Committee of Supply 2024 debate, Day 4: Ong Hua Han on expanding Home Protection Scheme coverage
The Home Protection Scheme (HPS) serves as a crucial safety net for Singaporean families, said NMP Ong Hua Han. Speaking in Parliament on Monday (Mar 4), he said the HPS should go beyond the standards set by private mortgage insurers. He pointed out that in the past three years, about 1.2 per cent of HPS applications were not approved due to serious pre-existing medical conditions. He said the HPS should be expanded to ensure that more Singaporeans have access to comprehensive protection of their most precious asset - their home. He asked if the Ministry of Manpower could consider reviewing the HPS risk assessment framework so that more families in need can get the coverage they need.
The Home Protection Scheme (HPS) serves as a crucial safety net for Singaporean families, said NMP Ong Hua Han. Speaking in Parliament on Monday (Mar 4), he said the HPS should go beyond the standards set by private mortgage insurers. He pointed out that in the past three years, about 1.2 per cent of HPS applications were not approved due to serious pre-existing medical conditions. He said the HPS should be expanded to ensure that more Singaporeans have access to comprehensive protection of their most precious asset - their home. He asked if the Ministry of Manpower could consider reviewing the HPS risk assessment framework so that more families in need can get the coverage they need.
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