“This is a significant commitment by the government,” says Finance Minister Heng Swee Keat in the Budget 2019 speech. “We hope that it will go some way in providing greater peace of mind for the Merdeka Generation and their families.”
SINGAPORE (Feb 18): Singapore will set aside $6.1 billion for a new Merdeka Generation Fund to provide benefits for close to 500,000 Singaporeans born in the 1950s.
With interested accumulated over time, this amount is expected to cover the full projected costs of over $8 billion, which will last over the lifetimes of these Singaporeans currently aged 60 to 69.
