I am a self-employed person. How will the Government assess my eligibility for the Silver Support Scheme?
As it is not mandatory for self-employed persons to contribute to their Ordinary and Special Accounts, self-employed persons would naturally have made less CPF contributions than employees.
For seniors who were self-employed in their working years, we will consider their average annual net trade income, as determined by their annual income tax assessments, in addition to the total CPF contributions they made by the age of 55.
To qualify for the Silver Support Scheme, their average annual net trade income should be not more than $27,600 between the ages of 45 and 54. The average annual net trade income threshold was increased from $22,800 to $27,600 in 2021 to strengthen support for seniors with lesser means. The Government will review the threshold from time to time, to ensure that the Silver Support Scheme is able to reach those who need it most.