Support schemes for seniors - Are they adequate?

The first of three components in the Majulah Package is an Earn and Save Bonus for eligible seniors who are working. Lower- and middle-income workers will get extra CPF funds of up to S$1,000 a year 

The second is a one-time Retirement Savings Bonus for those who have not met the CPF Basic Retirement Sum. Those eligible will receive a top-up of up to S$1,500

The third element of the package is a one-time MediSave Bonus of up to...CNA

The above are the 3 components of the govt's senior support package to alleviate the high cost of living and inflation. Are they enough when passive expenditure is more than $700 per month. On their own they are obviously inadequate, just a drop in the ocean. But these are in addition to other support schemes that are existing and may help out a little when viewed as part of a total package, even if they are a one time assistance. The other existing schemes are as follows:

'The government will also enhance existing schemes such as the Silver Support scheme, Workfare Income Supplement scheme, as well as the Matched Retirement Savings Scheme, with details to be announced next year, added the Prime Minister. 

The Silver Support scheme provides a quarterly cash supplement to seniors who had low incomes during their working years and have less in retirement, while the Workfare Income Supplement scheme tops up the salaries of lower-income workers to help them save for retirement....

“Taken together, these improvements will help seniors to meet basic retirement needs, especially for lower- and middle-income Singaporeans,” Mr Lee said. “So that you can have greater peace of mind in your golden years.”....' CNA

For those that have fallen to the bottom, these assisting schemes combined perhaps would be sufficient for them to get by. For those that are in the halfway house, not that bad but unable to qualify or partially qualified, the amount they are receiving would be far from the monthly needs of $700. Then how? As long as they are alive, the expenditure is there, daily and monthly? Where are they going to find the money to live on?

 And Hsien Loong had these to say about govt assistance schemes...

 'That said, the Prime Minister noted that the government “cannot give out subsidies infinitely”. 

“The long-term solution is to make ourselves more productive, transform our businesses, and grow our economy. Then our real incomes can rise and we can all be better off.”' CNA

Here lies the real problem. Piece meal assistance is not meant to be continuous. But the daily and monthly expenses of the seniors are as good as permanent, compulsory expenditure. And the jobless seniors would not be able to be more productive to be part of the economy. So how? Feeling relief temporarily with a bit of handouts would at best be a temporary high but would go away. Life goes on, and without an institutionalised support scheme, and ten to twenty years to live, without any source of income, without govt subsidies for the rest of their lives, what golden years are there to these seniors? Can the govt simply say “cannot give out subsidies infinitely” and end of the story? The story of the penniless seniors would not end after they have used up their subsidies and handouts, but continue to their last day on earth. 

It may be too much to ask, '送佛送到西', but what is the point of having a govt that has billions and trillions in the reserves and paying generously to some in the millions and did not think it is its responsibility to help the seniors that no longer can help themselves? When losing tens of billions is small matter, how about setting a few billions to support the seniors in their 'golden years'?

What do you think?

 PS. The continuous hike in fees and bills and the increases in GST are the works of the govt, leading to high cost of living and inflation. The seniors are passive victims of these increases and inflation. The govt cannot runaway from this responsibility to compensate the seniors that are no longer economically active. Every increase is like robbing the no income seniors of their savings. They cannot replenish whatever that is taken from them when they have no income. Stop robbing the seniors and make good what is taken from them when they are completely hapless and at the mercy of the govt fee hikes and increases.