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Report: Singapore aims for compulsory long-term disability insurance in 2020

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Report: Singapore aims for compulsory long-term disability insurance in 2020

A bill passed by the Singapore Parliament would make long-term disability insurance compulsory for all Singaporeans born 1980 or later, Insurance Business Asia reported.

The CareShield Life and Long-term Care bill will institute a disability insurance scheme, according to the report.

The scheme is set to launch in mid-2020 and will include payouts starting at S$600 per month, which will increase over time. The scheme's payouts will continue as long as an individual remains severely disabled.

The Ministry of Health will also reportedly gradually launch a scheme in mid-2021 for Singaporeans born 1979 or earlier on an optional basis.