Budget debate 2024: Yip Hon Weng on making Singapore an affordable place to live in
The Government can do more to make Singapore an affordable place to live in, said MP Yip Hon Weng in Parliament on Monday (Feb 26). He spoke on four areas. First, transport. Mr Yip said skyrocketing Certificate of Entitlement (COE) prices threaten to push car ownership out of reach for the average Singaporean. This is not a luxury car problem, but a family car problem, he said. He urged the Government to seriously consider a separate COE category for private-hire vehicles so that they are not in the same pool as individual buyers. Second, housing. Mr Yip said a fairer property tax system is needed, taking into account residents’ unique circumstances, especially for owner-occupied homes. He called for adjustments to Annual Value brackets and property rebates to be implemented faster, and asked if banks and financial institutions can be encouraged to offer reverse mortgages. Third, CPF. Mr Yip said there has to be clearer communication of changes, along with targeted support for those who are affected. The imminent closure of the Special Account for those aged 55 and above has caused a lot of concern, he said, with constituents telling him that it will disrupt years of financial planning with limited time to adjust. Lastly, social support. Mr Yip said refining means testing for essential schemes such as Silver Support and medical subsidies - such as by removing housing type as a criterion - is necessary for a more holistic and accurate view of individual and family incomes.
The Government can do more to make Singapore an affordable place to live in, said MP Yip Hon Weng in Parliament on Monday (Feb 26). He spoke on four areas. First, transport. Mr Yip said skyrocketing Certificate of Entitlement (COE) prices threaten to push car ownership out of reach for the average Singaporean. This is not a luxury car problem, but a family car problem, he said. He urged the Government to seriously consider a separate COE category for private-hire vehicles so that they are not in the same pool as individual buyers. Second, housing. Mr Yip said a fairer property tax system is needed, taking into account residents’ unique circumstances, especially for owner-occupied homes. He called for adjustments to Annual Value brackets and property rebates to be implemented faster, and asked if banks and financial institutions can be encouraged to offer reverse mortgages. Third, CPF. Mr Yip said there has to be clearer communication of changes, along with targeted support for those who are affected. The imminent closure of the Special Account for those aged 55 and above has caused a lot of concern, he said, with constituents telling him that it will disrupt years of financial planning with limited time to adjust. Lastly, social support. Mr Yip said refining means testing for essential schemes such as Silver Support and medical subsidies - such as by removing housing type as a criterion - is necessary for a more holistic and accurate view of individual and family incomes.
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