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Singapore

Public housing schemes to be adjusted, 'extra help' for older workers with not enough CPF savings: PM Lee

In his National Day message, Prime Minister Lee Hsien Loong says Singapore must keep housing schemes fair and inclusive for all.

04:17 Min
Singapore will have to adjust its public housing schemes to keep them inclusive, as well as ensure that flats remain accessible and affordable, Prime Minister Lee Hsien Loong said in his National Day message on Tuesday (Aug 8). Jeraldine Yap with more.

SINGAPORE: Singapore will have to adjust its public housing schemes to keep them inclusive, as well as ensure that flats remain accessible and affordable, Prime Minister Lee Hsien Loong said in his National Day message on Tuesday (Aug 8). 

Older workers who have not built up enough Central Provident Fund (CPF) savings for retirement could also do with “extra help”, Mr Lee said, adding that he will speak about these issues at the National Day Rally on Aug 20.

As Singapore continues to develop more public housing, fewer undeveloped sites are left for new Housing and Development Board (HDB) estates, said the Prime Minister.

Existing non-mature estates are also "steadily maturing" as transport links and amenities improve, he noted.

“So in time to come, more and more new HDB flats will be built in existing estates like here in Dawson.

"Such flats will naturally be in greater demand. Their launch prices and resale prices will reflect that,” said Mr Lee. His message was recorded at SkyOasis@Dawson – a project launched in recent years in Queenstown, one of Singapore's oldest towns. 

Amid this changing landscape, the government must still ensure that public housing is accessible and affordable for Singaporeans of all income groups, and that housing schemes are fair and inclusive for all, Mr Lee said.

"This is how we keep our national housing story going strong for current and future generations. This is my government’s commitment to you, and we will deliver on it,” he added. 

In his National Day message, the Prime Minister also noted Singapore’s rapidly ageing population. One in four Singaporeans will be senior citizens by 2030.

One aspect of preparing for old age is CPF savings, and the system has been progressively enhanced to make sure people can save enough in their working years, said Mr Lee. 

Lower-income workers also receive targeted assistance through initiatives like the Workfare income supplement as well as progressive wage schemes, he noted.

“But some older workers now in their 50s and early 60s still have not built up enough CPF savings for retirement, and can do with some extra help,” said Mr Lee.

He also addressed the scandals that have plagued the ruling People’s Action Party in recent weeks, reiterating that they would be dealt with properly and transparently. 

“Let there be no doubt: My government is determined to keep our system free of corruption and wrongdoing. We will maintain our high standards of honesty, integrity, and propriety. Singaporeans have come to expect this of us, and so have our international partners,” he said.

“This is how we can preserve, protect, and strengthen the trust that Singaporeans have in the government and in the Singapore system.” 

Trust enabled Singapore to get through the three-year COVID-19 pandemic, said Mr Lee. 

“Trust is what allows political leaders to work closely with Singaporeans to deliver a better life for all. And trust will enable us to move forward safely in a troubled world.” 

Source: CNA/hw(jo)
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