More will be done to ensure that Singaporeans do not have to worry about their finances when they retire, said President Tony Tan Keng Yam last night.
The Government will improve the existing Central Provident Fund (CPF) savings and CPF Life annuity schemes, and develop more options for Singaporeans to unlock the value of their homes on their retirement, he said.
These measures to give citizens - who are living longer - financial security in their golden years are part of the overall move to strengthen social safety nets and help the vulnerable and elderly cope with the "vicissitudes of life", said Dr Tan.
He was speaking at the reopening of Parliament last night, after a busy first session that saw the unveiling of such social policies as MediShield Life and the Pioneer Generation Package.
"Beyond equal opportunities for fulfilment, every Singaporean should enjoy a fair share of our nation's success," said Dr Tan.
He pledged to strengthen social safety nets to give all Singaporeans peace of mind as well as to share the fruits of progress more widely, particularly with the lower-income and vulnerable groups.
Noting several times in his speech that special attention would be given to the vulnerable, including low-wage workers and the elderly, Dr Tan said social safety nets would get a boost beyond the twin pillars of home ownership and Workfare.
Still, helping Singaporeans own their own homes remains a key strategy, he said. Home ownership has made "an enormous contribution" in levelling up society, by enabling citizens - especially the lower-income - to shore up significant assets and have a tangible stake in the nation's progress.
"No other country in the world has done this," said Dr Tan.
Housing will continue to be affordable, while the Government will help low- and middle-income households own their Housing Board homes and build up a retirement nest-egg, he added.