MCYS MEDIA RELEASE NO: 38/2006

DATE OF ISSUE: 25/10/2006

MEDIA RELEASE

MCYS will study recommendations from the Parents’ Workgroup on

Enhancing the Financial Security of Persons with Special Needs

1. The Parents’ Workgroup on Enhancing the Financial Security of

Persons with Special Needs, chaired by Ms Denise Phua, President of
Autism Resource Centre and MP for Jalan Besar GRC, has submitted
its report to the Ministry of Community Development, Youth & Sports
(MCYS).

2. The Workgroup’s recommendations systematically cover key concerns

related to the financial security of persons with disabilities, ranging from
education on proper financial planning, to insurance protection, savings,
and the setting up of long term investment or trust arrangements. The
Ministry endorses the approach which the Workgroup has taken, as it
underscores the importance of long term financial planning by parents.
The group’s approach also highlights that there is no one-size-fits-all
solution.

3. MCYS views the Workgroup’s proposal to set up a one-stop, umbrella

body focused on financial security as a good one. The Workgroup has
proposed for such a body to provide financial education and financial
planning. MCYS will study the details and work with the National
Council of Social Service (NCSS) to see how best to set up such a
body in the voluntary welfare sector.

4. Another recommendation of the Workgroup is the setting up of a non-

profit special needs trust for parents to pool resources. The Movement
for the Intellectually Disabled of Singapore (MINDS) has expressed
interest in setting up a trust. MCYS is working with relevant agencies
such as the Monetary Authority of Singapore on the regulatory
framework in the setting up of such a trust.

Further Study of Recommendations

5. The Workgroup also commented on employment and caregiving

issues. MCYS has requested the Enabling Masterplan Steering
Committee to look further into these and address them in their report
 expected in early 2007. MCYS will also share the Workgroup’s
recommendations on the Central Provident Fund (CPF) and health
schemes with the relevant ministries, and work with them to look into
the recommendations.

6. MCYS will issue a detailed response to the Parents’ Workgroup

recommendations early next year, at the same time when it addresses
the Enabling Masterplan recommendations.

7. MCYS would like to thank the Parents’ Workgroup for the effort put into
coming up with their report and recommendations.

ISSUED BY
MINISTRY OF COMMUNITY DEVELOPMENT, YOUTH AND SPORTS
25 October 2006