PM Lee Shares Plans For Singapore During National Day Rally
During his National Day Rally speech, Prime Minister (PM) Lee Hsien Loong announced a series of new schemes that will benefit different groups of Singaporeans.
Firstly, singles can look forward to a new housing framework that will allow them to purchase public flats from a wider selection of units.
Next, for seniors and soon-to-be seniors, a new CPF bonus package, the Majulah Package, will help manage rising retirement costs.
Workers who face retrenchment can also expect more financial support while they are between jobs.
In addition, PM Lee briefly addressed the recent political scandals and assured Singaporeans that succession plans are back on track.
Below, we go through some of the notable announcements from this year’s edition of the PM’s annual address.
New housing framework gives singles more choices
On Sunday (20 Aug), PM Lee delivered this year’s edition of his annual National Day Rally.
From the second half of 2024, there will be a new three-tier classification framework for Build-To-Order (BTO) flats.
BTO Flats To Get New 3-Tier Classification, Singles Can Buy From All Locations
This will render the current “mature” or “non-mature” labels for HDB housing estates obsolete.
Once the new framework kicks in, BTO flats will be framed as Standard, Plus, or Prime instead.
The difference between the categories will be in terms of location, subsidies available, and the resale restrictions. Specifically, they are:
- Standard flats are located all over Singapore and will have standard subsidies and standard restrictions
- Plus flats will be located in a “choicer region” with more subsidies and tighter restrictions
- Prime flats will have the “choicest locations” and enjoy the most subsidies but have the tightest restrictions
This new framework will not affect existing projects, current homes, or homes that have already been booked.
Under the new framework, singles aged 35 and above will be able to apply for new two-room Flexi flats across Singapore, regardless of classification.
For resale flats, they can buy Standard and Plus flats, and two-room Prime flats.
Majulah Package will help young seniors to manage retirement costs
On top of that, PM Lee unveiled the Majulah Package, a new CPF bonus scheme totaling S$7 billion to cater to the retirement needs of the Majulah Generation born in 1973 or earlier.
S$7 Billion Majulah Package For ‘Young Seniors’ Include Yearly CPF Bonus Of Up To S$1,000
The package will come in three tiers depending on income and CPF savings. They are as follows:
- Earn & Save Bonus — S$400 to S$1,000 yearly, to help low- to middle-income workers
- Retirement Savings Bonus — one-time bonus of S$1,000 to S$1,500, to help those whose CPF balances have not met the Basic Retirement Sum, including homemakers and those not working
- MediSave Bonus — one-time bonus of S$500 to S$1,000, as a buffer against rising healthcare costs
The Majulah Package will also benefit those of the Pioneer and Merdeka Generations.
More financial support for retrenched workers
During his Malay address, PM Lee shared that there will soon be more financial assistance for workers who face retrenchment and are between jobs.
Source: Lee Hsien Loong on Facebook
The scheme the Government is currently working on will ease the immediate pressure that jobseekers experience so they can focus on upgrading their skills for a better long-term job, said the PM.
He added, “This is how we can help you get back on your feet confidently. We are in the midst of fine-tuning the details of the scheme. The 4G leaders will share more when they wrap up the Forward SG initiative.”
Government succession plans back on track
Other than the various initiatives, PM Lee addressed the recent political scandals and assured Singaporeans that succession plans are back on track.
Source: Betty Chua/MCI via Lee Hsien Loong on Facebook
He reiterated Singapore’s founding values of integrity and incorruptibility, saying, “They are the foundation on which we run a clean and effective Government, and deliver results for Singaporeans.”
The PM shared that the Government “dealt with each of [the controversial issues] thoroughly and transparently”.
“Let me assure you: these incidents will not delay my timetable for renewal. We are on track.”
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Featured image adapted from Prime Minister’s Office via Lee Hsien Loong on Facebook.
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