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Singapore's social safety net "works well": PM

12-02-2010 16:44 BJT

SINGAPORE, Dec. 2 (Xinhua) -- Singapore has in its own way evolved a comprehensive social safety net, the country's Prime Minister Lee Hsien Loong said on Thursday.

These are -- keeping people in jobs, saving for the old age and the many helping hands approach, Lee said, local radio 938 Live reported.

He was speaking at the fifth anniversary celebrations of the Community Care Endowment Fund or ComCare, which provides services and help to the community.

Lee stressed that Singapore's system has worked well as it delivers affordable, targeted and effective help.

It has also avoided a massive welfare bureaucracy but has four pillars of social security.

These are the Central Provident Fund or the workers' provident fund, 3Ms Medisave which is a compulsory savings scheme, Medishield a voluntary insurance plan, Medifund a government medical assistance fund, HDB or public housing and Workfare worker's income supplement.

And ComCare's been added to provide a flexible and community- oriented approach to deal with new needs of society.

Much progress has been made with ComCare in the last five years, Lee said, having disbursed over 200 million Singapore dollars (152. 32 million U.S. dollars) to help more than 160,000 cases.

The government has progressively topped up the ComCare Endowment Fund to 800 million Singapore dollars (609.29 million U. S. dollars), with the target to build it up to 1 billion Singapore dollars (0.76 billion U.S. dollars).

Editor:Du Xiaodan |Source: Xinhua

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