In his National Day Rally speech on Sunday (Aug 20), Prime Minister Lee Hsien Loong made a slew of announcements, including measures to help retrenched workers, changes in public housing models and his plans for political succession.

Here is all you need to know about the National Day Rally 2023:

NEW HOUSING CLASSIFICATION FRAMEWORK

To address the demand and high price of Build-to-Order (BTO) flats located in choice locations, the Government will introduce a new “plus” housing model and differentiate BTO projects based on their locational attributes.

Under this new model, public housing projects near MRT stations and parks will be classified as "Plus" flats. Applicants will get more subsidies, but they will also have to abide by tighter restrictions such as a 10-year minimum occupation period and having to pay back the extra subsidies received upon resale.

The new framework will now see HDB flats categorised into three groups:

Standard flats that will be the majority of the BTO supply;

Plus flats that come with more subsidies and tighter restrictions than standard flats

Prime flats that are the current Prime Location Public Housing projects

This will replace the classification of housing estates as mature and non-mature.

EXPANDED HOUSING OPTIONS FOR SINGLES

From the second half of 2024, eligible first-timer singles aged 35 and above will have more public housing options.

In a move aligned with the new housing classification framework, Mr Lee said that singles will now be allowed to:

Apply for two-room Flexi BTO flats in all locations, across Standard, Plus and Prime housing projects

Buy a Standard or Plus flat of any size in the resale market

Buy a two-room Prime flat in the resale market

Under the current framework, singles can buy BTO flats only in non-mature estates and they are not allowed to apply for any BTO units built under the Prime Location Public Housing model.

CPF TOP-UPS FOR 'YOUNG SENIORS' BORN IN 1973 OR EARLIER

A new S$7 billion Majulah Package will be introduced to give Central Provident Fund (CPF) top-ups to "young seniors" — Singaporeans aged 50 and above this year, or those born in 1973 or earlier — as part of efforts to boost retirement savings.

The support will be tiered in accordance with one's income and CPF savings, and will consist of three components:

An Earn and Save bonus for eligible seniors who are working. Lower- and middle-income workers will also get extra CPF funds of up to S$1,000 a year

A one-time Retirement savings bonus for those who have not met the CPF Basic Retirement Sum. Those eligible will receive a top-up of up to S$1,500

A one-time Medisave bonus of up to S$1,000

Those in the Pioneer Generation and Merdeka Generation will receive the Earn and Save bonus on top of their existing benefits under the packages for their respective generation, if they are still working and meet the income criteria, Mr Lee said.

MORE FINANCIAL SUPPORT FOR RETRENCHED WORKERS

For workers who have been retrenched, the Government will roll out a new scheme to offer temporary financial support to them while they upgrade their skills.

This new scheme will alleviate the financial burden that jobseekers face and the need to support their families so that workers “can focus on upgrading their skills for a better long-term job”.

In his Malay speech, Mr Lee said that the scheme was still being "fine-tuned", and that more details will be shared by the fourth-generation (4G) leadership team when they wrap up the Forward Singapore initiative.

POLITICAL SUCCESSION PLANS ON TRACK

With Singapore emerging from the Covid-19 pandemic, Mr Lee said that his “succession plans are back on track”.

“I promised Singaporeans that I would see the nation through the crisis, together with both the current and the 4G leadership. Now Covid is behind us, and my succession plans are back on track,” he said.

Mr Lee also addressed the “controversial issues” that had emerged recently — the Corrupt Practices Investigation Bureau's probe into Transport Minister S Iswaran and the resignations of former Speaker of Parliament Tan Chuan-Jin and former Member of Parliament Cheng Li Hui following their affair.

He added that the Government had dealt with each of the issues "thoroughly and transparently" and gave the assurance that these incidents would not delay his timetable for renewal.

Mr Lee said that he has “every confidence” in Prime Minister-designate Lawrence Wong and his team.

"My team and I are deeply grateful to you for standing with us through thick and thin. Please give Lawrence and his team your fullest support too, now and after they take over," he added.

Source:
courtesy of TODAY

by SHYNN ONG

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