0.72 billion from the MG Fund have been disbursed. The sufficiency of the funds is reviewed every year by the Ministries of Finance and Health. As at end of March this year, there is a balance of S$6.16 billion in the PG Fund and S$5.72 billion in the MG Fund. The Government will monitor the situation and top up the funds if necessary, said Mr Chee. *Audio issues inherent from source
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