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3E Framework

>> Saturday, October 3, 2009

In an exclusive interview via email with MediaCorp, Health Minister Khaw Boon Wan gave a picture of what is to come as his ministry prepares to introduce the 3E framework - Eldersave, ElderShield and Elderfund - expected to be fully developed and bedded down over the next 15 to 20 years.

  • ElderSave: To ensure people save money for their later years, the Ministry of Health (MOH) will be increasing the Medisave contribution rate. Currently, Singaporeans and permanent residents contribute 6.5 to 9 per cent of their monthly salary to their Medisave.
  • ElderShield: Payouts for ElderShield - a severe disability insurance scheme for long-term care - at $400 per month for six years, could be increased to around $800 per month over eight years. No doubt, this would mean having to increase the premiums.
  • ElderFund: The third safety-net will be Medifund-Silver. The Government will continue to increase the endowment fund "as and when there are budget surpluses".
All said, the pace of these changes will depend on the health of economy. "When the economy has recovered, we will be in a position to do some of these," said Mr Khaw.

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