Among other important matters addressed, PM Lee also announced a new BTO housing category, Majulah Package for 'young seniors', and he delivered his National Day Rally speech in Malay, Mandarin and English
Return to NormalcyCOVID-19 was the most challenging ordeal for our nation since Independence. We can all be proud of how we pulled through together. Unlike many other countries, Singapore has emerged from the pandemic stronger, more resilient, and more united. This is a tribute to the indomitable spirit of our nation.Having come through COVID, we are once again being tested. The international environment is fraught with geopolitical tension and economic uncertainty.
Despite the dark clouds, the world still offers many opportunities for those who dare to seize them. In my Malay speech just now, I spoke about promising new sectors such as the digital economy. I also shared that the Government will give more support to workers – to help you adapt and upskill, to stay ahead of the game. Our Forward SG plans include financial support for workers who lose your jobs, while you upgrade your skills.
First, an “Earn and Save” Bonus, to help you build up your CPF savings while you work. Most Young Seniors are still working, and have some years to go before retirement. We encourage you to continue working as long as you can. Lower- and middle-income workers will get a CPF bonus of up to $1,000 a year, depending on your income. The Government will credit this into your CPF account, on top of the usual employer and employee contributions.
I think quite a few here belong to the Pioneer and Merdeka Generation. Let me say to you, if you are PG and MG: If you are still working and meet the income criteria, you too will receive the Earn and Save Bonus as long as you are working. If you are not working, you can still get something from the one-time Retirement Savings Bonus and MediSave Bonus. This will be in addition to the PG or MG benefits that you are already receiving and will continue to receive.
Today, we are an aged society; soon, we will be a ‘super-aged’ society. This has massive social and economic implications. We have much to do to help our seniors age well. So it is important that someone keeps regularly in touch with them. It is also important that they keep active and have a social network for mutual support. During COVID, many old folks were stuck at home, unable to go out for their usual activities. We were very worried that isolated and inactive, they would deteriorate quickly.
What I found most encouraging was that many seniors were not just taking part in activities, but also helping to organise and run them – seniors for seniors. I met Mdm Goh, the one in the pink blouse, Mdm Karen, and Mdm Farida. They were preparing to deliver hot meals to frail seniors living in upstairs in the rental flats who could not come down to the AAC. They do this every day. It is a great way to build neighbourly bonds while staying active.
If you have elderly family members, especially if they are living on their own, please bring them to join an AAC nearby. And if you are a senior yourself, I strongly encourage you to join a centre near you, because many seniors are having a good time there. Take the first step towards active ageing, so you can live well, and age well. Be like Mdm Wong here. This is Mdm Wong, she is 97 – still going strong, still playing Mahjong! Making HDB Homes and Precincts More Senior-Friendly.
This is their home, their area, we put them first. Barrier-free ramps and raised zebra crossings so that wheelchair users can cross over without having a step to go down and a step to come back up again at the curb; 3D road markings and narrowed roads to slow the cars down. We will also install larger and more colourful block signs, with familiar symbols to help seniors remember their own block and find their way home.
We will keep making Singapore a more friendly home for current and future seniors: investing resources to senior-proof your homes; making precincts safer and easier to navigate; and constructing more assisted living residences, with integrated accommodation, care, and community facilities. We will do this across Singapore, starting with the towns with the most seniors like Ang Mo Kio and Bukit Merah.
Over the decades, the Government has kept housing affordable and accessible for Singaporeans. We price HDB flats at a substantial discount below their market value. We also provide a wide range of generous grants to first-timers, families, and the lower-income. Naturally these places are more popular, and their prices reflect the higher demand. Then there are the Non-Mature Estates: These are less central and further out, like Jurong East, Woodlands, and Punggol. What Non-Mature Estates lose in terms of location and convenience initially, they make up for in lower BTO prices. Between Mature and Non-Mature Estates, HDB has been able to offer a flat for every household’s budget. This framework is easy to understand, and has worked well for many years.
In future, many more BTO developments will be in estates or locations that are effectively “mature”. That means that the framework of Mature and Non-Mature Estates will no longer work and we need a new framework. This framework has to achieve three important objectives: One, it has to keep home ownership affordable to all income groups. Two, it has to maintain a good social mix in every town and every region. And three, it has to keep the system fair for everyone. And here is how we will do it.
HDB’s selling price had to reflect these attributes. So, the prices for the biggest flats at Central Weave – the 5-Room and 3-Gen flats – ranged from $713,000 to $877,000, before grants. Even then, these flats were heavily discounted off their true market value. Some people complained that these prices were exorbitant and unaffordable. Yet these units were heavily oversubscribed.
Today, HDB launches BTO projects all over Singapore. We are all familiar with them. Everybody knows the BTO rules. For example, a 5-year Minimum Occupation Period, or MOP, after which the owner can resell the flat. There is no income ceiling for resale buyers. These are the standard rules and apply to what I will call “Standard” projects. In future, most HDB projects will still be Standard projects.
As we build more projects in mature areas, this Plus model will help us to meet our three objectives: affordability, good social mix, and fairness. I keep on showing you this slide because this is crucial. These are the three fundamental objectives and we must bear that in mind, when we think about what is HDB doing, why is HDB doing this, how does doing this help us to achieve these objectives? It will help Singaporeans find a house that suits your needs, even in good locations.
In time to come, we will no longer refer to new projects as Mature and Non-Mature. Instead, we will build a good mix of projects within and across regions, to cater to different needs and budgets. And that is how we can fulfil our commitment to keep high-quality HDB flats accessible and affordable to you and your children for a very long time to come.
But our forefathers built more than a nation of bricks and mortar, skyscrapers and a thriving economy. They created a nation founded on ideals: justice and equality; religious freedom and racial harmony; a commitment to excellence; a fair system of meritocracy; and an uncompromising insistence on honest, clean government.
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