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Parliament: Merdeka Generation Fund passed into law

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Linette Lai on 07 May 2019

The Straits Times

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A proposed law was passed by Parliament yesterday to establish the $6.1 billion Merdeka Generation Fund, which will help pay for the healthcare costs of nearly 500,000 Singaporeans.

 

It involves amendments to the Pioneer Generation Fund Act to establish the Merdeka Generation Fund as separate from the existing Pioneer Generation Fund.

 

The Act will be renamed the Pioneer Generation and Merdeka Generation Funds Act.

 

A proposed law was passed by Parliament yesterday to establish the $6.1 billion Merdeka Generation Fund, which will help pay for the healthcare costs of nearly 500,000 Singaporeans.

 

It involves amendments to the Pioneer Generation Fund Act to establish the Merdeka Generation Fund as separate from the existing Pioneer Generation Fund.

 

The Act will be renamed the Pioneer Generation and Merdeka Generation Funds Act.

 

"The changes in this Act will enable the Government to implement the Merdeka Generation Package," Mr Wong said. "This is how we can honour our Merdeka Generation for their contributions and give them and their families greater peace of mind with their healthcare costs."

 

The Merdeka Generation Package was announced earlier this year by Deputy Prime Minister Heng Swee Keat, in his annual Budget speech as Finance Minister.

 

He estimated it will cost more than $8 billion, in current dollars, over the lifetimes of the Merdeka Generation. The $6.1 billion set aside in this year's Budget will, with interest accumulated over time, cover the package's full projected costs, he had said.

 

Those who are eligible will get their welcome folders and Merdeka Generation cards in the mail from late next month.

 

Source: The Straits Times © Singapore Press Holdings Limited. Reproduced with permission.

 

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