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HDB monetisation schemes helpful for seniors: Khaw

The Silver Housing Bonus and Enhanced Lease Buyback Scheme are helpful for seniors who wish to tap their HDB flats to enhance their retirement income, said National Development Minister Khaw Boon Wan in Parliament.

SINGAPORE: Eighty elderly households received the Silver Housing Bonus of up to S$20,000 in cash since the scheme was introduced in February last year, said National Development Minister Khaw Boon Wan in Parliament on Monday (July 7).

The 120 seniors in those households received the bonus when they moved to a smaller flat and topped up their CPF Retirement Accounts.

Under the Enhanced Lease Buyback Scheme, 312 households sold the tail-end leases of their flats to HDB since February last year for net proceeds to top up their CPF Retirement Accounts. After the top-ups, more than 90 per cent of the seniors have been able to meet their CPF minimum sum threshold.

Mr Khaw was responding to a question filed by Marine Parade GRC MP Assoc Prof Fatimah Lateef on the take-up rates for the schemes since February last year. He said both schemes are helpful for seniors who wish to tap their HDB flats to enhance their retirement income.

Mr Khaw added that the Government will continue to reach out to seniors to keep them informed about these options. 

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